The Dark Truth Behind Tech Layoffs: What You Need to Know

[@pagus6616]

Definitely feeling the “look out for yourself right now” advice. I was laid off back in November just after my company announced to everyone that we were financially doing better than we ever had. Managers backed that up by letting us know we had nothing to worry about looking at all the layoffs happening around us. Less than a week later they decided to lay off 50% of the company. They gave us 2 months of pay with no expectation of work from us, but the job market has been tough since, and I just wasn’t receiving any interviews. My friend and colleague, someone I graduated from boot camp with and who came in as the second person working in the position I built in my company, was promoted suddenly to managing our team/product within the company, and advocated for me to be hired back as a key member of the team. Just as my time was running out, they brought me back, but with the increasing cost of living I really needed a raise if I were to do more than just survive. Plus, they just saved several million dollars on employees after turning record profit, so I thought it an appropriate time to ask. The member of the executive team they had negotiating my new contract informed me that they had just given my friend - the guy who joined the company after me in the role I built - a raise, and so they couldn’t do me, but that we had one of our bi-yearly review cycles coming up and I could expect to see a raise for my performance then. I accepted the offer to stave off homelessness, then when the review cycle arrived that same executive stabbed me in the back by informing my friend (now my manager) that since I’d only been with the company for 2 months technically, they didn’t have anything to judge to determine whether I should get a raise or not. Now I’m burnt out, my skills are rusty, I still need to be doing more to increase my salary, and I haven’t been able to find the energy to continue applying elsewhere. Loyalty to company absolutely gets you nowhere these days.

[@nonequivalence1864]

I've been a Software Engineer with over 8yrs of experience at startups (seed to acquisition), mid-sized companies and corporations and the top 2 reasons why layoffs happen are: 1. Founders/CEOs want a pay raise so they just let go of a bunch of people which means their monthly paychecks exponentially increase. 2. Founders/CEOs are terrible with money so they recklessly hired a lot of people and didn't think about the AWS bill at the end of the month. It's never, EVER what they say is the reason on MSNBC. #1 is 95% the reason why. Trust me when I say this, I've seen it ALL. Yes, ALL. There's no "tech bubble" or "tech recession". These companies basically print money out of their rear due to how successful they are. Recessions don't affect companies that can make millions of dollars a day. These giant corporations are ALL in it together and ALL the CEOs of these giant corporations are buddy-buddy. DO NOT believe what you hear on TV or these silly tech articles.

[@pinkdiscomosh2766]

I recently left a large company for a small start up. It’s been about 7ish months now and things are going great but I’m definitely in one of those positions where if things go south, I’ll be among the first to go at least that’s the mind set that I have. I don’t believe in job security anymore so I’m going to enjoy this job as much as it serves me knowing that I can always take my skill with me.

[@h011yw00d]

Shouldn't have that attitude that you'll be first to go because you're new. The older employees cost more because lots of companies do yearly raises so that older employee will get paid more and cost more. What you need to do is provide the company more value than other employees. If the older employees are doing the bare minimum or acting immature, they will be let go vs you who is willing to do more and get paid less since you're new. But no matter the job, everyone should always be applying to other jobs, make those lateral moves or upward climbs. There is no loyalty in business anymore. Always look out for yourself first.

[@OfficialTechMinute]

Good luck on your Job Search Man.

[@bddaawwgg]

@@h011yw00d That wasn't true in my case. just like the OP I left a massive company to work at a start up to earn equity in the greatest thing ever. But last week, after just 6 months of employment, they let me go. I got a whopping 2 weeks severance. I get unemployment which is $300 per week. Yes it's something, but it's very finite, and very low.

