Tech is slowly realizing that Elon was right and a huge amount of overhead is not necessary to grow these companies when you actually manage teams properly.
The long picture is even more scary. Tech companies have realised they don't need as many people once the product is up and running and there are no repercussions for laying off people once you have gotten what you wanted.You can fire anyone at anytime. And for startups it would be even more brutal, they will repeatedly reduce workforce once they are stable to cut cost and increase the runway.
Your tech overlords will make the MBB restructure guys look like bloody saints.
But if you think about it, the startup space is going to heat up like anything. With multiple horses running with very little employees.
And it will again lead to consolidation. Nobody wants to pay for like 50 different SaaS services.
But yea small tech firms with 5-10 employees will thrive.
Umm…Elon was right? Too early to say that, especially when we keep hearing big advertisers moving away from X. Secondly, big tech hiring is back with big bang. So all those layoffs were just optics for investors. In facts, the roadmap of 2023 were ruined because of all those tricks.
That is also very true.
Right on point. Most tech companies are bloated, but this trend won't last for eternity.
Are you saying that they will become bloated again?
No, they can't be bloated forever due to market forces and competition.
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?
(1) Reduce cost of human capital -> (2) Post better EBITDA numbers in earnings calls -> (3) Get big bonuses and sell ...
Spotify is late to the party, but they are letting go 17% which is huge compared to others in one go. be careful with similar type of industry. pocket fm, Kuku fm perhaps?
17% is huge, especially this late in the doom cycle It feels like Spotify must be losing market share heavily agai...
many companies are shutting down especially the named ones. many are close to getting shut. is there a good resource to track? want to keep it handy for future purposes. :)
Read news here: https://yourstory.com/2024/11/freshworks-cuts-13-of-its-workforce-impacting-660-employees
Aaand they are up 5.2% today Investors reacting favourably We're all adults here but capitalism is funny
I mean I get where he's coming from. I have seen those day in the life of a ___ videos and always wondered what work do these people even do? But isn't he also responsible for over hiring? That too for an industry that works on thin ma...
