Why are so many jobs being shed in Big Tech sector worldwide? | Inside Story

Around 12,000 Google employees have been emailed, telling them their jobs are gone.
It follows cuts at Meta, Twitter and Microsoft.
More than 200,000 jobs have been lost in the sector in a year.
Some blame over-recruitment during the pandemic, wrong strategies or economic factors.
So why are so many jobs being lost in the sector worldwide?
Is Big Tech in big trouble?
Presenter: Adrian Finighan
Guests: Elaine Burke, Science and Technology Journalist, Host of "For Tech's Sake" podcast.
Jim Anderson, Chief Executive Officer, Beacon Software, Social Media Sector Lead at Glasswing Ventures.
Adrian Weckler, Irish Independent Technology Editor.
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#News #BigTech #Google #Microsoft #Meta #Facebook #Twitter #Instagram #Whatsapp #Jobs #Economy #Technology

[@jigimoregolazk6334]

I work in civil engineering and a bunch of my coworkers worked for developers in 2008. They talk about the early part of the great recession like an apocalypse where prospects for employment went from plentiful and high paying to non-existent in like a month and didn't come back for years. It's a good reminder that nothing is as secure as it looks. 🙃

[@peterarneciba6628]

I'm also a civil engineer, and have heard stories from 2008 where structural engineers were taking traffic counts because that was all the work they had coming down the pipeline. Things look stable right now, but I really wish to invest more, just to be on the safe side

[@peterarneciba6628]

PIease how do l reach him?

[@adrianyates9879]

His training program has been insightful, and I must say, I'm most honoured to have been part and a full-time beneficiary of his daily signals. I have been growing & have been able to increase my portfolio from 1.5BTC to more than 4.5BTC with his daily signals...

[@PelosiStockPortfolio]

I'm an electrical engineer, I graduated university and started working in 2005. In 2008/2009 a few of the least productive engineers at my company got laid off. They were the guys who hadn't done anything useful in years, and they should have been laid off long before. No one that put in an honest amount of work was let go. It really wasn't that bad...

[@angelachanelhuang1651]

I work in healthcare

[@quitegenius]

So much of the senior management's compensation is tied to stock that when it goes down they make a lot less money. And we know that no matter what happens, the senior management and leadership cannot make less money than they made last year. That's the gist of these cutbacks. I wouldn't be surprised to see senior management in these companies get record hikes and record increase in stock option this year. I can almost guarantee it actually.

[@SeeLasSee]

Stocks take a while to vest via the options. Techies are used to the boom and bust cycle. I think you’re applying a template from finance to tech erroneously.

[@quitegenius]

@@SeeLasSee I work in tech. After the rebound from pandemic in 2021, our company gave employees a 7% hike because 1) we didn't receive any in 2020, 2) people started leaving, and 3) those who stayed were also complaining. The senior management got 20-25%% hikes. You are underestimating the competitiveness of these folks. They think they deserve it because they worked so hard. The problem is they don't care whether others have to suffer for it or not. I agree that some of these may have been cutbacks due to over-hiring. Still, it's not like any of these companies are losing money or doing badly. In fact, most are making record profits.

[@SeeLasSee]

@@quitegenius perhaps I do underestimate it as it became comfortable. Many in tech have become very entitled. Twitter had obscene executive benefits for people making minimal contributions, while having very little at stake.

[@charlesk22]

This. But then again it is true about some points in the video like over hiring and more. Remember the Twitter employees, majority of whom were actually slacking and barely working.

[@savvyanna9842]

@@quitegenius isml

[@MrLachrel]

The tech industry is pushing out employees in favor of lower paid contractors. Also, giant leaps in automation have led to automating entire departments.

[@hazaonly]

Who are these contractors?

[@nathasyapramudita6312]

And yet unemployed rate is 3.5% and job opening are historical high in US. All the job that ready is low wages or minimum wages and stable one are getting cut every years. The gap incomes between the richest and the poorest would totally higher this years.

[@yvesmurray7843]

The metaverse is a joke. I feel badly for those losing their jobs however the fall of Mark Zuckerberg will bring a smile to my face

[@Who-vt9oh]

What are the incredible innovations that these companies are supposed to be achieving that are so important for humanity? Collecting our data so they can target ads to us? Yeah, no thanks. I think we can do without that "innovation."

