Gravitas: Why are Tech Giants laying off thousands?

The biggest tech companies have announced mass layoffs blaming a slowing economy for the job cuts. Is the tech dream going to crash? Priyanka Sharma tells you more.
#techgiants #layoff #wion
About Channel:
WION The World is One News, examines global issues with in-depth analysis. We provide much more than the news of the day. Our aim to empower people to explore their world. With our Global headquarters in New Delhi, we bring you news on the hour, by the hour. We deliver information that is not biased. We are journalists who are neutral to the core and non-partisan when it comes to the politics of the world. People are tired of biased reportage and we stand for a globalised united world. So for us the World is truly One.
Please keep discussions on this channel clean and respectful and refrain from using racist or sexist slurs as well as personal insults.
Subscribe to our channel at goo.gl/JfY3NI
Check out our website: www.wionews.com
Connect with us on our social media handles:
Facebook: / wionews
Twitter: / wionews
Follow us on Google News for latest updates
Zee News:- bit.ly/2Ac5G60
Zee Bussiness:- bit.ly/36vI2xa
DNA India:- bit.ly/2ZDuLRY
WION: bit.ly/3gnDb5J
Zee News Apps : bit.ly/ZeeNewsApps

[@lorettacarroll6015]

This isn't the first time this has happened. I have worked in the tech industry for over 30 years now. I have seen many layoffs. That is why I try to be sure I have 6 months backup salary and working to learn new things.

[@optimusprime4643]

Hi ,mam I would like to know how is the IT sector when one reaches their 40'-50:s,as by this age one earns or is in the bracket of atleast 40 lakhs Indian rupees ,does one become a liability for the company as the company can employ 5 people instead of this one 40 lakhs inr ,do other companies hire a n employee of that age at such high price tags

[@stephanienguyen6992]

Smart MOVE

[@ramchandrahegde2763]

Same here

[@AlexTheLi0n]

Exactly and I try to do the same

[@sanjeevarampure2964]

@@optimusprime4643 get into product development company and reach management level by age 40. If you’re stuck as IC by 40, you have compete with young generation with small packages as you said

[@kurttSchuster]

After a nightmarish 2022, shell-shocked investors have losses to recoup and plenty to ponder, as an inflation report and a raft of other data did little to change expectations that the Federal Reserve would likely continue hiking intrest rates even if the economy slows down, Which means more red ink for portfolios for the first quarter of year 2023. How can I profit from the current volatile market, I'm still at a crossroads deciding if to liquidate my $250k bond/stocck portfolio

[@floxydorathy6611]

I agree, I was on the sideline for awhile observing, trying to figure out the best time to get in, that was before I came by a coach, commended by a pundit on Reddit, reluctant at first but I went ahead and got in touch with the coach, long story short, it's been 3years and counting and I've made over 1.5million dollars simply by following her guidance. I took a vacation to Bahamas this summer just to reward myself a little for the consistency lol

[@floxydorathy6611]

@Jeremy Walker My consultant is 'CASEY ALLEN GRAY'', She has since provide entry and exit points on the securities I focus on. You can look her up online if you care supervision. I basically follow her trade pattern and haven’t regretted doing so

[@mehtabhai3776]

Priyanka is good, but who else feels she is inspired from Palki's style ?

[@ashanmaynard4085]

Exactly 😁

[@suntzu2204]

She's got her style. Even when she wasn't the anchor of Gravitas, she reported like this.

[@user-jk6es3fb8i]

Lol Palki is BS. Priyanka is not only a good reporter but also has a good vibe to her. Palki is a rude and biased reporter with little to spare intelligence. Priyanka is Messi and Palki is Ronaldo.

[@aerotus888]

She's literally trying to copy Palki

[@manofsan]

I don't care, man -- this tendency for celebrity worship seems inspired from Bollywood's style -- I hate it We always rush to put someone/anyone on a pedestal

[@la89ondevg]

Focus on self and life. Love your work never organization. Live frugal, save and invest , don't buy expensive stuff/house/car . You won't miss the 80 inch tv if you never had one. Keep switching organization and keep upgrading your profile.