[@pruzey7164]

Been a year since I graduated from a bootcamp and still unable to get any interviews, but seeing your videos gives me hope. Definitely feels like you're one of the most genuine people on KZbin that is really FOR THE PEOPLE. Thank you for the constant hope

[@sean02345]

Same, it’s been a year for me and I’ve got one interview months ago and that’s it

[@izamalcadosa2951]

This is the worst time for a rookie software or network engineer to be coming into the industry, my guy! I'm a Software/Network Engineer by profession and the market is shit right now! Don't expect for things to get better until 2024 based on what the job market experts and IT experts are saying right now!

[@lmpreston1]

I've been a tech consultant for 30 years, and this is always been a cycle seen every 7 to 10 years. It's part of the market and maybe newbies aren't used to it. To avoid uncertainty be frugal, save for 6 months for pivots and be flexible.

[@bddaawwgg]

How does this match with the 7-10 trends you've seen?

[@lmpreston1]

When interest rates go up, jobless claims follow. In 30 years the tech sector has had layoffs and it switches between commercial tech sector and government contractor tech sector.@@bddaawwgg

[@Drakkarius]

My company is not a tech one, but they got bought by another company and they have been laying off a lot of people, but now they choose random people that would be temporary until the transition is over, I'm one of those people and it sucks, I will have more work now, they are paying me the same amount (btw no raise or bonus this year because mortgage industry was doing bad). the people laid off got 2 months in severance, but those who were offered a job cannot decline the offer because it counts as quitting. So I'm stuck with the new company for a couple more months, being overworked, demotivated, and underpaid until the new company finally laid me off and I can get my severance, which will be honored only if my performance is satisfactory, and is the sole discretion of the company what is to be considered satisfactory.......Total slap to the face and worst is listening to the former CEO say he is happy about the merging, that we should be proud of our work, and that the company legacy will still go on.....Like who tf cares about legacy. Companies don't care about employees at all, they just care about their pockets.

[@nocturnaldrive9214]

Companies sometimes can't get the tax breaks if they don't hire a certain amount of period over a time frame.

[@skeliskull]

Microsoft has had massive layoffs in the past. There was a mass culling in the early 2010s and others in the past 20 or so year too. The 2023 layoffs are probably the largest layoffs they’ve done but the company has also grown massively since past layoffs

[@h011yw00d]

My current company just laid off 30% of employees across the board. This was probably the first time they ever had layoffs since they were created around 2000. Lots of employees were around 4-6 years. Even though I'm only 1 year in, newer employees like me survived because we provided more value than some of the older employees. There is a huge decline in the economy, now that the pandemic is over and things haven't gotten better with inflation, market is doing terrible, banks are going under. Everything is costing more, people are struggling so they aren't buying as much, then companies struggle so they have to do layoffs. Amazon is a huge predictor in the market, they laid of tons of workers because you would see tiktok videos of workers just sitting around because the volume of orders has gone down. So obviously they make layoffs. Black friday was terrible, amazon prime days were a let down. People have to spend more money on gasoline and food so they have to cut out buying other things. Companies aren't selling as much as they used to so obviously layoffs. More people laidoff with no income, more people buying less than they would in prosperity. It's all down hill from here.

[@nono-qv4um]

Senior SE here; Don't be fooled the amount they offered to you, don't show any sympathy to them if they say "we are family". Work for create your own system, learn basics, learn kernel, learn communication protocols. Do not fall into the trap of "frameworks", they will want millions of techs that you never fully understand all or memorize (because its always changing), if you have money and idea, go for it. if you dont have one of these two things, be patient till you earn and learn enough(only focus your plan). TRUST NO COMPANY, BE CUNNING BECAUSE THEY ALREADY ARE!

[@mysticpresence]

There's been more Amazon layoffs recently, my buddy had it happen to him (devops)

[@Maximo007123]

Bro, I’m starting this way in web/software dev I’m taking a certificate in front end web developer with Amazon, nobody believe in me but I will work hard for this and I will become one of the best software developments in my area, I’m working in Amazon but I hope start my search in a tech job soon, thanks for all this information and advices!!

