Tech Layoffs

[stompix]

You are conflating the concept of money with an economic system (that I happen to disagree with). Bitcoin is a currency and even communist countries have currencies. I see no direct relation to capitalism.

And you are changing the narrative as you see fit

If he did not buy more Bitcoin at regular intervals then it is his own fault for missing investment opportunities.
~
It being an investment that steadily and quickly rises in value is nothing more than a bonus to me.
~
Bitcoin is the most important asset. And that is not going to be changing anytime soon.
~
Personally, I would invest it all into Bitcoin and a few smaller investments in other cryptocurrencies

Your words in the last month alone, you have always treated Bitcoin as an investment asset so how come the sudden change?

Tell me, how is it that Europe and the US both have free markets and yet in the US, there are no adequate safety nets for individuals who get into financial troubles?

Because that's what a free market is!
Just like Bitcoin, you lose your keys nobody is able to help you!
What's the commie protection plan for Bitcoins? BIP-CCP?  

~bleah, saw those arguments so many times it stops even being funny

You actually have one point of bitcoin being anything close to a communist system
- central authority
- planned economy
- fixed prices
and not a capitalist one
- complete free market with nobody supervising a transaction
- prices determined by supply and order
- individual with capital can buy and individual without can wait in line at faucet
- no tax on the wealthier, no extra % tax on those holding more coins, same fee if you transfer 1009 satoshi and 1 million BTC?

Why base your economic system on the concept: the greedier the better?

So you're into Bitcoin because you want to help with incarceration levels in the US, not because you want MOAR MONEY and you're not putting your capital into it to get more capital, you do it to save the Earth from the Bilderberg reptilians!  
Yeah right, keep lying to yourself if it makes you feel better, but that won't make falsehood real!

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[tyz]

... and the workforce cuts continue. Today, Zoom and Okta announced to layoff 500 people altogether. Also there are rumors that Dell is planning another layoff announcement, altough they already cut 7% of workfoce in early 2023.

Beside the tech layoffs, there are a lot of job cuts in non-tech companies like UPS that announced to layoff 12,000 people few days ago.

[Asiska02]

What do you think? Is it just a shrinkage and normalization after the strong build-up of the workforce during Corona or a long-term trend that will accelerate through the use of AI?

This should have something to do with the  recent change in technology, the introduction of AI into the system. At some points, big companies will like to minimize costs of operation thereby laying off a lot of staffs and integrating this new technologies into the system which some of this new technologies are already proven to be reliable and trustworthy. Humans will still be needed at some points in this company but by laying off majority of them is just showing the need for compulsory flow with the system which every company will abide by. More of such news will be coming in the future, I won’t be surprised when they do.

[Assface16678]

What do you think? Is it just a shrinkage and normalization after the strong build-up of the workforce during Corona or a long-term trend that will accelerate through the use of AI?

This should have something to do with the  recent change in technology, the introduction of AI into the system. At some points, big companies will like to minimize costs of operation thereby laying off a lot of staffs and integrating this new technologies into the system which some of this new technologies are already proven to be reliable and trustworthy. Humans will still be needed at some points in this company but by laying off majority of them is just showing the need for compulsory flow with the system which every company will abide by. More of such news will be coming in the future, I won’t be surprised when they do.

Exactly that is the sad part in advancement of technology, yes its satisfying and fulfilling on how people grow or evolved in terms of technology its proven that people has capable of doing something greater than we used to be, but remember there is a saying that being too great has consequences, and that is the threat of fewer human are needed in tech companies or other companies because there is a new and popular technology which is AI and its integration is wide, it can be used mostly for anything, its great yeah it can help significantly in any task but the downside is less humans are needed, because Ai will eliminate the human errors which is not a good thing, especially for those people who's skills is only based on their current jobs. We never know what will happen in the coming days or generations, but let's see it through to the end and be ready for what will happen.

[sekalitas]

What do you think? Is it just a shrinkage and normalization after the strong build-up of the workforce during Corona or a long-term trend that will accelerate through the use of AI?

Most articles I've read attribute recent tech layoffs to a post-pandemic correction. However, I believe the impact of AI on job displacement is still limited, as it's primarily used as an assistive tool rather than for complex tasks. Therefore, its current influence is likely restricted to positions involving repetitive manual work.