[@globalismoblackman]

Exactly well said 👍

[@thegrimmer]

10:35 all of these companies have remained absurdly profitable despite all of their bellyaching. There should be laws against these hiring and firing cycles that destabilize families unnecessarily just because of quarterly reports to wealthy shareholders. It destroys long-term economic planning at the national and family level

[@billmoretz8718]

Often people's retirement plans are tied up in these stocks as well. The best way to float all boats is to have a maximum wage. 16 times the average workers is sustainable without being excessive.

[@kingsalmon7686]

all COMMUNISTS AGREE WITH YOU DEAR

[@SeeLasSee]

Your first sentence is decent, but wow do you show how little you know. How old are you?

[@eoky]

These tech companies shouldn’t be over staffing n paying irresponsibly high salaries in the first place

[@porcudracului]

laws? don't get that deal if it puts you at a disadvantage. no laws required. the law of nature works well enough

[@julioestol7088]

Something underlying downturn is people are rejecting being "influenced" in consumption decisions. Advertisers are realizing advertising expenses in BigTech does not payback.

[@SeeLasSee]

Actually FB ads are the most cost efficient. That’s why they make so much money.

[@CorncropTv]

Can't have a boom without a bust.

[@kasforai]

Why not

[@a121509]

@@kasforai Because there isn't a limitless supply of money.

[@chaywednesday5131]

Probably they will hire third party service provider for the tasks at a cheaper labor price.

[@penguin902]

Naming Tiktok and AI as evidence that some of the big companies will die out in 5yrs doesn't feel like a strong take. Many other panels have explained how tech isn't evolving or innovating. This panel(especially the Irish guy) sounds like a bunch of non-tech, tech investors. These companies aren't innovating because when it comes to apps, everything's run it's course. Like the women said, it's just been a bunch of copy cats. You can only upload/share words, pictures and videos in so many different ways before it gets redundant. Everything's been done so people will either call the 'new' thing a knock-off or we'll get new innovations once the hardware improves(like the video game industry from the 90s to today). But phones today are very fast, can do all the standard picture/video stuff and there's nothing else to do on them. It's up to the phone manufactures to innovate and that'll push the software/app devs. But I think we're in a technical lull/slow down phase and the investors don't like that. Maybe we could improve the actual call quality or something....

[@CatsInHats-S.CrouchingTiger]

This is encouraging.

[@twenty3electronics]

The average age of a Fortune 500 company is 21 years. Some of these company’s lifespans have simply run their course.

[@JSwift-jq3wn]

Technology is designed to replace human labor, both physically and mentally.

[@kkp502]

Let people go? Is that the inhuman term? Are they going for vacation?

[@yuglesstube]

I think the advent of Chat GPT may be a factor. In tech, it will allow for greater employee productivity. The optics...sacking people as AI is introduced will be terrible. So getting ahead of this is nasty, but shrewd.

[@greatestone4eva]

the boom didnt continue because nobody wants to live in VR we want reality itself to be better not to escape it. VR has the same driver has alcoholism -- escapism, people seeking an escape from the hellscape of our actual reality.

[@globalismoblackman]

VR is absolute nonsensical innovation. Who wants to live and the "Metaverse" ?. Absolute madness and a colossal waste of capital. In one financial quarter FB lost a mind blowing and whopping -$9 Billion USD. Smdh this is what led to the massive layoffs.

[@euyie8738]

The tech boom and advancement in consumer products and retail industry had gone too fast for consumers to keep up. Now they are at the peak. There are less innovations and less revolutionary products. The next big thing are energy and agro.

[@bryansmith9231]

Its just starting up, up and hopefully not away. What else is possible?

[@rachelhansbro7802]

Surplus to requirements now they been training them bots to replace em?? 🤔🤔

[@pavelsmith2267]

The economic history teaches us that rapid expansion requires regulatory action. Big tech expanded faster than anything before it?

[@nouanedouangkeo9191]

It is time to going down from the peak

[@chocochef3092]

When one door closes another one opens. Laid off tech employees won’t remain unemployed for a long time. Smaller to midsize tech firms and other industries are clamoring to hire them. Heck even the federal government are spending significant resources to attract experienced and skilled tech professionals.

[@Hazara26]

Smaller companies depend on big companies to get contracts and if big companies are in loss then smaller is gone too.

[@chocochef3092]

@@Hazara26 I don’t think the Federal government falls under the small or midsize firm umbrella.

[@tonyj59]

Wtf" 200.000 jobs lost this is scary news for America 🇺🇸

[@kasforai]

American need to open their own business

[@seanthe100]

No it's not the unemployment rate dropped from 3.7% to 3.5%

[@shauncameron8390]

There are 330 million Americans. 200 000 jobs lost is nothing.