[@ranjitkumargouda8970]

What comes out in the news is the layoff. What doesn't comes out is there are still many companies that are hiring.

[@abhishekmahanta1112]

Yupp its only for US i think, recession has not touched india yet.

[@dendradwar9464]

True .. for now .. tech is a growth industry .. when the real economy slows then the growth story goes out the window ..

[@fwefhwe4232]

US recession is great for India.

[@abhishekmahanta1112]

@@dendradwar9464 hopefully our economy will remain shielded from global recession.

[@abhishekmahanta1112]

@@fwefhwe4232 Yes, as the US companies now have even less money to spend ,they are forced to outsource even more of their jobs. Indian IT professionals can do the same job at 1/4th or 1/5th the price of an avg American IT professional. Hiring is on in our country 🙂 and if our govt can successfully protect our economy from inflation we shall not face any major problems.

[@jamesparker341]

I will forever be indebted to you you’ve changed my whole life I’ll continue to preach about your name for the world to hear you’ve saved me from a huge financial debt with just little investment thanks so much Mrs. Lisa

[@stephaniemorgan1387]

I’m surprised you know her too. I’ve been making a lot of profits investing with her for a few months now.

[@evewilliams8443]

Mrs Lisa changed my life because of the huge profits I got from investing with her.

[@amystephen1767]

You invest with Mrs Lisa too? wow that woman has been a blessing to me and my family.

[@janefrancis5191]

I’m new at this, how can I reach your broker?

[@natenay5730]

@@janefrancis5191 it's a scam

[@waliasadi3116]

An excellent compilation of the big tech industry. Thanks.

[@thomasmcqueeney6877]

There's more to life than pushing a button

[@AlexTheLi0n]

I’ve come to realize that some not all of the executives had to have for seen the day when the pandemic would subside. I believe that this was the plan all along. Once business slowed down they would downsize the workforce and then blame it on the pandemic but this time in reverse.

[@galemartin9155]

The game is the game.🤷🏾‍♂️

[@anaibarangan4908]

Oh but sold working from home as the future, without taking into account EVERYTHING else about the world, but the geek world, about that plan. Another type of bubble wrap types of mindset parameters. .

[@josephs4044]

7 min one message: Tech companies are failing because they don't make real profit ( but chase notional wealth building, that is solely sustained by investors, and it's bound to fail in a recession.)

[@vikramagarwal3349]

what people are still not realizing is that in this chaos even more brutal start ups will emerge, never underestimate the power of such a talent out in open, true CHATGPT [rencent AI miracle] can code but those who are using it know that it cant replace the oversight and even to operate it on this level you need to have that much knowledge.

[@usapanda7303]

GPT is okay. I would argue Pegasus might be better. Some companies I am advising have been getting better results with pegasus compared to GPT for user interactions and content creation.

[@dhanrajtolar4297]

BRUTAL STARTUPS WHATS THAT?

[@Doug-tc2px]

Well no, one of the reasons for such a hard selloff in tech is the sector needs easy money and low rates to thrive, once that is taken away, like now, funding becomes really hard to come by, and many of these companies need that inflow to stay afloat. We will see many companies based on needing easy money to survive to go belly up this year and maybe next too. Now if the Fed decides to print money again and ease rates then the sector would take off but that isn't happening and likely won't this year.

[@Tagteen]

GTP is stupid it as no emotions and judgement

[@rajadarbha4961]

@@usapanda7303 Thank you, I will try it

[@yfhello]

Yes

[@megh5274]

Sometimes its just the wxcuse for layoffs. During pandemic, we airline industry suffered alot. So, when there was flight restrictions, many airlines laid off their existing staff in 2019-20 and in 2021-22 they hired new staff instead rehiring the old. I guess only SIA is there who rehired the old staff after these 2 yr gap.

[@anaibarangan4908]

Considering the ages of what kind of people see among the miles of homeless camps in the LA outskirts highways area, obviously might have just been fired for making too much money, and replaced with younger people in the same tech careers in the world. Corporations can be heartless, but I don't think that ends up being good business, because it increasingly negatively overall affects, impacts the areas where located, and the overall taxes collected and expenses, if politicians and close buddies not too busy stealing from the taxpayers money for solutions to the corporate effects. Such a virtue bluff Twilight Zone.

