DIRS.INFO The most relevant business & tech news

☆ Tiger Global-backed $2 billion marketplace startup Ankorstore is set to become the latest tech unicorn to cut jobs, sources say
▼ + stars: | 2023-03-06 | by ( Callum Burroughs | ) www.businessinsider.com time to read: +3 min

French retail marketplace startup Ankorstore is set to cut a significant amount of roles, sources said. The Tiger Global-backed company has raised 365 million euros (around $387 million) to date. It is the latest high-profile Tiger Global startup to slash jobs, following on from Stripe and Getir. Ankorstore, a $2 billion marketplace startup that counts US investing giant Tiger Global among its biggest backers, is set to cut a substantial amount of its workforce, sources say. Investment firm Tiger Global had been a major pandemic startup investor, with a particular uptick in European deals through 2021.

☆ Laid-off Twitter software engineer calls job market 'hot garbage': 'maybe I should go be a firefighter'
▼ + stars: | 2023-03-06 | by ( Sindhu Sundar | ) www.businessinsider.com time to read: +4 min

A laid-off Twitter engineer told CNN that they've faced a "wave of rejections" for job applications. "The market is hot garbage right now," De Caires told CNN. They are one of the hundreds of former Twitter employees who have sought legal recourse over severance packages offered to laid-off staff members. De Caires told CNN that the grim market for tech jobs was making them contemplate dramatically different career options. "However, following Musk's purchase of the company, Twitter reneged on this agreement."

☆ Walmart, Target, Kroger, and more major retailers go head-to-head in an escalating 'labor hoarding' war over hourly employees
▼ + stars: | 2023-03-04 | by ( Dominick Reuter | ) www.businessinsider.com time to read: +5 min

As companies of all stripes tighten their budgets, retailers are still spending big on hourly workers. Big hourly wage increases of the past three years are here to stay, and more are in the works. Kroger is the latest to join other major brands like Walmart and Target in the "labor hoarding" war. There's a quiet war being waged among America's largest retailers, and the winner might be the previously under-appreciated hourly worker. In January Walmart announced it would increase its minimum wage from $12 to $14 per hour, bringing the US average hourly wage up to $17.50.

☆ How to Be a Good Friend When a Co-Worker Is Laid Off
▼ + stars: | 2023-03-03 | by ( Ray A. Smith | ) www.wsj.com time to read: 1 min

Though the job market remains largely healthy, a spin through LinkedIn feeds shows that layoffs are having an effect in some sectors. More than 250,000 tech workers have lost jobs in recent months, according to Layoffs.fyi, and some staff reductions have spread to other parts of the economy, with companies including Dow Inc., Walt Disney Co. and 3M Co. announcing cuts. For the colleagues and friends of those workers, the question of how to help can have several answers.

☆ How to 'layoff-proof' your job, from 6 top recruiters at Netflix, McKinsey, Walmart, and more
▼ + stars: | 2023-02-28 | by ( Aj Eckstein | ) www.businessinsider.com time to read: +6 min

AJ Eckstein hosts a podcast interviewing recruiters from major tech, retail, and finance companies. Recruiters from PwC, Walmart, Lockheed Martin, Netflix, and more share how to safeguard your job. I'm a podcast host and job-search expert who interviews leading recruiters at some of the world's largest companies including Netflix, McKinsey & Company, Accenture, and Walmart. I've interviewed more than 30 recruiters in order to pull back the curtain on the recruitment process and help job seekers. "In a constantly shifting job market, employees shouldn't be stagnant either," he said.

☆ Google tells employees in its Cloud unit to share desks and attend the office on alternate days
▼ + stars: | 2023-02-23 | by ( Pete Syme | ) www.businessinsider.com time to read: +2 min

Google Cloud staff have been asked to share desks and attend the office on alternate days. A Google spokesperson told Insider the move would allow it to use its spaces more efficiently. The decision will apply to Google Cloud staff in the division's five largest US locations – including New York City and San Francisco – with some buildings left empty as a result, an internal FAQ seen by CNBC showed. Google Cloud CEO, Thomas Kurian, told employees last month the division would continue to "invest for growth." A Google spokesperson told Insider: "Our data show Cloud Googlers value guaranteed in-person collaboration when they are in the office, as well as the option to work from home a few days each week.