[Natsuu]

Tech companies are like eager students in a fast-paced classroom, constantly upgrading their skills to keep up with the latest trends. With the rise of AI and automation, they're finding ways to work smarter, not harder. This means some roles might become redundant as tasks get automated, leading to job cuts but it's not just a COVID-19 aftermath because it's a shift towards efficiency and innovation that's shaping the tech landscape for the long haul. So, while it might seem like a setback now, it's part of the ongoing evolution of the industry right

[tsaroz]

Not a day goes by without a tech company announcing major job cuts. Today Paypal and Block (both payment service providers) have announced a total of 3500 job cuts, and recently Salesforce, Microsoft, SAP, Google, Ebay etc. have also done so. According to https://layoffs.fyi, 25,000 documented tech jobs have already been cut this year.

What do you think? Is it just a shrinkage and normalization after the strong build-up of the workforce during Corona or a long-term trend that will accelerate through the use of AI?

The new tech market is being saturated. Smartphone and internet are now available to almost everyone. Social media too are saturated, the growth of facebook and x is stagnant. There's some growth potential in Africa but most of it is already covered. Online shopping is also covered and there are not much to grow.
With the emergence of AI, many job positions are obsolete. Robots are delivering and AI is running taxis. The economic slowdown quickened the replacement of human with automation, robots and AI.
This is a long term trend. The demographics is also on a down trend. The current generation might have some problems coping with change in jobs but the replacement of AI and robots are good for the future of humankind.

[0t3p0t]

What do you think? Is it just a shrinkage and normalization after the strong build-up of the workforce during Corona or a long-term trend that will accelerate through the use of AI?

Maybe they have figured out something that the company still keep on working even with the lay offs. It could also be that some other job and activities maybe easily done with the use of AI technology. This is now the new trend companies tried to shorten or lessen expenses on manpower that is prone to human errors and replace 'em with the accurate and faster Artificial Intelligence. Some sort of unemployment risk right?

[gabbie2010]

Not a day goes by without a tech company announcing major job cuts. Today Paypal and Block (both payment service providers) have announced a total of 3500 job cuts, and recently Salesforce, Microsoft, SAP, Google, Ebay etc. have also done so. According to https://layoffs.fyi, 25,000 documented tech jobs have already been cut this year.

What do you think? Is it just a shrinkage and normalization after the strong build-up of the workforce during Corona or a long-term trend that will accelerate through the use of AI?

Poor sales by those companies which is due to drop in purchasing power of their customers prompted the downsizing of their workforce,  I don't think AI influence was responsible for their decision  to lay off, of course when the global economy pick up majority of those companies would start another round of recruitment into various positions,  meanwhile Tech jobs are one of the most sought after profession presently so I believe in no distant future all the lay off staff would definitely get a new job offer as I am aware that there many Tech start up springing out globally this would also provide job opportunities for the sacked workers.

[boty]

Maybe they have figured out something that the company still keep on working even with the lay offs. It could also be that some other job and activities maybe easily done with the use of AI technology. This is now the new trend companies tried to shorten or lessen expenses on manpower that is prone to human errors and replace 'em with the accurate and faster Artificial Intelligence. Some sort of unemployment risk right?

Every company that has cut working relations with their employees has certainly found other options that can complete the work done by their employees with other things and it is more profitable to use this technology compared to using many employees which makes the company spend more to pay their employees, intelligence Man-made intelligence currently really supports today's world of work, so companies prefer to use human-made intelligence rather than humans, especially which is very difficult to regulate and requires high costs, very different from using human-made intelligence which they can manage precisely and with very few errors.

[stompix]

And another crisis died before it even got started

https://www.cnbc.com/2024/02/02/us-economy-added-353000-jobs-in-january-much-better-than-expected.html

Nonfarm payrolls expanded by 353,000 for the month, better than the Dow Jones estimate for 185,000. The unemployment rate held at 3.7%, against the estimate for 3.8%
Average hourly earnings increased 0.6%, double the monthly estimate. On a year-over-year basis, wages jumped 4.5%, well above the 4.1% forecast.
Job growth was widespread in January, led by professional and business services with 74,000. Other significant contributors included health care (70,000) and retail trade (45,000).

Where were we, late stage capitalism or something? 

[franky1]

meanwhile in the US.. hobby earners(side hustles) now have to declare hobbies as businesses
fudging the numbers


(image is from stompix's own chosen link, so he cant cry about picking source when it was his source he picked)
this january is not as good as last january.. so not numbers to be proud of

also the source of stompix's chosen article

The average workweek for all employees on private nonfarm payrolls decreased by 0.2 hour to 34.1 hours in January and is down by 0.5 hour over the year. In manufacturing, the average workweek was unchanged at 39.8 hours, and overtime edged down by 0.1 hour to 2.7 hours. The average workweek for production and nonsupervisory employees on private nonfarm payrolls decreased by 0.2 hour to 33.5 hours. (See tables B-2 and B-7.)

declining hours meaning less full timers more part timers

[adaseb]

Yes that jobs report was a huge surprise. The average earnings was crazy high and so was the amount of jobs added. Both were way over expectations and as a result the bond market tanked.

