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Search resuls for: "layoffs.fyi"


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☆ The CEO of software giant Intuit, which has avoided mass layoffs, says tech firms axed jobs because they misread the pandemic
  + stars: | 2023-06-02 | by ( Shona Ghosh | ) www.businessinsider.com   time to read: +4 min
Almost 300,000 staff have been laid off by tech firms since the start of 2022, per Layoffs.fyi. Those mass layoffs are down to companies misunderstanding the pandemic, says Intuit's CEO. "There's nothing for these people to do — they're really — it's all fake work," Rabois said at the time. However, Goodarzi told Insider that mass layoffs had in fact unnerved the remaining star talent at major tech firms, particularly in AI. Hiring, he said, had "actually become easier because of all the tech layoffs, because of the uncertainty the layoffs have caused."
Persons: miscalculating, Sasan Goodarzi, Goodarzi, Mark Zuckerberg, Zuckerberg, Keith Rabois, Elon Musk, Rabois Organizations: Intuit, Companies, Meta, Google, Facebook, Twitter
☆ Europe's startups overpaid and over-hired in the COVID-19 boom. Now they're feeling buyer's remorse.
  + stars: | 2023-05-22 | by ( Callum Burroughs | ) www.businessinsider.com   time to read: +4 min
Tech workers in Europe enjoyed a golden period of inflated salaries during the pandemic. One CEO told Insider that he now feels some staffers aren't "worth" the pandemic price tag. That didn't just apply to good engineers, always gold dust, but to good HR staff, marketers, and other less technical roles. Few CEOs will say this aloud, but this attitude has clearly manifested in widespread, global layoffs across the tech industry. Pay for tech workers in Europe in general rose significantly during COVID-19 with salaries increasing by around 50% between 2018 and 2021, according to data from Advanced HR, cited by Sifted.
☆ Layoffs aren't over yet for tech giants as managers prepare to tighten on the 'laptop generation,' says tech investor Gene Munster
  + stars: | 2023-05-18 | by ( Hasan Chowdhury | ) www.businessinsider.com   time to read: +3 min
Tech layoffs are far from over, according to tech investor Gene Munster. He also sees them getting tighter on the "laptop generation" who refuse to return to the office. More layoffs could be on their way at big tech firms as bosses prepare to tighten on the "laptop generation," according to Gene Munster. Munster's comments come as tech companies shift their tone away from growth to focus on efficiency. Munster thinks that "there has been this laptop generation" that "some of these tech companies are going to tighten on."
☆ LinkedIn cuts over 700 jobs, phases out China app as demand wavers
  + stars: | 2023-05-09 | by ( Stephen Nellis | ) www.reuters.com   time to read: +3 min
In the past six months, more than 270,000 tech jobs globally have been cut, according to Layoffs.fyi, which has been tracking the fallout. A LinkedIn spokesperson said the vendors were "external partners" who would take on new and existing work. The remaining China app, called InCareers, will be phased out by Aug. 9, LinkedIn said. LinkedIn will retain a presence in China to help companies operating there to hire and train employees outside the country, the company spokesperson said. Before LinkedIn's announcement, 5,000 technology jobs had been in eliminated in May alone, according to Layoffs.fyi.
☆ Tech CEOs threaten to end remote work, infuriating workers hit by mass layoffs and dwindling perks
  + stars: | 2023-05-05 | by ( Hasan Chowdhury | ) www.businessinsider.com   time to read: +5 min
Tech workers could soon find themselves back in the office as bosses threaten to axe remote work. Tech CEOs are backtracking on remote working as they face pressure to improve performance. Unfortunately for tech workers, the changes might not end there. A shift that could backfireMany companies in tech have been exploring the idea of shifting away from full remote work for several months. Tech firms that championed remote work, but are now back-tracking, may soon have to face a furious reckoning from their beleaguered employees.
☆ The Bearer of Bad News
  + stars: | 2023-05-05 | by ( Lora Kelley | ) www.nytimes.com   time to read: 1 min
A short list of moments in the day when Roger Lee is thinking about layoffs: while waiting for someone to show up to a Zoom call. Though Mr. Lee, 36, reads bad news constantly, he remains a stalwart optimist about tech. He recognizes the pain that layoffs cause, but he also believes the industry will “100 percent” bounce back. And Mr. Lee believes that talking openly about layoffs in the industry he loves is healthy. If people are speaking openly about layoffs, he reasons, workers can find new jobs efficiently.
