It's Over: Tech Bubble Is Bursting Right Now

Is it still worth becoming a software developer as the tech bubble pops wide open? Facebook and Google are doing some hiring freezes. In April, Robinhood had a layoff. Better dot com has had several rounds of layoffs. Peloton let thousands of employees go. Layoffs are on the horizon for many more tech companies.
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[@jamescross]

lol. My wife started watching the video and panicked. She thought I almost lost my current job. That close call happened at a previous company. Also, here's the video on things I wish I knew when starting out. kzbin.info/www/bejne/nZ3KnpSsgLyaabs

[@4bin7ur70]

Thanks a lot for your insight, it will sure calm a lot of nerves. Just wondering how aggressive was your evening schedule?

[@jamescross]

@4bin7ur around 2 hours a night most nights for 9 months. somedays a little less some days more. my goal was no less than 1 hour. while also juggling family responsibilities, an hour commute and some volunteer service for my church.

[@joefraser855]

😁happened to me too with my dad ...really love ur videos Dorian i'm from East Africa & recently started a bootcamp,youtube recommended ur content on my feed and it is by far my favourite.I don't know what it is about u, but you are just so relatable;my only qualm with u is that u seem to have it in for backend programming.maybe it is just ur preference bias at play,since that it was u mainly do...but some of us want to be good cybersec experts in future...so please stop bashing backend 😉

[@jamescross]

@@joefraser855 my name is james. no worries though. as for backend, it's just playful teasing. i tease front end stuff too and joke about my own experiences. both are valuable skills.

[@jamescross]

@@anontough6907 yup

[@matthewwoodard9810]

Tech isn’t going anywhere. The way I see it, building tech skills is like investing in the stock market. A downturn in tech hiring will scare a lot of people off, but the people who stick it out end up better off than before. Almost every company needs tech. That’s not going to change. Most of the layoffs are coming at companies that were never going to be very profitable, if at all.

[@jamescross]

couldn't say it better myself

[@laxlyfters8695]

Perfect comment!

[@Loki_Dokie]

I just started on JS last night and this doesn't scare me away, ill be aight

[@incawarrior5470]

You’re right, tech jobs will continue to exist. The high salary tech jobs may be under stress though in the next couple of years.

[@CassandraCarter]

On top of what you have to say there, when I was getting started I explained to my family that one of the things about being able to do programming or electronics is that you can still make your own stuff even if you have a hard time getting a job (and sometimes the stuff you make can go on to help you get a good job).

[@bez1196]

It's this kind of content that made me sub to your channel. Honest, no nonsense advice. Because of you I've decided to focus my energy as a self-taught developer on improving my frontend skills before I try to become a full stack dev.

[@jamescross]

thanks for the feedback Bez11! Appreciate it. Best of luck on the journey!

[@midknight3350]

DON'T SCARE ME LIKE THAT DUDE! I'm still in the learning process and hoping to get some freelance work or a new job soon ish

[@jamescross]

overall the future is still bright

[@Aerogrow]

go devops / systems engineering; 140,000 openings on linkedin.... stay away from anything niche. ie: golang, java developer or python developer. Good secondary skills; primary should be something that keeps you employed longer term.

[@Aerogrow]

@@limitless1692 eh; generated 3 offers in 1 week.... devops/sre is still on fire.

[@m._a.n.i.k]

The key to remain valuable at a tech company::: NEVER STOP LEARNING!!!!!!!!!!! Btw love ur Channel 😘😘😘😘

[@jamescross]

Yes! Thank you!

[@_ash64]

Loved the content! You are an amazing storyteller.. got that from your intro monologue to this video!

[@jamescross]

I appreciate that!

[@ELisLii]

Great value in your videos. thanks and keep going!

[@jamescross]

Glad you like them!

[@patrickleahy9718]

My man, this video is top tier. Edits, script, tips, direction, video/sound quality. Just finished my bootcamp with Coding Temple with their main language choice being Python. It was intense and worth it but I still feel I need a month or so to prep for interviews (data struc/algos) and this was very very helpful and inspiring to keep going and push through. I was thinking of starting to post videos of my journey as well and seeing how your channel has great content and quality start to finish, I’m encouraged. Keep it up. Subbed & bell set to 🛎 all as well.🙏🏽🤙🏽

[@jamescross]

That's cool. So you liked their program? As for youtube, you should totally share your journey!