[@kasforai]

@@shauncameron8390 agree well News Want to make a big deal of everything

[@importantname]

so work in the field of computing will increase or decrease with the advance of AI?

[@andriibakhtiozin4477]

AI should create new job positions, of course it is likely to cut millions. If u played with ChatGPT u could notice that quality and depth of answers depends on how u ask questions. So I bet in a few years we will face demand in such workers who understand a domain and have decent skills in describing tasks to AI

[@fisophia1734]

They not have advance ai 🙄😅😅

[@cndungu]

they helped develop systems that will take their own jobs A case of a programmer making a gun-wielding robot for the police only for it to kill his entire family during a misidentified raid.

[@shepherdmukora5558]

very sad tech sector has largest work force in 21century its now unsustainable

[@Hazara26]

Lots of people who were laid off were working since 9 and 10 years. So how come these guys are saying people who were hired during pandemic were let go?

[@OhDannyboy7]

They reap what they've sown.

[@veryiran1567]

@Alex Lawson said some random tech fanatic hippie

[@dylanhutchison8629]

Lawsuits

[@jujuanogara6088]

It's all about greed. These gullible company are brown nosing stockholders at the expense of its employees like discarded old shoes

[@breeks2116]

Sack all employees.

[@cklim3614]

Expected from the policy impact

[@robertasirgutz8800]

Again, making balance sheets look better than they actually are. Too close to Wall Street, and greed prevails again. People are disposable.

[@thesavvyartist]

It's pretty clear that at this point of development, AI can already perform many technical tasks and these include coding and machine operation. Considering how many IT jobs are actually repetitive and easily programmable themselves, why is it so hard to imagine that the first industry to be hit by redundancy is the very industry which created AI! I can see that the next industry to be hit by AI will be the creative field, specifically creative professions in advertising, publishing, industrial designs, etc. And this is just the beginning. Another worrisome development - copyright will become a thing of the past. People who are now creating original creative work will have no more incentive to produce any work. It is already becoming apparent on e-commerce and rampant on social media behaviour. Even KZbin's own tutorial videos are teaching its users to take another popular video and how to modify it (to avoid copyright issues) for KZbin's upload! This is in desperation to gain viewership for its Shorts!

[@alz4636]

What’s about recession, doesn’t that play a part

[@geraldinecharlie1000]

This was my first thought when hearing about the sacking/ redundancies from big tech it is only the tip of what is about effect the lT workers they are all dispensable at some time as New faster technologies takeover and AI becomes more of a dominant Force as is speedily becoming the case globally,, it's only now a matter of time ,,"Implosion "

[@weird-guy]

i think you give to much credit to AI, in the future who know,but in the present moment i don´t think we are there it.

[@PelosiStockPortfolio]

They AI makes mistakes. There are quite a few hilarious examples of it on youtube

[@technobo06]

This is BAD, REAL BAD.

[@weird-guy]

This is easy to explain first people started buying bitcoin/stocks in 2020 with the government check, them they wired a lit bit more than what they need but they still make a lot of profit, but the most important reason is the stock,no more retail investor less need for the stock,stock price goes down management does the only things they know what to do buyback or fired personnel and the other reason is every tech company copy eachother.

[@irlandaise5631]

so facebook doesnt do proper user research but apple does. Strange as Facebook would have the funds to hire a proper UX researcher and I believe they do. Just shows their UX jobs with their 5 years experience is BS but they ll refuse anyone that is qualified with no experience and that could maybe do a better job.

[@mitchellmaerz8429]

I think people rather going on a picnic.

[@pavelsmith2267]

Big Tech & Neuroscience

[@pavelsmith2267]

Robot logic, the same as robotic rules and laws; is applicable to all persons and all bodies. An Olympian, an athletic superstar, a rock and roll legend, a king, a pauper, the pie eyed piper. The rules apply to all. If these rules are discontinued; the current logic algorithm immediately becomes faulty and is quickly disbanded.

[@royalegamer2704]

Mad ting

[@bubavaal4888]

The effects of the sanctions of those who are feeding you Multipolar world oder mass dedollarization and fail banking system

[@kingsalmon7686]

hahahaha ya sure ya betcha BORIS

[@GrowBagUK]

If you were able to work from home during lockdown then your job is likely at risk from AI.

[@Shini1984]

If you hire a ton of people during growth, you can get rid of expensive high performers later! Win-win for both the company and investors!! People? Who cares about people?!?!?!

[@ares12265]

~100 pip in US30

[@trainwithbash]

Am I hearing Someone breathing heavy on the mic?

