Hi All, As we have seen many startups are firing highly paid engineers and hiring for the same post with way less salaries. Is it only happening because the market is bad?   Are these salaries goin...

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Hi All, As we have seen many startups are firing highly paid engineers and hiring for the same post with way less salaries. Is it only happening because the market is bad? 

Are these salaries going to be the new normal for engineers? Given that people are ready to take jobs even with less salaries. 

I wanted to know your thoughts.

Confused with Firing & Hiring

Software Engineer

Confused with Firing & Hiring- Grapevine

Hiring for a bunch of roles for an early stage startup. Salaries of people who have been laid off is through the roof

2-3 years experience asking for 30-40l and while we chose not to judge the experience and spoke to a few of them, most of them are not even worth half of the pay. 

Many are jobless since last 2-3 months and none of them are willing to take a paycut of even 5-6L and are willing to stay jobless ( probably have a ton of savings )

Market correction is necessary.

Roles : PM, software engineers, generalists

What's wrong with salaries

If you are paid less, don’t extrapolate it on others. If they are willing to wait, let them. You should keep praying for “corrections”.

Product Manager

Welcome to News Discussion's Private Community

I have been through ups and downs in IT, but these layoffs seem crazy. There is just no pattern to it, more like everyone is firing let me fire.

Honestly I feel its high time Tech companies, Startups take a hard look at their business and revenue model. Most just seem to be in a herd mentality.  Every one is mass hiring, let me also mass hire. Every one is giving exorbitant salaries, let me also give.

Its become more a cycle now, hire in large numbers, find there is no work to give, no revenue to sustain, and so mass fire again. This just cant be going on. 

Who makes mistakes that results in revenue loss or crunch? 

Top management 

Who gets fired ? 

Every one except the ones who are responsible.

Dont fucking give me the reasoning that you are doing this for efficiency and streamlining.

No you are just doing it to protect your own arse, while making scapegoats of others.

So the Musks, Pichais, Zuckerbergs happily take fat bonuses, while drafting teary regret letters for firing. And they are supposed to be our role models to look up to? 

Enough is enough IT industry can't forever be running in this same mode. These hire and fire cycles are getting weary nowadays.

Rant on the layoffs

For Software engineers with 7/8 years of experience or access to relevant data points, can someone tell me the following:

Pay structure and salary increment in 2016-2019 cycle vs 2019-2023 cycle 

I have a feeling that a lot of SEs here have an inherent sense of entitlement, that they deserve a salary X / WFH / other covid perks... which is primarily pegged to the madness of 2020-22, where they were getting abnormal salary increments. My hypothesis is that they are still better off in 2019-23 cycle vs 2016-19 cycle.

Thoughts?

Curious - Salary increment

Investor

I have been unemployed for the past 6 months and have been rejected in a dozen of interviews. How can i get my confidence back?

Unemployed and Depressed

Senior Product Manager

There are rumours that fresh rounds of layoffs were to happen in next two weeks. Here is my take on the layoff spree.

High inflation, low jobs, less on spending, economic meltdown for IT employees, impact on IT cities like Bengaluru, Hyderabad, Pune, Mumbai, Chennai. 

Less spending on equity, mutual funds, real estate(premium villas, apartments). Chances of housing loan defaults, NPA on raise and the recession crisis. This will go for next 6 months. So, stay where ever you are. Don’t change jobs in this market

Fresh round of layoffs to happen

Lawyer

From the last few days there were talks going on about layoffs in Morgan Stanley. Some 7% of the global staff will be handed over the pink slip in this week. 
Well... It started happening from today ... Few colleagues from my department were laid, and the reason being "company is trying to survive in the market, company is planning the road ahead by taking such bold steps".
When this was announced, my anxiety shot up the next level and I couldn't wait for the meeting to finish.
The past few years have not been great for the business worldwide due to which many companies are forced to take such steps. These companies just have been doing a hiring spree from the last 1-2 years that now they are regretting their decisions and letting off their employees.
My question is - "If a company hires excessively during the bull market and is forced to lay off few of the employees during the downturn, has the company made an error by not evaluating the headcount or it was just simply the need of the hour" 
 
Please note - I know many people out there who have faced job cuts due to many factors, sincerely requesting people to take this matter very seriously

Layoffs - A complete mess made by the companies

Analyst

Someone who had a 35 LPA offer applied for a 4 LPA job eventually. Are we seeing this become common? Are offers being rescinded? 

https://twitter.com/ojuswirastogi/status/1595086968953901056?s=46&t=czXE28KM2y-k3j0JJRlNmw

The tide on salaries is turning

Do you agree?

The storm is not AI.  
 It's the uncountable number of fresh graduates standing behind you to do the same job.  
 But due to AI and online resources the gap between you and them is very small. 
  
 And companies have realised that they can always cull the herd and still an infinite number of near qualified people are ready to step in. 
  