☆ Uber is cutting some employees as part of a 'more rigorous approach' to performance reviews
▼ + stars: | 2023-02-22 | by ( Sindhu Sundar | Hugh Langley | ) www.businessinsider.com time to read: +3 min

Uber is conducting "even more rigorous" performance reviews this year, a representative told Insider. Rather, these cuts are a function of more stringent performance reviews, they said. For instance, Insider has previously reported in December that Meta would take a stricter approach for its performance reviews in January. Meta planned to give its worst performance labels of "met most" expectations and "needs support," to about two times more employees, Insider reported. Uber reported a fourth-quarter revenue of $8.6 billion on February 8, a 49% year-over-year increase.

☆ Tech companies spoiled workers for decades. Now layoffs are bringing them down to Earth.
▼ + stars: | 2023-02-20 | by ( Asia Martin | ) www.businessinsider.com time to read: +8 min

The tech sector has already cut nearly 100,000 jobs this year. But for tech workers who were sold on the glamorous lifestyle these companies have provided over the last few decades, this is a blow to their self-image. It's unfortunate, Govindarajan said, but he added that these tech companies have disrupted other industries like photography, automobiles, and department stores. "There are many industries the tech sector disrupted where people got laid off. But now it's the turn of the tech sector itself," he told Insider.

☆ Some Meta employees are getting paid to do 'zero work' as the company embarks on a 'year of efficiency': Financial Times
▼ + stars: | 2023-02-13 | by ( Huileng Tan | ) www.businessinsider.com time to read: +4 min

Meta signaled in February it's likely to cut more jobs this year after culling 11,000 jobs last year. And even news of further job cuts at the tech giant has not come as a surprise. And jittery Meta staff have been bracing for another round of job cuts even before the earnings call, Insider's Kali Hays reported. Meta's drive for efficiency has even led the company to ask some managers and directors to transition to individual roles — or leave the company, Bloomberg reported on Wednesday. These sweeping job cuts and the ensuing uncertainty have led to major disruptions in the lives of affected employees, some of whom took to social media to chronicle the life-changing event.

☆ Silicon Valley layoffs are a boon for tech-hungry farm equipment makers
▼ + stars: | 2023-02-13 | by ( Bianca Flowers | ) www.reuters.com time to read: +7 min

The executives said the newly available tech talent could inject much-needed expertise into farm equipment manufacturing, helping to transform the industry through the use of more artificial intelligence and automation. Detroit automakers are also hiring tech workers to meet the growing software needs of vehicles, auto executives have said. REMOTE-CONTROLLEDDeere's main rival, Irving, Texas-based Caterpillar Inc. (CAT.N), is also making a big push to recruit tech talent. "Companies really need to jump into action," said Michael Solomon, co-founder at 10x Management, a compensation negotiation agency for senior tech talent. The amenities aim to attract tech workers.

☆ Factbox: Tech firms, Wall Street titans lead job cuts in corporate America
▼ + stars: | 2023-02-08 | by ( ) www.reuters.com time to read: +8 min

REUTERS/Lucy Nicholson/File PhotoFeb 8 (Reuters) - Big Tech firms and Wall Street titans are leading a string of layoffs across corporate America as companies look to rein in costs to ride out a global economic downturn. Here are some of the job cuts by major American companies announced in recent weeks. TECHNOLOGY, MEDIA AND TELECOM SECTORIBM Corp (IBM.N):The software and consulting firm said it will lay off 3,900 employees. read moreMicrosoft Corp (MSFT.O):The U.S. tech giant said it would cut 10,000 jobs by the end of the third quarter of fiscal 2023. MANUFACTURING SECTOR3M Co (MMM.N):The industrial conglomerate said it would cut 2,500 manufacturing jobs after reporting a lower profit.

☆ There are plenty of open jobs for tech workers — they're just not at tech companies
▼ + stars: | 2023-02-07 | by ( Samantha Delouya | ) www.businessinsider.com time to read: +3 min

Demand for tech workers at non-tech companies has reportedly outstripped demand at tech firms. The findings come as tech companies continue to cut budgets and lay off workers by the thousands. Tech jobs, highly sought after for their high pay and cushy benefits, seem less secure than ever as nearly every major tech company has cut headcounts and slashed budgets in the past six months. The bloodbath shows no sign of slowing down: Nearly 95,000 tech workers have been laid off in the first few weeks of 2023, according to layoff tracker layoffs.fyi. A silver lining for tech workers?

☆ US startups laid off more than 3,000 workers in January — a 1,700% jump from the same month last year
▼ + stars: | 2023-02-07 | by ( April Joyner | Madeline Renbarger | ) www.businessinsider.com time to read: +2 min

After the 2021 boom in venture capital investing, startups are cutting costs and slashing jobs. More than 3,000 US startup employees lost their jobs in January, according to data from Layoffs.fyi. By contrast, in January 2022, only about 180 startup employees faced layoffs. Many of these companies raised large sums of venture capital funding before the market pullback. Here's the full list of the US startups that conducted layoffs in January, according to data from Layoffs.fyi.