[@patrickleahy9718]

@@jamescross I did. It was definitely top 5 hardest things I’ve done in my life. With a wife and 2 kids it was hard to eat sleep and code every day for 10 hours a day, since i did it full time, but worth it. They focused about 60/40 backend to front end. They taught on the full stack needs like API, Python, flask, NumPy, fire base, Js /React, SQL, a few other topics I forgot. Now I’m thinking to post some videos while looking for an entry level pos. To look back on later.

[@jamescross]

Yeah. that's a tough schedule. I remember those hard days balancing family and study.

[@WhatsMyNameAgain93]

Helpful information. My personal take is that companies are just going to have to be more selective because of the financials, which I know sounds like a negative but in turn sort of gives leverage to devs as long as they really can present strong skills. Breaking through will be difficult but I imagine this will be one of those stand off type scenarios where employers want to invest in the right person to minimise hiring needs, but devs are going to want the right company. Eventually somebody will fold and employees out number companies tenfold. Onwards with the journey!

[@jamescross]

Thanks for sharing your thoughts! Great points.

[@crustydev5561]

Personally here are the few things to learn from this: - Always be active on LinkedIn even if it's just a comment. - Research the company you're working for thoroughly and their business model - Diversify your stock as soon as you can

[@jamescross]

those are some good takeaways

[@ApplicableProgramming]

Good point James. One thing I was recently thinking about was raise of compensation for developers. Someone has to pay for that right. When I quite in my previous company, which is internet provider, it took them a year to find replacement for my position. Meanwhile they had to pay for a consultant, which was much more expensive. And similar thing happens when few others have left the company, so... Someone has to pay for those expenses, and it is usually the end customer (meaning us, as in entire society)

[@jamescross]

Agree. I've definitely noticed a lot of price increases on just about everything lately. Similar to the story you shared, a few years back a buddy was laid off as part of a cost savings initiative at his old company. The company underestimated the complexity of the system and domain knowledge and when they tried to outsource the work, it backfired on them. They ended up begging people to come back and most would not. Those who did only helped out as contract and charged them twice their previous salaries during the transition. This was in healthcare so I imagine that all went to higher bills for patients.

[@jamescross]

Hey. How you been?

[@ApplicableProgramming]

@@jamescross Doing great thanks for asking. Got into the exam weeks, had almost daily discussion with electrician for the new place we purchased, and tried to make ridiculously complex video for youtube. The usual "took too much projects at the same time" case :) I noticed you pasted your script into the video description. Do you see it improving the SEO maybe? Or are there some better reasons if I may ask? :)

[@jamescross]

@@ApplicableProgramming congrats on the new place! The description was half being lazy due to also having a crazy week and half curious to see what happened. Haven't noticed anything noticeably different in behavior with the video compared to other normal videos.

[@ApplicableProgramming]

@@limitless1692 Yeah, but... there are other things to consider besides the dollar per line of code. For example, cultural differences. To get someone from the country where it is normal to do EXACTLY like your boss tells you, to be really productive in some "flat level" team, costs a lot. It can take months, if not years for the person to really fit and properly contribute. Otherwise cost of micro-management and writing documentation EXACTLY how to do it is just not worth both money or time. And there are other things to consider besides cultural differences (management styles, time difference, travel expenses, etc etc). At the end, yes there are still probably savings compared to most expensive cities, but certainly not at the fraction of the cost

[@ShaneCrouch]

I survived the real bubble burst in early 2000s, and probably a layoff per year ever since.. definitely tough to see each time. Didn't take long for hiring to start again. I may be wrong but I don't see it happening now, still a crap load of hiring. A lot of larger companies layoff a certain percentage each year to get rid of the perceived lowest performers. I say perceived as lots of time it's political. The website builders and sites don't really hurt many industries. Majority of product development isn't more websites for small business etc. Tons and tons of software industry out there, outside of building websites for people. .

