I'm on a WhatsApp group where at least a dozen founders in BLR have said they now can't make payroll due to the 250k limit on withdrawals

Holy shit didn’t think it would’ve a ripple effect here as well

Software Engineer

Hits companies in india really hard. 
  
 Most startups register in USA when raising money due to better laws and simpler transactions. 
  
 You need to fly out to the US to set up an new bank account, so most startups in india will stick to one bank. 
  
 SVB was one of the simplest bank accounts to get set up when an Indian resident.

Investor

Welcome to News Discussion's Private Community

It’s getting bad for Tech in general

It’s getting bad for Tech in general- Grapevine

The economy went down? Yes. Did it affect all kinds of companies? Yes

Did the banks fire any one? No 
Did the Railways fire anyone? No 
Did the media agencies fire anyone? No 

Did Large Tech companies and IT fire people? Absolutely yes 

Tech is the most ruthless-stupid sector that is so flimsy and short sighted that it doesn't care jack-shit about employees

Tech companies will pay employees large salaries in a heartbeat, they'll hire 1000s of them and then fire 100s of them in a heartbeat destroying careers. 

Sigh!

Tech has failed to be a good employer; Layoffs are just one example

Not the way it works. 
It's a function of how fast an industry grows -> The faster it is, the more you have to hire in advance, because you know if the pace continues, you'll need as many. 

Railways needs 5K people this year, they need 5K next year
Google needs 5K people, they need 7.5K next year (if things continue) 
At startup needs 500 people today, it needs 2000 next year (if pace continues) 

So when the pace does not continue, the impact is equally drastic.
Startup fires 25-30%
Google fires 5-10%
Railway fires no one.

Corporate Strategist

Growth Manager

Thought's on recent IT job market

Unacademy will be laying off 30% of its workforce this week. The list of people who will be laid off has been finalised and received signoff from Gaurav & Roman. 

Sad State of Affairs.

Unacademy fresh Layoffs 😶‍🌫️

2001 was a Dot Com collapse.
2008 was a banking collapse that hit IT too.
This year first it was the Tech companies and now its the Banking, Financial Sector that is getting hit, making it the worst of all recessions.
And its expected to get worse with Fed likely to hike up interest rates.

Its like this year we are having the worst of both 2001 and 2008.

Tough times ahead

Welcome to Office Gossip's Private Community

Got to know through my network that Brainly india has asked the entire team from their MD to all junior folks to go. Reason - sudden change in strategy.. they didn’t let the product even launch.. the team was in full swing prepping.. impacted folks 30+ or around that number.. within 6 months of hiring everyone.. while in the interviews they promised 5 years runway.. long term strategy for india.. ceo didn’t even apologise.. they come hire Indians and let go at the drop of a hat.. the employment contract said that either party have to give 3 months notice to resign.. so that’s what they did they are giving 3 months pay not in one go but month on month and after that nothing. No severance pay, no bonus paid to eligible employees, no help in finding jobs , no mental health support, medical finishes in 3 months.. in this time when hiring is on global freeze they have treated Indians like puppets come hire and fire when you want, they have money in bank account a runway for 18-24 months.. still they couldn’t hold on to india team.. heartless way of dealing with junior folks how will we find jobs

Brainly India - entire team laid off

Product Manager

Welcome to Software Engineers's Private Community

I think I have an hypothesis of what’s the root cause of the toxicity at workplaces. Especially startups, but this theory should be extended to big companies as well.

Step 1: Putin starts the war

Step 2: Inflation increases, to combat it federal reserve of USA increases interest rates

Step 3: the capital in the funding eco system(vcs) gets diminished, because they don’t have access to low interest money.

Step 4: company ceos start to do layoffs, starts putting pressure on teams to reduce the audit findings, release things quickly etc

Because you need to make money to survive

Step 5: directors (tech and product) start putting pressure on Engineering managers

Step 6: Engineering managers and product owners start putting pressure on us(normies), where our estimates get challenged, work will be micro managed or hyper optimized to the point you feel like you are not respected nor you opinion.