☆ A company-wide Zoom meeting versus individual calls: Insiders reveal how multi-billion-dollar startups Clari and Workato slashed jobs.
▼ + stars: | 2023-02-06 | by ( April Joyner | Stephanie Palazzolo | Madeline Renbarger | ) www.businessinsider.com time to read: +4 min

Unicorns Clari and Workato are among the latest startups to cut jobs. Workato laid off 10 percent of its workforce, and Clari had its second round of cuts in a year. Clari's layoffs caught the startup's staffers off guard, according to one employee Insider spoke to. Though the layoffs were unexpected, the former Workato employee said, they appreciated the way the company delivered the news. The former Clari employee Insider spoke with said that the spate of layoffs had prompted them to reconsider their dedication to the tech industry.

☆ Amid an onslaught of tech layoffs, here are 12 major tech companies that haven't announced any job cuts in the past 6 months
▼ + stars: | 2023-01-29 | by ( Samantha Delouya | ) www.businessinsider.com time to read: +1 min

The list of tech companies laying off workers keeps growing, including recent cuts from Google and Microsoft. However, not all tech companies have announced layoffs. In recent weeks, big tech companies have announced they would lay off eye-popping numbers of workers: Google laid off 12,000, Microsoft 10,000, and Amazon 18,000. According to the tech layoff tracker layoffs.fyi and Insider's own calculations, more than 65,000 tech workers have been cut from their jobs since January 1. However, not all tech companies have announced a round of job cuts in the last 6 months.

☆ Some Google employees didn't realize they were laid off until their badges wouldn't let them into the office
▼ + stars: | 2023-01-25 | by ( Aaron Mok | Kate Duffy | ) www.businessinsider.com time to read: +4 min

A laid-off Google employee saw a co-worker scan his badge to get into the NYC office but the reader kept turning red. The laid-off employee said that his co-worker who tried to badge-in "seemed a little flustered" and that it didn't seem like he was trying to sneak in. Normally, he said, Google employees often quickly show their badges to the guards in front of the elevator and are allowed to take the elevator up to whatever floor they needed to go to. 12,000 employees — 6% of the company's global workforce — were laid off, Google CEO Sundar Pichai wrote in a memo to employees. Are you a current or former Google employee?

☆ An Apple a day could keep the layoffs away
▼ + stars: | 2023-01-23 | by ( Diamond Naga Siu | ) www.businessinsider.com time to read: +5 min

For many tech workers, however, this Lunar New Year was tainted with layoff anxiety. Apple is the only Big Tech company that hasn't conducted sweeping layoffs recently. Apple has long been a lone wolf among its Big Tech peers. The chart above shows how more tech workers were laid off in January 2023 than during the first half of 2022 combined. Read four of the memos in full here, from Google Chrome, Google Cloud, Google UK, and its Europe, the Middle East, and Africa offices.

☆ Pay in tech is dropping fast as firms like Microsoft, Snap and more use layoffs and a looming recession to wrest power from workers
▼ + stars: | 2023-01-20 | by ( Kali Hays | ) www.businessinsider.com time to read: +5 min

Pay is getting lower, stock grants smaller and offers, if they come at all, are take it or leave it. In November, Snap employees heard some frank talk from CEO Evan Spiegel on his plans for compensation after enacting a mass layoff a couple of months before. "In general, we've noticed a decrease in pay across the entire tech industry," said Zuhayeer Musa, founder of Levels.fyi, a platform that collects data on tech compensation. Aalap Shah, a managing director at Pearl Meyer who advises tech companies, said he's been expecting such a retreat on pay. An estimated 200,000 tech employees have been laid off since last year, according to Layoffs.fyi, which compiles data on hiring in tech and is not part of Levels.fyi.

☆ BRUTAL JOB CUTS JANUARY: More than 55,000 tech workers are being laid off as Microsoft, Google, and others make deep cuts
▼ + stars: | 2023-01-20 | by ( Sindhu Sundar | ) www.businessinsider.com time to read: +3 min

Microsoft, Google, and Salesforce have all announced layoffs this year. All told, some 55,300 employees from more than a 154 tech companies have been affected this year. Microsoft said it's letting go of 10,000 workers over the next few months, while Google will let go of 12,000 employees. The layoffs foreshadow more cuts and potential pay reductions in store for workers this year. Read Insider's coverage of the latest wave of tech layoffs:Google is laying off around 12,000 workers as tech giants continue to slash jobs.