[@palmersolga]

To my understanding this just proves how much we need an edge as investors because playing the market like everyone else just isn’t good enough. I've been quite unsure about investing in this current market and at the same time I feel it's the best time to get started on the market, what are your thoughts?

[@dannyscott1276]

I always found the idea of using spreadsheets very time consuming and unnecessary. I just dump a bunch of money into my savings accounts each month and keep my spending money in a separate account and try to spend as little as possible.

[@jackbills]

There are actually a lot of ways to make high yields in a crisis, but such trades are best done under the supervision of Financial advisor.

[@tblazegutt]

Yes i agree and right now the markets are going berserk right now. This is the best time to watch them, get to KIMBERLY JEAN HEAVNER’ she's seen dozens of market cycles over the past few decades, and she has a feel for how they move, why they move, and what comes next.

[@richiegiggs]

True, we’re only just an information away from amassing wealth, I know alot of folks that made fortunes from the Dotcom crash as well as the 08’ crash and I’ve been looking into similar opportunities in this present market, could this coach that guides you help?

[@jackbills]

I love her insights and innovative approach to how her ETF’s are run. So different from the stale methods of managers I’ve worked with in the past. She will continue to do well and I will continue to listen to her more. You can just put her name on google and you will be directed to her website and drop her your messages.

[@celestino001]

Because COVID is over. Huge numbers of People no longer are on the phone as much.

[@bellohadiza9414]

It is because of United States throwing sanctions all over the whole world said some economists in many discussions period .

[@charlesk22]

Potential markets to expand into are closed. Sanctions are anti free market

[@pavelsmith2267]

Why is the job market at risk? Zero gravity logic algorithms. Big Tech does not love anything. Not me, not you, gold is the fuel for what?? What is the only thing that requires gold for acceleration? Robotic particles. Robotic particles is the answer. Example: facial recognition is a robotic synchronization. Driverless automobiles is a robotic function. Sample knowledge:read the rules of robotics. It's a short list!!

[@pavelsmith2267]

The Cold War and futures. Artificial Intelligence is here to assist humanity with space travel. So why does Artificial Intelligence play such a large role in market engineering?

[@Kiwiadventurerandoverlander]

Big tech management needs to go given its their poor forecasting

[@twizerejulienne2731]

no one talkiing abouit CHATGPT

[@s._3560]

The reason is a certain country saw this IT industry as an opportunity to uplift their entire economy and population, had been mass training a huge percentage of their citizens to all become cheap IT workers that's why! This began starting in the LATE 1990s and even after the DOT COM bubble collapse! The big MNC heads that attend Davos engineered this and allowed it for more profitability! They virtually outsourced all their IT work to that country and drove down the middle-class wages of IT professionals to blue-collar wages worldwide. Mass media churns out sensationalist stories of IT billionaires but not that of millions of poor IT workers who are jobless, despite being educated with postgraduate degrees. Wages are undercut by all these sub-par foreign IT workers. Software projects were unable to complete because of clueless ''engineers'' with fake IT degrees! Hence they have to resort to inventing dodgy development paradigms like Paired Programming and Agile to constantly change the goal post user requirements. How many guys does it take to screw a lightbulb?

[@cancanjaker1620]

Agree to this. They dumb down the programming process every year with new frameworks, and new tools. All so that they can pay lower wages to a newbie rather than an experienced worker. And every few years, these frameworks/tools get out of fashion and a new one comes again.

[@Manas999_9]

How many human beings exist in a dehumanized state and are ignorant of this fact thanks to all the technology that requires pollution to exist in the first place?

[@sootuckchoong7077]

Maybe it's mostly those who are unwilling to go back to office to work, instead they like work from home, that are sacked?

[@subhasisjoshi8135]

Ya because tech companies would never do such thing to those who obey them..they are such nice It is the employees fault

[@thegrimmer]

11:14 it's easy to talk about HOW we should be disciplined. Why can't people speak?

[@jimjim7608]

it's bezzare that a talk show is named "Insider Story", this name is better for documentary.

[@hamish1309]

Possibly ai getting better? Less humans are needed?

[@markstanich64]

ECONOMIC INDICATOR DOWN WARD

[@Owl-of-Minerva]

ChatGPT

[@koushikc971]

I think the anchor must mute his mic when not speaking. The sound of his breath when others were speaking is kinda irritating

[@lifeisastruggle5517]

IT´S because of Artificial intelligence ANI, AGI and ASI

[@MinhNguyen-yl6pf]

I hope Facebook go burst

[@kasforai]

I hate Fb and it's founder

[@20minuteenglishonlineclass2]

We need journalist who speaks clear.