[@meethunghosh1892]

*automation, virtualization, cloud....AI will be the final nail on the coffin*

[@tsiyon12]

Unless you’re a part of building that platform

[@danny200mph5]

The tech bubble has already burst. Facebook, Twitter, Amazon etc all with massive layoffs. A.I. will replace even more tech jobs too

[@thomasgurchiek3301]

Agreed, tech is long over due. One of the many sayings developers and admins have is "if you have to do it more than once...automate it." These roles will still be around. Other positions outside of devs/admins are what is largely (likely) being replaced because it can be automated. Not saying devs/admins arent effected by the layoffs as it happens all the time. The ability for AI to completely replace a dev/admin is a bit far fetched in my opinion. Reason being is because theres a difference in what we see/hear from big tech in regards to research versus what is actually released into production. Oversight, code review, maintenance, upgrades, troubleshooting, and further research all still require human intervention. HR and marketing can easily be replaced by AI. I am perfectly fine with that. :D

[@factanalyser5021]

Eventually.. but not anytime soon

[@alquemir]

@@factanalyser5021 Yes anytime soon, GPTChat has already made developers obsolete.

[@amolshenoy6745]

That's what was said when Computers were introduced....new skills of the future will create new avenues and job market

[@san99972]

@@thomasgurchiek3301 marketing cannot be replaced by AI. A robot cannot understand human emotions and hence will not be able to understand the customers demands.

[@thesisLAx]

NO. It’s merely a rebalancing of the tech industry. But growth may stop or there could be a contraction if we see a global recession. For now though the tech layoffs in the US at least get rehired right away.

[@TheLeoPoint]

Wow best compilation ,.. true quality Vs quantity work

[@iceman4660]

Share prices were vastly overpriced during lockdowns. The markets and these companies didn't plan for a return to normalcy when lockdown ended. These falls are frequent. Before this was the internet bubble, out of which came Amazon, Google and others. Anyway it's not real money. These companies have a lot in the bank so are likely to survive

[@nikoid3631]

that's right, many investors sold stocks during the pandemic when the stock fell to its lowest point and investors bought it right away.

[@tarey05]

Well done, WION! Clear and accurate!

[@movocode]

@The Mythbuster Yes. Do you have any problem with that...can you anchor like that?

[@keenae]

That last sentence nailed it

[@kalyanchakravarthy7904]

Tech dream biting the dust. Forget about the giants, 50-60% job cuts in many startups, still the situation is scary. This year gonna b one hell of a ride.

[@TheThorns]

This was very informative and delivered very well, Thank you

[@DeepakSingh-zt2qg]

Tech is not a bubble now... It never was, even in 2000s ..it is the backbone of every industry. 1000s lost their jobs in manufacturing when new machines were introduced. Same is happening here. Manufacturing was never a bubble...Tech was never a bubble.

[@smartjt]

My most favorite news outlet.

[@mrinalbiswas582]

i like the term 'Illusory value'

[@thomasmcqueeney6877]

They are all overvalued

[@JonathanHallOverAllen]

I am a coder and if I get fired and can still work at Home Depot. I can code on the side if I have to. Amazon tried to interview me but I declined, so did google and facebag. Stakeholders vs Stockowners. Palki, you are a very good teacher.

[@AMITKUMARSHARMA92]

Palki left the channel.

[@lynntenney4851]

ty for information

[@mandalorian1992]

A lot of techies took 5 6 counter offers and inflataed their packages to an extent that it became unsustainable for the long run. It was bound to come down and fall off at some point. Smart firms didn't over hire or offer Extraordinary packages for they knew that the downtun would surely arrive sooner or later

[@bangla70s]

Because the ai is now ready and programmers no longer needed?

[@karunanithin.ramachandran6482]

The overall picture is that the world economy is in a downward spiral, even if the experts are reluctant to admit this is happening , and layoffs are happening in all companies , not just techs . As more are laid off there will be less spending and even more will be laid off . The rate of inflation is increasing fast but the rise in wages is almost non existent , a sure sign of economic disaster .