☆ The month of January 2023 has already seen more tech layoffs than the entire first half of 2022 combined
▼ + stars: | 2023-01-20 | by ( Asia Martin | ) www.businessinsider.com time to read: +2 min

Over 55,000 tech workers are being let go across 154 companies, more than the first 6 months of 2022. In the first half of 2022, from January to June, there were 44,257 reported layoffs in the tech sector. Things have already taken a bigger turn for the strange in 2023: the number of reported layoffs have hit 55,225 in just this month alone, representing 154 tech companies. To put it another way, it means that January 2023 is already the biggest single month for tech layoffs since the beginning of 2022. What's also unfortunate about this is those tech workers who left the startup world seeking stability among Big Tech may be wondering what corner of tech is a safe haven right about now.

☆ EY says it hasn't seen 'a rash of talent that's all of a sudden available' despite huge tech layoffs
▼ + stars: | 2023-01-19 | by ( Huileng Tan | ) www.businessinsider.com time to read: +3 min

But it's not like there's a huge influx of talent now because of the widespread tech layoffs. The CEO of EY told Bloomberg on Wednesday it isn't seeing "a rash of talent" that's suddenly available. The consulting arm is expected to employ as many as 230,000 people, Di Sibio told Bloomberg on Wednesday. Other major tech companies that have cut staff recently include Amazon, Meta, and Salesforce. The rash of layoffs — which started last year — came after tech companies hired and expanded aggressively during the pandemic.

☆ An average 1,600 tech workers have been laid off every day of 2023 so far
▼ + stars: | 2023-01-16 | by ( Huileng Tan | ) www.businessinsider.com time to read: +3 min

On an average, at least 1,600 tech sector workers have been laid off every day of 2023 so far, per Layoffs.fyi. That's as 91 tech companies globally have axed 24,151 jobs, just 15 days into 2023. 1,023 tech companies laid off 154,256 workers in 2022, per data aggregated by Layoffs.fyi. That's as 91 tech companies globally have already laid off 24,151 workers just 15 days into 2023, according to data aggregated by Layoffs.ai. This is already about 15% of the 154,256 workers who were laid off by over a thousand tech companies in 2022.

☆ Big Tech Stops Doing Stupid Stuff
▼ + stars: | 2023-01-14 | by ( Laura Forman | ) www.wsj.com time to read: 1 min

This year tech companies are taking a more earthly approach. The tech-heavy Nasdaq fell 33% last year—its worst performance since 2008. Big tech, which spent the past several years spending on big dreams, is starting to think smaller. Last year more than 1,000 tech companies laid off employees, resulting in over 150,000 lost jobs, a tally by layoffs.fyi shows. It is an eye- popping number that could actually get worse: More than 23,000 tech workers have already been let go this year as of Jan. 13, the same tracker shows.

☆ The creator of tech's big layoff tracker says more cuts are on the way—here's when it could slow
▼ + stars: | 2023-01-11 | by ( Jennifer Liu | ) www.cnbc.com time to read: +2 min

And more than 18,000 tech workers have been laid off in the first half of January from major players like Amazon and Salesforce. More big layoffs are probably on the way, says Roger Lee, the creator of Layoffs.fyi and a San Francisco-based HR tech founder. Despite the recent deluge of layoffs, Lee says there's some hope the current wave of cuts could slow. "There's obvious correlation between the Fed raising interest rates and these tech companies doing layoffs," Lee says. It's important to remember that the overall job market is pretty strong, and tech workers losing their jobs are getting hired again quickly.

☆ Factbox: Tech firms, Wall Street lead job cuts in corporate America
▼ + stars: | 2023-01-11 | by ( ) www.reuters.com time to read: +6 min

Jan 11 (Reuters) - Big Tech firms and Wall Street titans are leading a string of layoffs across corporate America as companies look to rein in costs to ride out the economic downturn. HP Inc (HPQ.N):The computing devices maker said it expected to cut up to 6,000 jobs by the end of fiscal 2025. Job seekers wait before a job fair for airport related employment at Logan International Airport in Boston, Massachusetts, U.S., December 7, 2021. Blue Apron Holdings Inc (APRN.N):The online meal-kit company said it will cut about 10% of its corporate workforce, as it looks to reduce costs and streamline operations. Last year, company executives had said the home goods retailer was cutting about 20% of its corporate and supply chain workforce.

Search resuls for: "layoffs.fyi"

25 mentions found