 And it will slowly spiral to the bottom.

Founder

Just an open ended question on why are layoffs happening on such a scale. I personally feel the skill to salary ratio has fucked up so much lately that the companies are having to fire people who are essentially useless to them. More of liabilities than just assets! What do you think?

Layoffs - who do you blame?

Absolutely agreed. Hiring in hordes because money was easily available earlier and founders/companies thought that they will be able to build more and hence get more value / valuation sooner was the core reason why the skill to salary ratio got f’ed up. And it’s good that it’s being reset now. 
  
 Coming to who to blame for layoffs - no one. It’s pure capitalism - there was money, hence there were jobs. For whatever time people got paid a lot more than they deserved - they should be rather thankful. If they built their life around the assumption that this much money was the new normal, it was their naïveté. Companies got to survive, and they have to do whatever has to be done… as long as it’s ethical. Firing is fine. Not paying salaries / dues is not.

Founding Engineer

Software Lead

Welcome to Office Gossip's Private Community

I see a lot of people think here that a 3-5 year experience candidate has a right to demand 40-50 lakhs pay.

Is it really the trend now? Am I unaware? I see pay range in 6figr & other websites but don't see the pay scale of 40-50 very often except for full funded startups, MBBs.

What is the reality of pay range by professions for exp 3-5 years?

Salary Discussion

The company did around 10-15% silent layoffs in the last cycle by putting people in PIP. 
My Manager told me that he has pressure on him to put at least 1 or 2 people in PIP, make them leave the company and reduce costs.

Later, the company did as low an appraisal as 2%.

Senior folks are leaving specifically Frontend Developers.

Salaries of a lot of SDE-2 are below 30 LPA.

They have started new positions called Product Developers which will do the same work as SDEs but with a lesser package. PD-1 salary is around 10-12 lakhs and of Lead PD is 20-22 lakhs.

The company is putting itself in a position where it wants people to leave on their own.

There are almost zero perks in the company. 
The team outing budget is a joke which is 2k INR per person per year. That is 500 rupees per person per quarter. 

Also making office mandatory from November.

Razorpay is too smart!

Good thing. Anyways their frontend devs and PMs were doing everything on Twitter except tech.

Software Developer

I don’t understand what the point really was 

- companies with a bad product are still struggling 
- companies with a good product are still growing
- rent in Bangalore, Mumbai is still sky high 
- salaries are still high, people are still asking for more 
- food is expensive as ever 
- stock prices of companies that fired people never really went up 

Someone make any sense or any of this?

Layoffs were a total failure at changing anything

After getting a bunch of 'buy a house' advice from my in-laws over the weekend, I decided to fire up magicbricks to check prices in Bengaluru. My browsing ended within 5 mins seeing just how much the prices have risen in last 1 year

A 3BHK that used to cost 2.3 Cr last year is now 3.7
A 2BHK that used to cost 1.8 Cr last year is now 2.7

These are two houses I had earmarked for sometime later when I would have more money

WTF is happening in BLR

Did you notice? Bangaluru housing prices have EXPLODED

Time to call in-laws and say that "Aap do jodo mei ladki bhejo ladki huio hamaari"

Welcome to Indian Startups's Private Community

1. Fancy talks from founders such as ownership, independence, building for next generation, speed etc
2. Learn new tech
3. Glofiying working at odd hours
4. Don't talk about stress and anxiety 

Start ups are not for weak heart and normal humans who have life after work. It's only for people who will give up their life to build somone else dream. Prove me wrong.

An ex ola person cried infront of me for the workplace stress and unrealistic push

Startup are brutal

What's stopping Indian startups to hire in this way, Will we see more such in 2024 ?
Their working remotely process - https://t.co/epCl6tJtmU

One of good hiring pitch I saw recently?

Associate Product Manager

Recently, I've been observing a concerning trend that I haven't observed before in my 5 years in this industry. 

A large no. of job openings are coming up at mid-sized companies and startups that require 5+ years of experience but pay 7-12 LPA. One of these companies even used to pay a decent more when I'd applied to it a few years before

Does anyone have insights on the root causes behind this trend and how it will shape up the job market going forward?

My hypotheses on root causes:-
(1) Bad job market
(2) Advent of AI

Insane number of low paying software jobs

Are tech employees overvalued in value like cryptos?

Tech startups salary are like crypto valuation

Almost 50% of the org got no increments
People with "exceeds" rating got single digit increments
Only promotion cases have got early to mid double digit increments
Promotions have been significantly fewer this time, max people have been told to hold off their expectations of promotions for another year

The reasons cited were economic slowdown, other companies like Microsoft, Flipkart, swiggy, Amazon doing the same and cost cutting. I think things are getting toxic and the majority of employees have been left disappointed.

Confused with Firing & Hiring

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