At one point the bonds were down 4% or so which is crazy volatile for such a deep liquid market, shows how much whipsaw there is in treasuries.

[justdimin]

I don't know where you work but where I work I have no tap wine available, no foosball table, no yoga and I can't go out to drink tap wine while I relax looking at the sky during work hours. That video is not the only one, there were several videos of that style at that time. The original is no longer there and I guess the author ended up deleting it after being fired. Musk fired 6,000 people or 80% of the staff, so what you see in the video is a true reflection of what was happening.

Obviously in the companies where I work there's no tap wine, football table, quiet place etc too.

But what I mean is, we can create a video about the bright side in our working place even though not as fancy as Twitter's company.

It's weird to be honest, why they need to hire people just for come to their company, enjoy the facilities and get paid for that?

I would guess that those are the "startup culture" in some companies that were like that during the big hype period, there was a whole period between 2010-2020 where tech companies got way too much investment and they ended up getting millions and in order to attract people, they needed to compete not in salary but in these things as well.

They had to make the working conditions as well as they could, giving people whatever they think would fit them, and there was a moment where some companies even had "sleeping pods" where coders would go sleep and come back to work. That's why I think it's quite important to figure that out, if you want talent, do not give them gifts, give them the freedom and they will keep working for you, plus of course a competitive salary.

[KingsDen]

Not a day goes by without a tech company announcing major job cuts. Today Paypal and Block (both payment service providers) have announced a total of 3500 job cuts, and recently Salesforce, Microsoft, SAP, Google, Ebay etc. have also done so. According to https://layoffs.fyi, 25,000 documented tech jobs have already been cut this year.

What do you think? Is it just a shrinkage and normalization after the strong build-up of the workforce during Corona or a long-term trend that will accelerate through the use of AI?

Downsizing is something that is very necessary in every organization especially when it is recommended as a way to enable the company remain relevant and successful. Most times it happens naturally, but at times there are some unforeseen circumstances that globally induce downsizing such as the covid-19. But I have something to say, if a random company is downsizing we could see it as a normal thing but if a tech company is downsizing, it shouldn't be seen as a normal thing because something is definitely wrong somewhere.

It is not all about the advent of the AI and it is not also an indication that AI is taking over the position of man in the company. Even if anyone has to allege that, they might not be completely out of order. But when downsizing comes to take company I think something else is a major factor and not AI. What I consider as the major factor is the freelancing. While there are many people who are interested in working and earning without committing 100% to a particular company. It encourages the companies to dismiss their original staff such as to get rid of some certain expenses that is being attached to staff permanency. Hire a random person and get him paid than hire one person, pay him and still owe him other gratuities.

[Huppercase]

Not a day goes by without a tech company announcing major job cuts. Today Paypal and Block (both payment service providers) have announced a total of 3500 job cuts, and recently Salesforce, Microsoft, SAP, Google, Ebay etc. have also done so. According to https://layoffs.fyi, 25,000 documented tech jobs have already been cut this year.

What do you think? Is it just a shrinkage and normalization after the strong build-up of the workforce during Corona or a long-term trend that will accelerate through the use of AI?

So many tech company employ a lot of staffs druing corona and that was because the need to work remotely was very necessary, I'm not sure if there is any company that has not resume back to physically work fully except for experts that are needed remotely to perform jobs and judging by these numbers of job cuts, it's the remote jobs that are been cut off from the grid system and people that are left has to do the work of those jobs that were cut off just like the way Elon Musk did when he took over X(formaerly X).

AI might not really be the ones taken over these jobs, I still think it's too early for the artificial intellingence to take over so many jobs in these numbers, machines can't solve everything, there are still aspect of human that will be require to finish the job and I also think that AI are still in early phase to accomplish task efficiently. Even looking at some of the AI written works I have seen, it is force and not close to what human can do with many errors that can be easily detected by human, no way AI can replace human completely.

[South Park]

Not a day goes by without a tech company announcing major job cuts. Today Paypal and Block (both payment service providers) have announced a total of 3500 job cuts, and recently Salesforce, Microsoft, SAP, Google, Ebay etc. have also done so. According to https://layoffs.fyi, 25,000 documented tech jobs have already been cut this year.