You start to think whether it’s really worth staying here or you need to find a different job.

Then you find that no one’s really hiring or the ones that are hiring are lowballing you.

You cannot really quit, because you have monthly EMIs and don’t really have a runway.

You become disengaged with work, and start doing the bare minimum to stay float.

At this point, the pressure you have been getting increases because the expectations are high, but you don’t care anymore

Now you are burned out, and you really start thinking if you chose the right career.

Source of toxicity/burnout

https://m.economictimes.com/news/international/us/us-jobs-layoffs-update-over-1000-employees-sacked-by-general-motors/articleshow/112634825.cms

General Motors layoff: More than 1,000 techies to face job cuts

Software Test - QA

Welcome to Indian Startups's Private Community

We hire interns occasionally, and the market for interns is so bad right now, students are approaching us to work for free (we do pay a stipend and don't ask for free work).

Companies aren't even hiring that many interns, and college students need internship experience to add to their resume and compete in the market. 

Heck, MSMEs are shutting down and MNCs are doing layoffs, not very inspiring. We've managed to survive somehow through all the covid ups and downs.

Would like to know more from students on GV, what's your college internship and placement scenario like? What are you doing to stand out?

If you think IIT IIM students have it bad, take a look at other colleges

Generalist

One of the old employees dropped a bomb of an e-mail against the entire leadership of PhonePe Mass Offline leadership addressing about mental harassment, hostile comments, threatening to sack, and pushing employees to have no work life balance. This mail was sent to the Founder Sameer Nigam and the HR Head.

Ex Employee shares a mail about workplace culture and toxicity at PhonePe

Respected Sir/Madam, 
 I am writing in regards to the current environment at our (PhonePe) workplace. I believe that there are several factors that could be addressed to create a better environment for employees, and I would like to bring these issues to your attention. 
 First, Our Top Management Leader Mr XYZ, ABC & STU is mentally harassing employees 
 and intimidation are common occurrences in the workplace. This is in the form of hostile comments, threatening to sack, creating undue pressure. It is creating a detrimental effect on employee morale and productivity. 
 Secondly the work-life balance is often out of balance, with long working hours (8:00 am to 10:00 pm and limited opportunities for relaxation or breaks, it is leading to burnout and stress-related illnesses. It is essential that employees are given reasonable working hours and frequent breaks to ensure their physical and mental wellbeing. 
 Fourth, These managers shout at employees on occasions by calling them on calls and asking random questions and harassing. This type of behavior is not conducive to creating a productive environment within the org. It only serves to create an atmosphere of fear and anxiety among employees. It is important that managers treat employees with respect and professionalism at all times. 
 Lastly, to say - Sales is a continuous process and it fluctuates day on day depending upon good and bad weather, political environment, absentism in team etc but managers above and down the line shout only for numbers without recognition for our hard work. This is leading to burnout and discontentment among employees who feel taken advantage of or undervalued. 
 Furthermore these action have had severe consequences in those leaders personnel family relationships, causing irreparable damage of their own life is trying to damage life of others by ruthless behaviour and poor decisions. 
 Finally I have decided to leave the organisation and I hope this will be taken into consideration when creating a p

Founder

Just a few years back we saw an IT boom like never before and now we are seeing a stunning reversal. Layoffs and business slowdown along with uncertainty due to AI. Is the IT bubble about to burst?

Absolutely sad scenes in Tech

Analyst

Welcome to Ask Grapeviners's Private Community

With fed rate cut done on exact same date, as was done before recession in 2007. And obviously, due to crazy debts which awaits a major financial crisis, the era of inflated salaries might be coming to an end. Thoughts?

Inflated salaries in tech might be coming to an end

Culture in swiggy?

Program Manager

There has been a huge influx of posts dissing roles like Product, Marketing, HR etc. by Techies.