[@jamescross]

great points!

[@warhammerRob]

I started my Tech Career in 2001 in Support and got laid off in 2008 and is it a normal turn. From 2002 to 2008 i could jump ship at anytime and get a raise. This is gonna hit some big companies more but if you company provides a service that is important then you are good. But be smart learning new skills will never be a bad thing.

[@jamescross]

great thoughts!

[@kgdev3525]

Hey devsmak, how are you? quick question ,what advise can you give me if i want to ace the Adobe Front end interview ? thank you

[@jamescross]

As much as I like to help people, I intentionally avoid discussing those kinds of specifics about Adobe. It would be unfair to other candidates and would not be in the best interests of the company. Similarly, I wouldn't feel comfortable sharing other types of non-public info. That said, it's a great place to work so best wishes on your efforts!

[@kgdev3525]

@@jamescross thank you for getting back to me. I completely understand

[@Armalite015]

Excellent analysis of the current economic status and why it’s affecting our lives so negatively. Endless borrowing and quantitative easing (money printing) is reckless, it devalues our currency and costs us so much more in the long run.

[@landrytelfair445]

if anything, this motivates me more. I'm 2 weeks and 19% into the Front End Engineering codecademy course after finishing the Google Data Analytics and seeing what could be coming makes me want to get better at coding to ensure my future survival. gain intensity to ensure success everyone.

[@jamescross]

great attitude. i started into this when things were still rough from the 2008 crash. so glad i didn't give up.

[@landrytelfair445]

@@jamescross I appreciate your channel because you live in reality. Unlike all that tik tok glamorization of coding that try and make everything seem AMAZING, you put out content like this that gives you an idea of what it's actually like. And it's helping me and surely others to better prepared to not only break in, but stay in. thanks for that!!!

[@jamescross]

thanks for the feedback Landry!

[@MetalGildarts]

Same bro I’m almost done with my JavaScript course on Codecademy and about 12% into the front end engineering course as well.

[@threeone6012]

I legitimately wanted to hide under my desk during each of the 4 rounds of layoffs at my company. 100% terrifying, can't believe I survived.

[@jamescross]

That would be scary! Glad you survived!

[@alanhf]

Such a realistic point of view. Great video!!!

[@jamescross]

Thanks so much!

[@PlantTrees]

My SIL just lost her job as a Web Designer. I know she’ll be fine and she will come back better and stronger and still paid very well. This is just a short term situation. We will all be back and better. I feel it.

[@jamescross]

sorry to hear that

[@PlantTrees]

@@jamescross THANK YOU!! Especially for your channel. I love watching!! Real world questions and answers. 🙏🏻✌🏼

[@_manny]

This exact situation you mentioned in the beginning happened to me in 2018. Our office was divided into two sections, west and east side that had a roughly 50/50 split of employees. One by one all the employees from the east side, my side, got called into the office and were laid off and left. After about an hour, I was the only person left just waiting my turn. I had only been there for roughly 8 months so when I got called I knew I was done for. Walked into the office, my boss had obviously been crying and she looks at me and I say something stupid like, "Damn, I guess everyone had a doctor's appointment today" and she busted out laughing telling me I was fine. I was literally the only person not laid off on that entire side, walking back to an empty room to keep working was so weird

[@jamescross]

it's pretty awkward even on the staying side.

[@_manny]

@@jamescross oh for sure, the vibe never recovered. I had this sort of survivor's guilt feeling for months

[@MonsieurSansHonte]

Been there. More than once. Never once didn’t suck.

[@jamescross]

ouch. sorry to hear that.

[@ana-mariacomorasu2798]

2:20 are you sure that Google is doing a hiring freeze? can you give me some info links?

[@jamescross]

read a news article talking about them freezing hiring in some parts of the company. didn't sound like a full freeze. i'll see if i can find the article.

[@jamescross]

this was the article from my news feed: observer.com/2022/05/tech-companies-layoff-market-selloff/

[@ana-mariacomorasu2798]

thanks so much! I was worried about how would this situation affect my hiring process and I couldn't find something specifically about Google.