[@TimVoktwo]

The same technology is cheaper in Asia than the West. It will take decades and prudent unbias planning for the West to get their technology competitive again. Once Russia transfers their military technology to their local economy full blast, they will be the manufacturing giant in Europe. When Seimens of Canada will not return their gas turbines after repair, Russia decide that enough is enough. In about six month they built a working turbine for replacement - which according to them is better than Siemens. Lost business for Germany and Canada. How did they did it? Thru their military industrial complex. Isn't it that Russia is a third world country? They build a 3000 mile gas pipeline from Siberia to China, and now going towards Vladivostok at the Pacific Ocean to serve the Asian countries. The plan is to totally cut off Europe from Russian gas except Turkey. Russia will kill all the economy of the surrounding European countries that rely on Russian gas and oil. It's a reality. Just saying.

[@nsambataufeeq1748]

Infinite growth on a finite planet.

[@shauncameron8390]

You prefer infinite stagnation and regression?

[@noc9005]

Finally some good news. Let them all crash

[@mrtienphysics666]

Why dont go to China?

[@petermartin1954]

Apple use of slave, labor, slaves don’t cost money you don’t layoff slaves.

[@somalipundit]

They know what's coming! AGI and the end of the human era! Sad but true.

[@randaaustin6877]

It's ChatGPT and OpenAI. Their jobs were automated. It's that simple

[@yuglesstube]

I don't think that's happening just yet, but that day is not far away. I think they are acting pre-emptively.

[@seanthe100]

Most of these workers make over $100,000+ a year, meta pays $300,000. They'll be alright

[@giridharbg]

Pandemic was amazing?!! What sort of people do you invite in your studios. Never heard anyone see that in last 2 years.

[@arnabkumarparia383]

সরল ব্রহ্মচর্য মানবজাতিকে পুনরুদ্ধার করতে সাহায্য করবে।

[@anniecameron6794]

U tube is next for job losses

[@KabbaModern03]

Who's breathing hard? lol

[@dagnyarizona]

I was looking for this comment 😂

[@mattjohn4731]

Billionaires are leeches

[@youtubetroll6620]

meta will layoff everyone

[@joomla.]

Capitslism.

[@revanthtv2686]

Google has new CEO according to Al Jazeera and his name is Sundar Pitchai not the real Sundar Pichai

[@ladybug3380]

Why is he breathing so hard ?😅

[@carltechmobile3983]

It figures that a LGBQ--- would have to make an appearance.

[@moziburrahman5002]

السويد تسمح رسمياً بحرق المصحف الشريف في بلادها. ومفذي الحريق تحت حراسة الشرطة. أي نوع من القانون هو إنساني أن يؤذي عقول المليارات من الناس؟ يريدون قطع العلاقات مع العالم الإسلامي. لست بحاجة إلى التعامل مع العالم الإسلامي. انظر إلى التاريخ وسترى. بالنسبة لعدد قليل من المتغطرسين مثلك ، فإن الأمة بأكملها في حالة من العار. إن كل مسلمي العالم أمة واحدة ، وعقل واحد ، وجسد واحد ، وروح واحدة ، فتجنبوا فعل الأشياء التي تضر بالإنسانية والسلام والوحدة في العالم.

[@kingsalmon7686]

UP YOURS ABDUL

[@kasforai]

They are slaves anyways lol

[@AslamKhan-oj7ye]

all the resources digested by one small nations named Ukrsin and recession coming faster than expected, mesnwhile russians are waithing yo exhausting nato and then...guess what canbe?

[@jarrodyuki7081]

japan will retake the kurils sakhalin and vladivostok south korea will take north korea.

[@Alphadeias08]

i swear to god last few months all documentary video titles sound stupid as they have a few word answer instead a half hour video drama.why? because global recession.

[@criticalcookie2579]

Capitalism, as it is in the US, sucks.

[@witroosje]

Ik hoop dat Mark Z wordt aangeklaagd, voor alle mensen die hij heeft buitengesloten voor het brengen van de waarheid

[@presley492]

Invest in stocks is a great way to invest your money. The team is constantly checking the market for changes and make sure that you are always informed about the best time to invest. As a result, I have made more money than ever before, and I don't have to manage my portfolio on my own! Invest in stocks, it's worth it!

[@KennyChu]

Nope

[@TYT793]

new news 🗞️📰🗞️