Every other post, or comment is made by them undermining the value of other depts and these cuties think business runs just by their sub-par code.

I understand that their delusion stems from the fact they get paid huge salaries by loss making companies. Which is bound to crash sooner or later. 

Rant over.

Why are Techies so delusional?

Interesting POV. 
  
 Nassim Nicholas Taleb mentions an interesting advice. If you don’t know what to do, follow what the smartest people in your generation are doing. 
  
 These are almost exclusively fulfilling and financially attractive opportunities 
  
 According to him, in the 1990s Lebanon, the smartest kids in undergrad went and became Economists. In the 2010s, the smartest kids became Software Engineers. 
  
 Perhaps, their ego does not stem from the money but from competence.  
  
 However, true charisma is merging that competence with warmth. And for that, you must eliminate the ego.

Don't know exact Numbers but Tech people Impacted 🥲🥲🥲

It's BYJUS Again ... In Tech

Week back there were posts by linkedin engineers that linkedin is hiring SDEs and anyone can as referral and today they laid off 700 people.

Like whats happening man!!! Is the company dumb or what?

LinkedIn Layoffs India

(1) Reduce cost of human capital -> (2) Post better EBITDA numbers in earnings calls -> (3) Get big bonuses and sell your equity if its value is rising -> (4) Hire a lot of people again so that you can repeat this cycle again to profit

Software Developer

Welcome to Business Roles's Private Community

Young SWE start with double digit salaries, while someone in Non tech will need 5-10 years to reach that level
Even the business roles, the direct revenue generating roles don't pay good traditionally

Funny how techies think everyone gets paid similar
A lot of it changed with startups trying to acquire talent, but not sustainable
Because the market simply doesn’t pay

How do non tech compete with this skewed demand-supply chain?

Tech and Non tech Pay Partiality is something no one talks about

Engineers deserve their pay.  
  
 1 - The code that engineers write are assets of a company. The code might keep running and serving customers for years after a engineer has probably even left the company.  
 On the other hand, the work that most non-tech folks do are not assets, but an operational expense.  
  
 Companies don't derive benefit of a non-tech even beyond the same month the work is performed.  
  
 The difference is the same as painting your house vs brushing your teeth. You don't paint your house everyday but you do brush your teeth. Painting here is a long lasting asset, adds to the value of the house. Brushing is necessary work but with ultimately perishable benefits.  
  
 2 - Code that engineers write provide non-linear benefits. A team of 30 in Zerodha were able to serve 3-5x more customers in the pandemic. This same scalability does not apply to non-tech majdoori. Business has scaled? Hire more heads. Not with code. 
  
  
 Obviously above does not apply to senior managerial folks who build and architect the organisation, set the cultures, create processes. The impact of their work is long lasting and non-linear. But work of junior business non-tech folks - well, they're getting paid as much as the value they create. Low leverage, low pay. Coding is very high leverage. 
  
 Before you jump on me, I worked for sales in years. Then shifted to product. Above two points are a reality whether you like it or not.

Consultant

These Big Tech companies like Microsoft, Google, Meta, Amazon, Apple, Salesforce were  the dream jobs, dream workplaces, you know if you got into that, your life was settled, you had arrived. Cool workplaces, high salaries, onsite assignments, basically Big Tech employees were the cream of the IT employees.

But last couple of months, feel that the Big Tech aura has somewhat come down. Layoffs are inevitable in Tech world, but the rather clumsy way these companies have handled it rankles. Employees working from long, fired over zoom calls, emails, access disabled. I honestly did not have much expectations from the Desi service companies, having had experience of their terrible work culture, but expected much better from the Big Tech ones.

I think people will still keep aspiring to land a job in the Big Tech firms, but that aura is no longer there.

Do the Big Tech companies still have that same aura after all the mass firings.

When the market will stable , when this layoff period will go away ? Any thought 🤔

It’s getting bad for Tech in general

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