☆ CEOs are getting closer to finally saying it — AI will wipe out more jobs than they can count
  + stars: | 2023-05-02 | by ( Hasan Chowdhury | ) www.businessinsider.com   time to read: +6 min
Tech workers are finding out what it's like to be replaced by AI. It's the boldest statement yet from tech firms turning to AI to help them get efficient. Tech workers are about to find out. Here are five tech firms that have acted first with a big bet on AI. AmazonAmazon has been among the most bruised tech firms since the downturn of 2022 was kickstarted.
☆ Lyft to cut 1,072 employees, or 26% of its workforce
  + stars: | 2023-04-27 | by ( Rohan Goswami | In Rohangoswamicnbc | ) www.cnbc.com   time to read: +1 min
Ride-hailing app Lyft will lay off 1,072 employees, roughly 26% of its corporate workforce, and won't hire for an additional 250 positions, the company said in an SEC filing Thursday. The news comes a week after a memo from new Lyft CEO David Risher confirmed that the company would trim its head count. The company has around 4,000 employees and had already implemented a 13% head count reduction in November 2022. Lyft co-founders Logan Green and John Zimmer remain on the company's board, having led the company through its 2019 public offering and subsequent expansion. The broader economic slowdown has hit tech companies particularly hard: More than 184,000 tech employees have lost their jobs in 2023 alone, according to data from Layoffs.fyi.
☆ The layoffs are here for those who chose to 'learn to code'
  + stars: | 2023-04-24 | by ( Grace Mayer | ) www.businessinsider.com   time to read: +3 min
But for those who chose to "learn to code," Vox reported the wave of layoffs in 2023 is challenging that notion. "If we look at 2023 layoffs, it's software engineers who have overtaken recruiters in layoffs," Ayas told Insider. This shift also signals a change in focus for company layoffs, Ayas said. Since then, Revelio's new data suggests that nearly 5% of tech company layoffs impacted recruiters — the position that saw the most layoffs after software engineers. What started as a wave of layoffs in the tech industry has now rippled to the finance and media industries as well.
☆ Lyft's new CEO begins tenure with layoffs, reportedly cutting 1,200 jobs
  + stars: | 2023-04-21 | by ( Rohan Goswami | In Rohangoswamicnbc | ) www.cnbc.com   time to read: +2 min
Ride-sharing app Lyft will lay off a significant number of employees one week into new CEO David Risher's tenure, the company announced Friday. The company previously reduced its headcount in November, cutting 700 jobs, or about 13% of the workforce. Risher, a former Amazon executive, told employees in a town hall a few weeks ago that layoffs were imminent. Earlier this week, Meta implemented a previously announced round of cuts. The company is set to report earnings for the first quarter of 2023 on May 4.
☆ Stop worrying about the perfect interview answer and don't send in a ChatGPT cover letter: How to get your next job, according to 3 tech recruiters
  + stars: | 2023-04-16 | by ( Nidhi Pandurangi | ) www.businessinsider.com   time to read: +1 min
About 333,000 tech workers were laid off in 2022 and 2023, according to data compiled by layoffs.fyi. We asked three tech recruiters to share their best tips for finding a job. About 333,000 tech workers got laid off in 2022 and 2023, according to data compiled by layoffs.fyi. Things started unraveling in late 2022 when tech company after tech company started announcing broad layoffs. Julia Pollock, the chief economist at American hiring platform ZipRecruiter, told the Wall Street Journal that in April 2022, there were over 10,000 job openings for tech recruiters.
☆ Big Tech employees are getting culled. Their European colleagues get stronger labor laws and softer landings.
  + stars: | 2023-04-11 | by ( Riddhi Kanetkar | Jyoti Mann | ) www.businessinsider.com   time to read: +11 min
European Big Tech employees have better labor protections"There are regulations in Europe that apply to collective situations, based on European law: the so-called Mass Dismissal Directive," said Dr. Jordan. But in January, Twitter employees were reported to have been paid just one month's severance, according to CNN. Twitter employees in other European hubs such as Germany, Spain, Ireland, and the UK are also pushing back, with the help of the countries' labor laws and unions. Twitter employees in Germany have also worked with the Verdi union to push Twitter into making a better severance offer, Fortune reported. The process could take months instead of weeks, Brittin added — another testament to Europe's stronger labor protections for its employees.
☆ Tech employees should expect more debloating even after 330,000 jobs got wiped
  + stars: | 2023-04-11 | by ( Hasan Chowdhury | ) www.businessinsider.com   time to read: +5 min
Amazon, Google, Meta, Microsoft, and Twitter have collectively chopped around 70,000 staff — but ongoing concerns about profitability and over-hiring means they could slim down more. Google and Amazon should cut more jobs: analystsAnalysts note that Google, for example, added around 71,000 employees in the past three years. They say Meta has seen "limited impact on its growth" after laying off around 25% of its workforce since November. The bank's analysts say that profitability per employee at Amazon excluding its warehouse workers — a measure of its efficiency — is "significantly below peers." With less cash available, cuts will likely persist and workers in tech should brace for more instability this year.