[@jamescross]

@@ana-mariacomorasu2798 do you work for Google?

[@ana-mariacomorasu2798]

Not yet! I'm patiently waiting for my offer :)

[@sombraelerizo]

I'm learning Web Development. Should I be worried?

[@jamescross]

long term... nope.

[@TheJacklwilliams]

I've lived through the great bubble burst, crashes before and crashes after in tech. Tech will roll on. Adjust your game, check your focus, aka, how many people in the market niche you specialize in are doing the same, etc... refine your game, walk if you must, it's your path however... Tech will roll on. The main thing I'll add here and nothing is more important. If you are pumping out 100+, etc.... For GODS sake don't wrap up the next decade in a barrel of debt. THIS is the number one thing that weakens your position in life. Stay liquid, invest / save large chunks of your salary both available when needed and locked away in solid/stable/long term investments. If your skill sets are relevant, if your focus is there, you'll remain viable in this field. Will there be bumps in the road? It's life, yes, always. If you have to switch focus, get on the wrong end of a layoff, it'll be much easier to find the next position, or even choose something un-related until you can get the right one, if you aren't buried up to your eyeballs in debt. Stay liquid kids. Stay smart.

[@jamescross]

great thoughts. totally agree on minimizing debt.

[@TheJacklwilliams]

@@jamescross thank you and thanks for your work. Glad you survived the cut and huge vibes to those that didn’t. May they prosper in their next role.

[@wykydytron]

Meh, it's not just tech, everything goes to s....t right now everywhere. If anything tech sector is most likely to bounce back first. We should use that time to get better at coding as bubble will start again but with high competition at least at the beginning. Also interest rates our going up like crazy in my country but there is zero impact on market for know. Reason is at least in my country no one cares about startups and most companies in IT sector are most profitable on market and don't rely on loans etc to function.

[@jamescross]

great perspective

[@karlnassar8646]

This just scars me.. only 1 year in the industry and this happens :/ I'm disappointed and sad at the same time

[@jamescross]

Don't be scared. Ups and down happen. I would rather be in this industry than in a lot of other ones.

[@bez1196]

Ups and downs are part of life.

[@freename7944]

So what will happento the junior devs .. looking for their first job.

[@jamescross]

Who knows. Might be more options as companies look for cheaper ways to get things done.

[@freename7944]

@@jamescross 09:53 , great video

[@goldendiploma9865]

You sound like the next Peter Schiff. =) I suggest every one Invest into commodities such as : 1) Tantalum - used in all modern capacitors/electronics 2) Silver = used in solar panels / Electronics 3) Titanium= fighter jets, tanks and spaceships 4) Gold = used every where =) and essentially any element on the periotic table as most of it comes from China and Russia. As we all know those countries are not in a sharing mood

[@chriskramer9311]

Building horse-drawn carriages sounds much more fufulling lol

[@jamescross]

some truth to that

[@Raj-pi1pl]

I think its temporary effect and soon the void in tech will be filled I guess skills matter the most If some1 is skilled enough then they can get a job anyway

[@jamescross]

Yeah i think we are already into the down turn a couple of months so I'm hopeful the upturn starts sooner than later.

[@Raj-pi1pl]

@@jamescross I literally want it to start soon as after watching your frontend dev video I just got into it currently I am learning react and hope to start few projects soon and then I'll apply for internship in my summer breaks

[@jamescross]

that's awesome! you'll have to share your portfolio once you've finished a project or two!

[@Raj-pi1pl]

@@jamescross most definitely

[@ajiteshmishra]

newly funded startups might go remote and hire people from small countries like Philippines, india etc.

[@jamescross]

good point

[@ajiteshmishra]

@@jamescross thanks

[@samuelcooper9880]

If management ever says "there will be a shifting of priorities and resources?" Buckle up.

[@jamescross]

yup

[@Roadrunner65553]

Yeah. Tech isn’t going anywhere. Stay the course. Next market structure is blockchain.

[@WhatsMyNameAgain93]

Go on then, I’ll take the bait.. let’s see what this video is about

[@jamescross]

😁

[@gff2112]

BS...

[@jamescross]

what do you disagree with?