[@snowflakemelter7171]

I am so glad I have a government job now.

[@NatureVideosChannel]

Some expected people's behavior would change and continue to do online shopping ever after the pandemic is gone.

[@eshwargetenv1]

tech salaries have become extremely expensive during the pandemic. They need to be corrected. Even interns are demanding above 10L INR package. Folks with 1 to 2 years of experience who got avg skills are expecting 20 to 30L package. How can companies afford such salaries. This may be good for the resource in the short term, but all this is affecting the job market as whole. And nobody is mentioning this.

[@flyingbee231]

there is no bubble in tech, if there is no bubble in other businesses. Tech supports other businesses, tech faces issues only when other businesses dont grow. All the companies who are firing now have went into a hiring spree post covid based on forecast which is far from present reality. Now because of this inflation people are no longer spending much on things other then necessities thereby slowing down growth. Markets will rise again and so will tech.

[@KushanDwarsingh]

you are a great employee mam. A good and more than good employee will never, and I mean NEVER, get laid off.

[@ElmoWatchesWrestling]

Automated agile environments.

[@Youkodoll19]

Yes, it bursted, If Google is letting go their employees, you know it's not good. 12k for Google, 5k, for Twitter and 11k for Meta.

[@AnilVerma-eo4ib]

Lots of companies are recruiting still.

[@genetberhane4682]

Excellent journalism

[@sadsul2691]

I once heard you can always code

[@jntu7142]

Nice coverage

[@uffehansen7494]

I think Priyanka Sharma make a very very good explanation and performantion Thank you. It is short and informtaive. But the value og this business is on the stock market. They can be too optimistic some time ex. Meta and it is the investor there loose the money !

[@TSS_CLIPS]

No one can replace Palki mam in this channel @palkisharmaypadhyay

[@DioBrando1996v]

It's called a recession

[@henta.i.3838]

I'm worried because I also work at the tech industry and my contract is up in the middle of this year. If this downward trajectory continues I'm worried that my contract won't be renewed.

[@jubedahmed1750]

IT might be true

[@deepmarriesx]

Best bet start looking for alternative contract and if it's good shift to that

[@billmoretz8718]

When you hear of someone losing their job, it's a concern. When someone you know loses theirs, it's a recession. When it's yours it's a depression. Hopefully it won't happen, but planning ahead can make the off time bearable.

[@henta.i.3838]

@@deepmarriesx The only problem is my current contract is the best one I've ever had. I've been working for this company for over three years now and I just got a 100% pay raise on my current contract.

[@nishantaadi]

Dude save much as you can, live cheap life and try to find alternatives sources such as retiring village or get job in cheap places etc.

[@ass09tube]

Bubble is destined to burst. Its law of nature. Their existence is temporary. One has to make sure if their career growth, organization growth is that of bubble type or not. Every highs follows by lows. So embrace what's happening. Learn your lessons, adapt, prepare for new. This is not the end.

[@sunandpal]

What do you mean by tech bubble?

[@jayantmane3573]

Selling a pakoda or tea is more profitable and secured thing to do in 21st century.

[@sunroad7228]

"No energy store holds enough energy to extract an amount of energy equal to the total energy it stores. No system of energy can deliver sum useful energy in excess of the total energy put into constructing it. This universal truth applies to all systems. Energy, like time, flows from past to future".

[@michaelcalder9089]

Creating " illusaray value". Well said.

[@oddsmith5872]

This isn't like production of TV's. All these layoffs, do you think they are going to quit programming etc and start farming potatoes? No. They will be free to create their own projects which may well end up giving their former employers competition

[@Aerrow62]

Not to mention that they hired masses of coders who never delivered a single project in their life because they could do algos. All that waste was going to show up in their bottom line. Every company that followed fang was wasting investor money. I got a call from a startup and they said they follow the fang model. I asked if they had 8 billion to burn every year because that's what the fang's waste each year on non productive employees. It's not by accident that all companies that followed the FANG group and practices are in a similar position while others are not. Boeing and Lockheed are still hiring the last time I checked and so is Qualcom and AMD. Fiscally responsible companies make sound decisions and don't end up in situations where they have to lay off thousands. There is a reason why we call some companies as value companies / stock. But the layoffs are not as big they are being made out to be. The US tech economy has a short fall of over 500,000 professionals. There are technically more jobs than people qualified to do them. So 50,000 layoffs from the big 5 will make it easier for the mid and smaller companies to scale up. Last I heard more than half of the laid off employees already found other openings by the end of the month.

