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!
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.
Railways did a layoff of 3L employees based on (under) performance during 2019. So they aren't immune too
@AlphaGrindset you make good points.
But there is a massive short termism in the way tech thinks and this will cause everyone in tech massive problems a few roads down the line
Looks like people have taken offense to this post and want to continue to protect their tech overlords
Calling out a dumb post is not taking offense. Except for you.
As someone who has faced the layoffs in past. I can safely say that this analysis is bullshit and reeks the inexperienced nature of the OP.
Do you know how media agencies work? It's the most volatile industry, most cutthroat...way more than tech.
Wat? Wat?
A simple google search would have made this post redundant. Let’s see how -
Banks
Media -
https://amp.theguardian.com/media/2024/feb/15/layoffs-vox-media-nowthis-intercept
Railways - Govt sector bruh! Plus no direct impact on finances of railways as it’s funded by govt.
Not justifying the layoffs (by Tech) but comparison is just not right.
Was here to write this, but well we have proof too 🙌
Seems Unilever too laid off in thousands some weeks ago to spin-off their ice cream business
https://www.peoplematters.in/news/talent-management/unilever-unveils-major-layoff-plan-7500-jobs-axed-to-fuel-growth-strategy-40667
Tech was also offering disproportionate salaries when compared to other industries, so shouldn’t their layoffs be following the same pattern ?
the most surprising part of this industry is that even seniors with 10-15 yoe don't feel safe. You'll never see a doctor, lawyer or a CA with that much experience feeling unstable wrt their job.
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