All of my feed is now filled with layoff posts from ex faang employees. The same feed was filled with posts showing off joining gift last year. What is happening. Why is it happening. Who is responsible for this. I am totally not sure. Will there be a 2008 like crash, this time because of overhyped tech sector ?
None of these people were crying when they joined at super high compensations with mediocre skills. This was always going to be unsustainable in the long run. Now we are just seeing the aftermath. That free money that every country printed turns out isn't free.
Those people still exists!! Look at some of the polls on Grapevine,SDEs with 1 year of experience are expecting 35lakhs.These people are still living in their own la la land.
The US economy is in a downturn.
They printed out trillions during COVID which made tons of growth happen but wasn’t sustainable.
Employers increased headcounts basis that forecast.
US economy is now on course correction - raising interest rates, reduced consumer spending etc.
Companies are adapting basis that.
Employers like Facebook and Amazon still haven’t laid off enough people after cutting down to come back down to pre-COVID levels.
Recession in my opinion will stay till 2024, more layoffs are to follow.
If you’re in a company creating significant value for its size, no reason to worry.
Fed is responsible. Everyone took the free money, grew business.
Now all the companies realized they’ve over hired and over compensated. So they’re laying off.
I am sure this post will get a lot of backlash but still I want to express my thoughts. I usually don’t post anything but this just cross my mind.
It’s been months now and we are hearing layoffs news from big tech giants Twitter, Goog...
Looking at so many layoffs at Google, Cloudflare and FAANG-type comoanies; that too in spite of having profitable quarters makes me think of FAANG is a curse instead of blessing? Anyone with similar thoughts?