[@mmanzur]

It is sad but true, I am under work visa in USA and facing a layoff is devastating

[@ChrisPTY507]

This employer's market wont last forever, so let them have it while they can. I will just say, there will be consequences for how companies have recently treated their employees; they are moving in a different direction geared more toward transactional relationships, without having the self awareness to realize that they might get the same treatment in the future. Such short-term thinking and planning...

[@istvanpraha]

I like my software job and won’t complain. The only downside is that the tax bracket I’m in assumes I’m rich even though nowadays my salary is barely middle class. So I don’t really get to enjoy the benefits of the salary. But my state is great at wasting money

[@mannyserrano3083]

Chris how much do you recommend studying working full time and having a wife and kids. I’m finding it very difficult to structure my days right now. Some tips would be very appreciated

[@uriah117]

Replying for visability. I'm curious about this too. I just started Colt Steele's Web Dev Bootcamp course on Udemy but it is so hard to devote time when there are so many distractions

[@misael.design]

I am in a similar position. I am a full-time student at TCU, work full time and I working on expanding my UX/UI and front-end skills. I am also married and have a 9 months daughter. What I started doing and it's working for me is to wake up at 3 AM and go to sleep at 8 PM, every single day. I wake up at 3 AM, by 3:30 I start studying and working on my personal growth and career and by 9 AM I am done with daily work and I can go to class and work. By doing this, I get very tired by 5 PM, but I can devote all my energy in the morning to my own goals and without distractions.

[@uriah117]

@@misael.design That's a lot of dedication! :D

[@azirious666]

Layoffs is normal in all other industries why not and this also is a job like anything else simple the difference are the variables.

[@elite.1]

Imagine earning money from just variables😂

[@bddaawwgg]

but one thing you don't mention when going on about recording higher profits is that if the revenue doesn't come in as expected, then they start earmarking jobs/positions for potential layoffs. That said, I feel like there's a bull whip effect in that one mega company lays off then another, etc., that sends negative signals to companies and individuals they need to start holding back cash. They're not spending money with companies, causing revenue declines. It'll bounce back, but who knows when?

[@1sttimegunowner]

Can you talk about how you manage your career and your married life? Im very career motivated and sometimes it gets in the way of time with my fiancee

[@RealChrisSean]

Dating 100% held me back earlier in my career.

[@RealChrisSean]

Nah I’m engaged now lol. The previous women I dated held me back. All of my focus was more on them then my career. My fiancé now supports how much time I need to put into work.

[@Corgiking521]

@@dwmufhthat would realistically mean 90% of men would never date. Most people never will get rich. You can find a balance. Spending your whole life chasing a career and money will make you regret your life. Seen it plenty.

[@roseklaynk3087]

Hey Chris, my name is Emmanuel and you literally inspired me and i legit started coding after hearing your story. I have a question though what should a junior web dev cv and portfolio looks like? Hopefully i ll get an answer fingers crossed 😅

[@JanPaul2501]

Hey Chris Sean, my name is JP I’m currently a 21 year old Hvac technician and I’m making about 65k to 75k a year doing so, but my interest lies more in tech I am currently learning html and css for about a month now and that’s been going well, I’ve been picking up on it pretty quick, but I also have the desire to go back to college and study computer science so I can get a more all around comprehensive experience with the theory behind what I’m learning but also for my resume. Any advice? By the way thanks for your videos, they are funny, inspiring and motivating.

[@1sttimegunowner]

This is a great post. Honestly you are making decent money now. While you better your tech skills. Maybe you can move or grow within your current company into a more technical role.... this is what Im doing at my job. I just did contractor work for a friends dad who owns an hvac company. Youd be amazed how much they need along the line of streamlining processes and or Website work. Great time to keep your job learn new skills and get real life projects under your belt. Best of luck

[@JanPaul2501]

@@1sttimegunowner Man thanks a lot I really appreciate this advice, I never really thought about that idea under the company I work for, I’m gonna go for it, while in school.