What do you think? Is it just a shrinkage and normalization after the strong build-up of the workforce during Corona or a long-term trend that will accelerate through the use of AI?

So many tech company employ a lot of staffs druing corona and that was because the need to work remotely was very necessary, I'm not sure if there is any company that has not resume back to physically work fully except for experts that are needed remotely to perform jobs and judging by these numbers of job cuts, it's the remote jobs that are been cut off from the grid system and people that are left has to do the work of those jobs that were cut off just like the way Elon Musk did when he took over X(formaerly X).

AI might not really be the ones taken over these jobs, I still think it's too early for the artificial intellingence to take over so many jobs in these numbers, machines can't solve everything, there are still aspect of human that will be require to finish the job and I also think that AI are still in early phase to accomplish task efficiently. Even looking at some of the AI written works I have seen, it is force and not close to what human can do with many errors that can be easily detected by human, no way AI can replace human completely.

Even if we were to assume that all of those jobs lost had nothing to do with AI, I am sure companies are preparing for that possibility, and they are exploring their options and trying to identify the areas of opportunity in which AI can help them right now and on the near future, so jobs lost because of AI are coming, if not a reality already, and it is difficult to predict how the economy could work from now on if more and more people lose their jobs.

[Casdinyard]

Not a day goes by without a tech company announcing major job cuts. Today Paypal and Block (both payment service providers) have announced a total of 3500 job cuts, and recently Salesforce, Microsoft, SAP, Google, Ebay etc. have also done so. According to https://layoffs.fyi, 25,000 documented tech jobs have already been cut this year.

What do you think? Is it just a shrinkage and normalization after the strong build-up of the workforce during Corona or a long-term trend that will accelerate through the use of AI?

Computer Science is receiving quite the heavy beating in the corporate world, with it being one of the most vulnerable tech careers nowadays. It's gone so worse that even my friends who were comp sci graduates regretted that they ever listened to people who said it's going to be one of the best careers in 2 years time, cause now they're stuck in a rut where they're given what's basically the art degree of the IT sector.

Also sucks that major gaming companies like Activision-Blizzard and Riot Games have started laying off a large portion of their workforce. Riot Games being the most talked about as it started to let go of 11% of its total employees, some of which are actively involved in the production of their games and some of their future titles. Future's not looking bright for the tech world unless you're from the webapp development industry in which case I don't think you should be worried as the industry's still going strong. What I would really suggest to people who were under these situations right now and are worrying about their job and financial security is to learn new skills related to IT, not because you're going to drop Comp Sci or whatever, but because it will better equip you and provide you with the tools you need to still stay afloat even when the rest of your world is burning. Makes total sense yeah?

[franky1]

many businesses have regular events of turn-over, employee churn, removing the dead wood..

when one project finishes that specialises in certain skill, its time to move to the next project that might need a fresh mind.
yes AI makes things easier. people dont need to write 1000's of lines of code. they just type in a few descriptions of the end result they want and AI writes code for them. then they just need to refine/tweak it

google always did turn-over employee's often. if people were great at one project but not productive at the next, google doesnt keep them around forever, and projects dont continually need a full team of developers forever. its a system of get a finalised product and then move to next project, whereby only a few % stick to old project for updates

we are no longer in the era where people stay in the same job for 40 years

[poodle63]

Tech companies are like eager students in a fast-paced classroom, constantly upgrading their skills to keep up with the latest trends. With the rise of AI and automation, they're finding ways to work smarter, not harder. This means some roles might become redundant as tasks get automated, leading to job cuts but it's not just a COVID-19 aftermath because it's a shift towards efficiency and innovation that's shaping the tech landscape for the long haul. So, while it might seem like a setback now, it's part of the ongoing evolution of the industry right

i think that the fact that there are less customers after covid pandemic has ended also have some roles. when covid hits everyone was so focused on online and digital stuff that they just subscribe to whatever online entertainment there is, company thinks that this growth will lasts forever, same reason why meta decided to go all in with metaverse but failed miserably anyway, they thought the future is all 100% digital but its really isnt.
so many people are getting back to their normal routine after pandemic ends, abandoning any digital service that they subscribed previously, companies realized it, the fact that they have made some massive hiring doesn't help either since the number of customers tanks. then they realized that they need to make things efficient as you said fueled with AI.
its overall really bad situation with finding job these days.