[@JS-jh4cy]

Is there any layoffs in India, never hear the news on CNN or Yahoo

[@gsander3102]

American retail chains need to learn from the Indian retail Chain D-Mart. It has a proven track record of never having shut any store or property that it owns(it never rents a property). It has more than hundred malls in India and thousands of sub-outlets which give it a farther reach. It NEVER had to do mass layoffs or any kind of layoffs. It always has items on deep discounts as well. It's owner is a covert billionaire.

[@deepmarriesx]

I think you haven't heard about Costco or Sam's club

[@manofsan]

But Indian market is still in a growth phase, having started from a very low base. Eventually growth slows as capacity is used up, like in more developed countries. That will inevitably happen in India too, one day. But meantime Indians should go all-out to catch up and narrow the gap with the developed world.

[@RadhaKrishnaMolluruCoach]

What is the meaning of 'developed' world?

[@prajullas]

@@RadhaKrishnaMolluruCoach Exactly my doubt too. What is the meaning of Developed and civilized. By western definition it means white people.

[@shubhamer2000]

Ever heard of COSTCO

[@dy6682]

It’s nice to be retired and living in Jamaica 🇯🇲. No worries!

[@guestinthisword.87yearsago35]

And rob the tourists or inconvenience stores like Jamaican creatures

[@Angelo5010]

It’s the way of the world there will be cutbacks, recessions etcccc

[@Supersatan666davil]

Temporary. Don't believe this newsreader!

[@paulhazel5754]

and now it takes longer to get amazon orders, like double

[@konarksharma6163]

Madam you are good but Palki madam's seemed that she spoke what she was thinking....and seemed convinced about it. You are close ..may be we will adjust

[@Exiide89]

AI is replacing human employees. It's as simple as that.

[@AlbertKimMusic]

It's beyond just that lol, but it is a factor too

[@shailendra6888]

People must understand that IT is a support industry for other prominent sectors. IT is not an industry by itself. And all industries depend on consumerism. Period!

[@paramsingh4104]

It's very difficult for people on work visas

[@jayan166]

Excellent 🙏

[@connecting-minds]

After summer comes winter. This is algorithmic winter.

[@Angelo5010]

Funny how she’s only mentioning American companies lol

[@redflava7871]

Because everyone looks up to them. There is nothing wrong in that.

[@bhavin105]

Do you know a tech giant outside America?

[@abhishekmahanta1112]

@@bhavin105 yes Tencent, Baidu , Tiktok , Samsung , Xiaomi , Telegram , etc etc

[@bhavin105]

@@abhishekmahanta1112 Most are nowhere near FANG stocks. NASDAQ performance is usually the benchmark. Samsung, I agree deserves to be analysed.

[@njorasister2259]

where did you people take Palki?

[@sreenunaikmudavath3627]

Priyanka Sharma ma'am ji Excellent Gravitas Anchor

[@IMTHEBIGGESTCUNT]

Possibly because they’ve realised that the majority don’t want to rely on them, buy putting all their ‘eggs in one basket’? The physical ownership of their purchases aren’t of a material substance? Much like a digital currency… no physical cash/money should they wish to hold it themselves, to keep it safe.. themselves? Maybe? Just a thought. Can you imagine the likes of Amazon, Netflix etc buying back your downloaded movie purchase for example?…

[@arunarora437]

Its the shareholder and the max ownership which drives everything sadly. An employee gives +100% and gets peanut in return. All is passed on to the shareholder. Laptops, Building, etc are labeled Assets in these companies and employee is just a resource-disposable. Even at the moment these companies are not going in losses and are in rich in cash balances to sustain and keep paying salaries but its Share holders (including top management) which ensures margins are maintained by curtailing jobs. For employee benefitting from the company is a fallacy

[@disharaheja4107]

I m sorry there was never anything relaxed

[@paadipanta2607]

Every one needs food, become a farmer.

