Rant on the layoffs
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.
Blame the FED and 0% interest rate era, you could borrow forever and expand infinitely.
Music stopped, party is over, most of the companies are having a hangover rn, some are puking and the worst thing is no more free alcohol
punydrama
Stealth
a year ago
exactly 💯 Indian IT industry FED ke feke huye tukdon pe jiti hain
mrityu
Stealth
a year ago
Why do you have a blue check?
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While I don’t support what’s happening in the industry, there are definitely layers to it
Structurally startups are funded to grow at supernormal rates, and as a function of it hiring will always be sudden and can later lead to over capacity. Founders hire for the positive future they imagine, and sometimes that falls short.
That said, in India it’s clearly extremely irresponsible and has crossed the above limits.
When I join a startup, I know that I don’t have the most secure job, but I also want empathetic and sensible leadership.
My man, I won't. But that doesn't change the reality of it all around us. You can't tell a fish to ignore water.
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The cycle is indeed frustrating. But how is it possible for a company to not hire according to it?
If salaries are increasing because the supply of engineers is low, no company can pretend to live like it's 2005 and pay engineers just 2 LPA.
AmpleHawk1
Stealth
a year ago
If you’re looking for a short answer, it comes from the CFOs. Now you know
Gadhamazdoor
Stealth
a year ago
*Humans when they discover capitalism*
punydrama
Stealth
a year ago
🤣🤣🤣
Tech salaries were very inflated. I have seen people switching with more than 100% hike with few months of work experience. It is getting corrected now.
I have friends who tried for Microsoft many times but got selected in 2021. They did in fact overhired.
I agree and it's still are. One of my friend from Microsoft switched a yr ago and for 100% hike and want to switch again for 40-50% now.
Companies are still paying, hence people wants it.
People at bottom gets a change while people at top are sitting with a big fat paychecks and bonuses for firing the bottom feeders.
This is nothing what we have witnessed... Ask people who saw 2001 and 2008...every day that you go to your office can be your last....everyday your startup can fold or your business unit dissolved or project scrapped. Prospective brides in matrimonial sites would reject Software Engineers (No joking)
The system is designed to go up or down in a exponential manner except going down is accelerated in time. When I mentioned about people compounding salaries are going to get your fired, I got a lot of abuse.
A lot of people think in a few month everything will be back to normal. Time to find out the truth. I will return the favor to my abusers in every channel, every thread
For the later part, its internet. People have gotten used to saying the most inhuman things and face no consequences. Doesn't mean civilized people like you and me droop down to their level.
I have already shown my middle finger in LinkedIn for a referral from ex-team who earlier called me non-ambitious after learning skills from me and have already framed personalized responses to others when they are going to be laid off (bootlicking takes you only so far and I know their skills) and write about it empathetetically in LinkedIn and some threads in grapevine calling me a loser (without knowing what I get paid)
Returning the favor is the most satisfying when the situation is red hot 🔥... Call me narcissist but being nice just does not cut today...
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JackRod
Stealth
a year ago
You are acting as if you are entitled to a job, you are not. I agree management gets fired last. But if you can create value and can do things, you'll always land better.
JackRod
Stealth
a year ago
Nobody is stopping you from creating company with loopholes. Become management and then take fat bonuses
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Bro everything is just plain stupidity. The OP rightly said, scapegoat are us... Basic things why people who thought that party will keep on going are not getting fired? It's their job to know and predict future of their company when the party will get over. If they missed their estimation by so much you know who should be in PIP and who should be fired first because that costed the company, society so much.
I guess now one should just learn how to take and take as much as we can. Switch for that 40% (or more) hike to another company whenever you want.
There is absolutely no need to be married to a company's ethos, culture, growth prospects, lauka lasan, as it's clear when the rug gets swept, who ends up face down on the floor.
I'm sure it's the end of a hype cycle and such obscene valuations and hiring sprees will be thing of the past, just got to make the best of one's profile/experience and leverage it to one's advantage to ride one wave after another.
Possimpible
Stealth
a year ago
This is one of the key features of capitalism !
Economic cycles are part of the capitalism, just that India is getting to know about it in last 10-15 years ....!
The drastic increase in salaries has been because of the same cycles and drastic firing is also the result of the same cycles .
The best thing is to not get dejected when things go down and not get super excited when things go up !
WooterBang
Stealth
a year ago
OP, we didn't hear you complaining when you were getting inflated salaries from these same startups 🤷♂️
And VC funded startups by nature are high-growth-or-bust, rapid-hire-rapid-fire financial instruments. You were given a much higher than market salary to help in that growth. Since it didn't happen, you're fired. It's the game homie.
Lonewolfincyberia
Stealth
a year ago
I never was part of a startup nor did I get any inflated salary. You dont fucking know me so spare me your judgement.
WooterBang
Stealth
a year ago
And you don't know jack about the people funding and running these businesses, the people who hired and why they hired, and why they're firing now, yet you took the liberty to make sweeping generalizations and pass judgement on them en masse.
Get off your high horse dude. Capital was really cheap due to low Fed rates, business managers sensed it's better to invest that capital in talent instead of a bank account where there's no return.
Suddenly capital ain't that cheap anymore, and it makes sense to quickly self-correct instead of being caught with your pants down.
This hiring and firing cycle won't continue, it's simply smart people reacting to the overall economic situation.
Just relax and also layoffs aren’t fun but what you said is the sad truth. Most of the layoffs aren’t forced by technical founder but by CFOs who want to enforce their rights by forcing layoffs in perfectly functional companies
Dcube
Stealth
a year ago
Think in bets, nobody knows the future.
Every one is trying to maximize their outcome, they have no favouritism or bias against you or anyone.
So, it's natural, if there is lots of carrots, the population of rabbits will increase.
It's perfectly normally to feel enraged about these CEOs faking their tears and firing people. You can also normalise these if you understand how the US dollar printing industry works. This is not going to end anytime soon. Going forward, free money is going to be hard. Join only companies that are making profits or close to that. Your salary hikes are going to be good only in a company whose profits are growing at a healthy pace. Companies in reality give a rat ass about employees. Take your company values and HR speak with a bulldozer load of salt. Especially young woman, woman in tech and what not, companies are here to make profits and they will make up any fad to market themselves according to the trend of the day.
The only option is grow other sectors. A lot of middle management is interchangeable with roles in other non sectors. Many actually do come from Non IT background after doing an MBA or certification.if other areas like Manufacturing, separate services grow - the Managerial class will get rationalized and spread. What's left would be good work for good people - In every sector of the economy.
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