☆ Laid-Off Tech Workers Launch ‘Revenge Startups’ Just as Money Dries Up
  + stars: | 2023-04-10 | by ( Yuliya Chernova | ) www.wsj.com   time to read: 1 min
Venture-capital investors, as recently as last year, used to seek out founders who were quitting their tech jobs to launch their own businesses. Now that mass layoffs are pushing many people down the entrepreneurial path, venture investors have grown stingier. More than 330,000 people have lost their jobs at tech companies since early 2022, with some 168,000 job losses this year, according to data tracker Layoffs.fyi.
☆ Google workers in London stage walkout over job cuts
  + stars: | 2023-04-04 | by ( Martin Coulter | ) www.reuters.com   time to read: +2 min
REUTERS/Henry NichollsLONDON, April 4 (Reuters) - Hundreds of Google employees staged a walkout at the company’s London offices on Tuesday, following a dispute over layoffs. Trade union Unite, which counts hundreds of Google’s UK employees among its members, said the company had ignored concerns put forward by employees. “Our members are clear: Google needs to listen to its own advice of not being evil,” said Unite regional officer Matt Whaley. Last month, workers at the company’s Zurich office in Switzerland staged a similar walkout, with employee representatives claiming Google had rejected their proposals to reduce job cuts. We know this is a very challenging time for our employees,” a Google spokesperson said.
☆ CHART: Twitter's revenue per employee crashed 60% in the years leading up to Musk's drastic firings
  + stars: | 2023-04-03 | by ( Hasan Chowdhury | ) www.businessinsider.com   time to read: +3 min
Twitter's revenue per employee crashed 60% in the years before Elon Musk's takeover. Twitter's revenue per employee cratered by almost 60% between 2018 and the period of 2022 before Musk's takeover of the embattled social media company, Insider analysis of the firm's SEC filings found. Revenue per employee is a simple measure of efficiency that was previously in vogue in the aftermath of the 2008 financial crash. A growing number of influential tech executives and investors say tech firms, bloated by over-hiring, should re-prioritize the metric. Since 2018, Twitter has seen a drastic fall in the revenue generated per employee.
☆ Electronic Arts is cutting about 800 jobs, or 6% of workforce, and reducing office space
  + stars: | 2023-03-29 | by ( Rohan Goswami | ) www.cnbc.com   time to read: +1 min
An Electronic Arts (EA) video game logo is seen at the Electronic Entertainment ExpoElectronic Arts is cutting 6% of its workforce, equal to about 800 jobs, and reducing office space, the video game company said Wednesday. Wilson said EA would provide severance and health care to affected employees, noting that layoffs had begun earlier in the quarter. EA had just under 13,000 employees, according to a quarterly filing in March 2022. Over 155,000 tech industry workers at more than 500 companies have lost their jobs in 2023, according to data from Layoffs.fyi. WATCH: Tech layoffs
☆ Amazon has rolled out contactless tech to 200 locations including Panera cafes
  + stars: | 2023-03-22 | by ( Jeffrey Dastin | ) www.reuters.com   time to read: +2 min
The e-commerce and cloud-computing giant is widening deployment of its contactless technology with existing customers, Vice President Dilip Kumar said in an interview. Amazon declined to provide growth figures, but in June 2022 the company said more than 69 locations in the U.S. and UK had such technology. On Wednesday the U.S. cafe chain Panera Bread unveiled Amazon One devices, which let customers scan their palms to pay, for two locations in greater St. Louis. Nearly 150,000 employees at tech companies have faced cuts this year alone, according to industry tracker Layoffs.fyi. "It wasn't as bad" for tech companies in the 2008 financial crisis.
☆ SVB collapse is double-whammy for tech startups already navigating brutal market
  + stars: | 2023-03-19 | by ( Ashley Capoot | ) www.cnbc.com   time to read: +11 min
He'd started the process six months earlier during a brutal period for tech stocks and a plunge in venture funding. Investors were just pulling in their horns, the SPAC market had fallen apart, valuations for tech companies were collapsing." In the absence of venture funding, money-losing startups have had to cut their burn rates in order to extend their cash runway. Since the beginning of 2022, roughly 1,500 tech companies have laid off a total of close to 300,000 people, according to the website Layoffs.fyi. Kruze Consulting provides accounting and other back-end services to hundreds of tech startups.