[@izamalcadosa2951]

Google has laid-off over 25,000 employees and 15,000 contractors over the past 9 months, my guy!

[@derekfoulk4692]

He's never heard of Micro$oft laying off employees before... Really? What about the time they cut their entire testing and QA staff and just said "Yea for Windows 10 our customers are our new software tester!" Lol.

[@RealChrisSean]

I was definitely wrong. They had quite a few layoffs lol.

[@TheBlackManMythLegend]

Apple - 0 LayOff... Well Learning Swift and everything Apple right now.

[@bboylorettoEight08]

Yooo wut up man it’s been a minute! But I’m still going for my full stack degree from tree house is there any other tools I should use along the way ? Lmk man hope all is well with you and your business

[@Caligirl1977]

I agree that people should be selfish. These companies are selfish and only care about their own bottom line so people should follow suit

[@havrilyk4115]

Junior in depressed😢

[@Cyber_Samurai]

Solution? Start your own company.

[@Xmasparol]

No

[@anounTT]

Disappointed that your editor did not write thank you in your video when you talked about how much you pay contractors.

[@RealChrisSean]

I edited this video lol

[@TheBlackManMythLegend]

@@RealChrisSean AHAHAHAA OMG

[@a.k.infinity1502]

Dice is full of offshore recruiters that spam the job board with the same job posts over and over again.

[@user-lv2rj3oi3d]

Bro, your reason for believing your job is very secure is because they already laid off 25% and they told you your job is safe??? I was at bolt and was laid off 3 months after a previous 50% cut in employees. Oh, and of course they promised they were done with layoffs. I don't think your job is as secure as you think. Layoffs keep rolling.

[@RealChrisSean]

I’m not worried since I can fortunately live off my side hustle.

[@onyekachiemeka6255]

Simply, Trump brought business growth and post Trump lead to recession

[@tray99847]

🤨🤨🤨

[@sa34w]

True, trump was the best thing happened to America. So good that they invented a Virus to get him down.

[@Russellbeta]

What a load of hogwash. Trump is a known corrupt unethical populist and a crook with a cultlike following of people who are too simpleminded to realise even the blatantly obvious.

[@chainwild5272]

orange man bad

[@Russellbeta]

​@@chainwild5272 You trumpers don't care that he's corrupt, that he's a wannabe dictator, that he tried to overturn your democratic elections, not even that he stole money from a charity for kids with cancer. There's no limit to how low trumpers will stoop to remain a part of the cult. Some branding, demagogue populist rhetoric, a catchy slogan, some rhymes and phrases like the one you've just repeated helps to get masses of easily fooled people to get on the bandwagon because it's somehow comforting that someone with the vocabulary of an 8 year old says in basic words that you can understand that he'll put you, americans first even though he stuffed the cabinet with a bunch of billionaire friends and lowered taxes for himself and his rich buddies at the expense of the common american He had presidential pardons for 2 million a pop on sale, used american soldiers lives as a bargaining chip for his own political gain, was an ecological disaster, had record deaths during covid because of an abysmal response and more. Big buddies with Epstein, known for trafficking underage kids and Trumpers still turn a blind eye, even when Trump wished Epstein's wife well, someone who sold underage kids to rich pedophiles the trump cult didn't care. I could go on and on, but it doesn't matter to you trumpers. You'll pretend that all of it, no matter how vile is just "orange man bad" rhetoric. It's easier that way, you don't have to think. He stood up holding a bible so he's got to be good, he's telling you there's boogie men out there and china is out to get you and he's the best to protect you and that's enough to get votes from ignorant people who simply don't understand the realities of what goes on. The writing is on the walls but you'll never get it.

[@101therealest]

I hate google

[@RealChrisSean]

how come?

[@101therealest]

@@RealChrisSean to much censorship

[@magic_fruit_bat5003]

Oof!