[@RaviKumar-kd8tr]

I have seen parents paying 60 lakh for computer engineering courses in prestigious college of Bangalore and another 80 lakhs for MS in usa , i guess they have to see this video

[@mohanrgopal6097]

Good narration

[@rajeshnekkanti9826]

Nothing wrong in layoffs...this people enjoyed high pays till date.. in comparison to non it... they made cost of living skyrocketing in all metros, high benefits, they all till date have high level of savings compared to another industry employee..... ... clock teaches lessons to every one.... it's their time to

[@wayofparagon2788]

here in America there's talk about an economic bubble due to constantly printing new money with little regulation.

[@whatnow63]

there would be less lay offs if they stop sending jobs overseas..to India and Philippines for an example. Companies want cheap labor and more profits while charging the consumer same or higher prices....

[@riteshghodke2225]

palki mam given millions of subscriber to wion!!!!!!!!!!!!!!!!!!!!!!

[@vijayachari8314]

It will soon be in track.... Don't worry

[@prajyotprabhu827]

Companies had hired more during pandemic & tech consumption was all time high. Now as life returns to normal, so all extra hires are getting fired. its a normal demand & supply thing.

[@ramkudhol3266]

Is wion profitable?

[@tsiyon12]

One overwhelmingly unstated truth of the tech industry, is that there is a disproportionate number of “meta-workers”, often in managerial and process positions, who are literally passengers and bystanders while the technologists do all the painstakingly difficult and complex heavy lifting. These crises are often brought on by the technically ignorant but politically powerful hangers-on, and not the latter.

[@amitpadhye7509]

First give huge unreasonable salary... then employees take huge loans 🙄... later such firing 🔥... typical story every year... solution- give them decent salary and try to sustain 2 years in recession... don't give increments but let's not fire them... also inform them 6 months in advance so they will be prepared

[@anitacohen8753]

I live in Australia. We frequently used to get telephone calls from Indian people (i can tell the accent) wanting us to answer questions on providers we no longer were with. I always hung up and they stopped calling. Recently, after many years it started again. In the end, they are after your money.

[@6666Rudra]

its not due to tech bubble burst but due to AI advancement , but this will surely hamper economy of nation thus purchasing power of people as there will be no job led growth , ultimately in long run power of regulation will shift from govt. to MNC

[@stophypocrisy543]

Preparation for artificial economic crisis...

[@venky884]

I saw in one of the news channels that the unemployment rate in the US currently is the lowest in many years.

[@MnMPryoBanana]

erm, it has already burst?

[@zipp1964]

I think we have to go back to the real economy, what do these companies actually produce, financial economics is based a lot on trust and people can speculate about values ​​on stock exchanges, etc. The real economy is a healthy cycle between companies and consumers. Natural resources, capital and work.

[@TheLenny655]

They created Ai to replace themselves. What a sad way to go.

[@Mr1987atul]

When was the last time the world was not falling apart

[@Narutospeed_]

😔

[@mohuld]

Some bloodletting was overdue. Te h space will emerge stronger

[@SheepofTheShepherd-nu3lz]

it hurt their profit margin to retain

[@Matt_from_Florida]

2023 is the new 2008.

[@cypher1133]

Everything is ominous these days

[@creativecompilations2662]

excellent technologies are emerging and a new era of jobs are going to arise. You will see a completely new world in next 5 years. I promise softwate field will be good for next 30 yrs minimum. metaverse, blockchain , ai ,ml will change so much.

[@gokulkrishna4011]

It must burst...People go to IT saying that they will always have jobs.. it must change

[@starcapital2386]

Please Include BNY Mellon Chennai

[@worldjustice8878]

My bank savings account goes BURST constantly........ lol....lol....

[@prashantdevadiga6696]

Calibration is part of any business strategy.

[@sakethreddy4450]

Finally burst?? It's already blasting like hell.... It's a tech rout