☆ Google workers stage walkout at Zurich office as job cuts hit Europe
  + stars: | 2023-03-15 | by ( Martin Coulter | ) www.reuters.com   time to read: +1 min
March 15 (Reuters) - Hundreds of Google employees staged a walkout on Wednesday at the company's office in Zurich, Switzerland, after more than 200 workers were laid off. In January, Google's parent company Alphabet (GOOGL.O) announced plans to cut 12,000 jobs around the world, equivalent to 6% of its global workforce. The decision came amid a wave of job cuts across corporate America, particularly in tech, where companies have shed more than 290,000 workers since the start of the year, according to tracking site Layoffs.fyi. Workers at Google's Zurich office, home to around 5,000 employees, already staged a walkout last month, protesting the impending layoffs. "Our members at Google Zurich and all employees joining the walkout are showing solidarity with those laid off," a Syndicom spokesperson said.
☆ As Big Tech employees get culled, their European colleagues get stronger labor laws and softer landings
  + stars: | 2023-03-15 | by ( Riddhi Kanetkar | Jyoti Mann | ) www.businessinsider.com   time to read: +8 min
Big Tech layoffs at Meta, Twitter, Amazon and Snap have laid off thousands of workers globally. Until recently, tech employees haven't had to think too seriously about mass layoffs. European Big Tech employees have better labor protections"There are regulations in Europe that apply to collective situations, based on European law: the so-called Mass Dismissal Directive," said Dr. Jordan. But in January, Twitter employees were reported to have been paid just one month's severance, according to CNN. Twitter employees in Germany have also worked with the Verdi union to push Twitter into making a better severance offer, Fortune reported.
☆ Swiss Google workers stage walkout as job cuts hit Europe
  + stars: | 2023-03-15 | by ( Martin Coulter | ) www.reuters.com   time to read: +1 min
March 15 (Reuters) - Hundreds of Google employees staged a walkout on Wednesday at the company's office in Zurich, Switzerland, after more than 200 workers were laid off. Workers at Google's Zurich office, home to around 5,000 employees, had staged a walkout last month, protesting against then impending layoffs. "Our members at Google Zurich and all employees joining the walkout are showing solidarity with those laid off," a Syndicom spokesperson said. A Google spokesperson said the company had made cuts to ensure the number of roles remained aligned with its highest priorities. "The consultation process has now concluded in Switzerland and employees whose roles were impacted have been notified,”.
☆ Meta to cut 10,000 jobs in second round of layoffs
  + stars: | 2023-03-14 | by ( ) www.reuters.com   time to read: +2 min
March 14 (Reuters) - Facebook-parent Meta Platforms (META.O) said on Tuesday it would cut 10,000 jobs, the first Big Tech company to announce a second round of mass layoffs as the industry braces for a deep economic downturn. With the latest move, Meta expects expenses in 2023 to come in between $86 billion and $92 billion, lower than the $89 billion to $95 billion forecast previously. Zuckerberg said Meta will remove multiple layers of management, ask managers to become individual contributors and give them less than 10 direct reports, which would in turn make the organization "flatter." Meta's move in November to slash its headcount by 11,000 marked the first mass layoffs in its 18-year history. Reporting by Nivedita Balu and Aditya Soni in Bengaluru; Editing by Anil D'SilvaOur Standards: The Thomson Reuters Trust Principles.
☆ Google and Meta over-hired thousands of employees who do 'fake work,' says PayPal Mafia's Keith Rabois
  + stars: | 2023-03-08 | by ( Hasan Chowdhury | ) www.businessinsider.com   time to read: +4 min
Silicon Valley VC Keith Rabois says mass layoffs are due to hiring becoming a vanity metric in tech. Rabois told an Evercore-hosted event that firms like Meta over-hired by thousands of staff. It's all fake work," Rabois said. Speaking remotely from Miami at an event hosted by banking firm Evercore, he called out major tech firms for over-hiring and said the sector's current mass shedding of jobs to rein in costs was overdue. Later on the call, he estimated that Alphabet's Google and Facebook owner Meta had thousands of employees who don't do anything.
☆ Google's CEO touts desk-sharing, says the office can feel like a 'ghost town' with many employees in the office just 2 days a week: CNBC
  + stars: | 2023-03-07 | by ( Huileng Tan | ) www.businessinsider.com   time to read: +3 min
Google CEO Sundar Pichai justified a new desk-sharing program at the company's cloud unit, per CNBC. Pichai said many staffers work in the office two days just a week, so it can feel like a "ghost town." While the policy is just for cloud employees now, Pichai said last week other teams have the "freedom to experiment," per CNBC. The desk-sharing program had previously drawn criticism from some employees who taunted the "corpspeak" used while announcing the initiative, per the broadcaster. A Google spokesperson confirmed the company's desk-sharing program, in an emailed response to Insider, but did not comment on Pichai's comments.
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