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☆ Factbox: FACTBOX Tech firms, Wall Street lead job cuts in Corporate America
▼ + stars: | 2023-01-10 | by ( ) www.reuters.com time to read: +5 min

Jan 10 (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. Cisco Systems Inc (CSCO.O):The networking and collaboration solutions company said it will undertake restructuring which could impact roughly 5% of its workforce. The effort will begin in the second quarter of the fiscal year 2023 and cost the company $600 million. HP Inc (HPQ.N):The computing devices maker said it expected to cut up to 6,000 jobs by the end of fiscal 2025. Consumer and retail companies:Beyond Meat Inc (BYND.O):The vegan meat maker said it plans to cut 200 jobs this year, with the layoffs expected to save about $39 million.

☆ Coinbase and Amazon are slashing thousands of workers, as a wave of layoffs continues into 2023. Here's the full list of major US companies making cuts.
▼ + stars: | 2023-01-10 | by ( Bethany Biron | Samantha Delouya | ) www.businessinsider.com time to read: +1 min

Coinbase and Amazon are the latest to be hit by a wave of layoffs at big US tech companies. The companies are cutting thousands of employees in total. Sign up for our newsletter for the latest tech news and scoops — delivered daily to your inbox. Coinbase is the latest tech giant to lay off hundreds of workers. According to data cited by the Journal from Layoffs.fyi, a site that's been tracking layoffs since the start of the pandemic, tech companies slashed more than 150,000 in 2022 alone — compared to 80,000 in 2020 and 15,000 in 2021.

☆ Hot AI startup Scale AI, valued at $7 billion, has laid off 20% of its staff. Insiders say employees found out when they were locked out of their computers.
▼ + stars: | 2023-01-09 | by ( Samantha Stokes | Stephanie Palazzolo | ) www.businessinsider.com time to read: +4 min

Scale AI laid off 20% of its workforce this morning, Insider has learned. Scale AI has raised more than $600 million from investors like Tiger and Y Combinator and was valued at $7 billion. Buzzy artificial intelligence data-management startup Scale AI, which was last valued at $7 billion in 2021, laid off 20% of its workforce Monday morning, Insider has learned. Founded in 2016 by Alexandr Wang and Lucy Guo, Scale AI was a member of the prestigious accelerator program Y Combinator's summer 2016 cohort. However, the job cuts at Scale AI – once a Silicon Valley darling – seem to suggest otherwise.

☆ What Apple, Google and other Big Tech companies are paying, based on new salary transparency data
▼ + stars: | 2023-01-06 | by ( Jennifer Liu | ) www.cnbc.com time to read: +4 min

It just got a lot easier to see how much some of the biggest tech companies in the world pay, thanks to a rollout of new salary transparency laws across the country. As of Jan. 1, California and Washington joined New York City and Colorado in legally requiring employers to post salary ranges on their job ads. Data is based on job posts from over 700 of the top tech companies and startups, accounting for more than 53,000 active listings. As of this week, Comprehensive.io says 39% of tech companies are complying with California's new salary range law. In New York City, which rolled out its legislation on Nov. 1, 63% of tech companies are complying.

☆ 2023 has barely started and Amazon, Salesforce, and Vimeo have already announced over 25,000 job cuts
▼ + stars: | 2023-01-05 | by ( Huileng Tan | ) www.businessinsider.com time to read: +3 min

Media company Vimeo also said on Wednesday it will lay off 11% of staff. The massive job cuts — which was first reported by the Wall Street Journal on Wednesday — were far higher than Amazon's initial plans of 10,000 job cuts. Amazon employs 1.5 million workers and this round of job cuts is the largest in the company's history. Media company Vimeo also said on Wednesday it will lay off 11% of its total staff. The staff cuts will help Vimeo address economic concerns, a company spokesperson told Insider's Grace Kay.

In recent years, U.S. tech majors have stepped up hiring and made diversity, equity and inclusion (DEI) a priority. But as the industry grapples with over-hiring since mid-2020, rising interest rates and changes in business and consumer behavior, tech companies have announced deep cuts, risking their diversity efforts. The rare shakeup in big tech companies risks further disrupting diversity pledges that have already grown stagnant as companies de-emphasize DEI efforts. Equal Employment Opportunity data for 2008-2016, found that about 7% of tech firms are actively trying to diversify their workforce. This will disrupt diversity efforts even further, said Benjamin Juarez, a recruiting consultant and co-founder of Latinos in Tech.

☆ Amazon layoff signals more pain for tech sector as recession fears mount
▼ + stars: | 2023-01-05 | by ( ) www.reuters.com time to read: +2 min

Jan 5 (Reuters) - The massive job cuts by Amazon.com Inc (AMZN.O), one of the biggest private employers in the United States, show the wave of layoff sweeping through the tech sector could stretch into 2023 as companies rush to cut costs, analysts said on Thursday. The drop in demand amid a steep rise in borrowing costs has led several executives from the sector to admit they hired in excess during the COVID-19 crisis. "Some of us will remember 2000 to 2003 after a massive bubble fed by cheap money, high investor expectations and plentiful cash," said Mould. "Whether we see a repetition or not will be very interesting as there is a danger of that." Reporting by Nivedita Balu, Yuvraj Malik and Bansari Mayur Kamdar in Bengaluru; Editing by Arun KoyyurOur Standards: The Thomson Reuters Trust Principles.

☆ A new website compiles salaries for jobs at 700 top tech firms, from Amazon to Google — see what your job is worth
▼ + stars: | 2023-01-05 | by ( Sarah Jackson | ) www.businessinsider.com time to read: +2 min

A new website is compiling salaries for tech jobs at hundreds of industry giants and top startups. Comprehensive.io aggregates pay data from the careers pages of tech employers like Amazon and Google. If you're job searching, you can find the average pay range for a specific role under "Popular Job Titles," based on pay data from various companies. Note that Comprehensive.io currently only gives results for California and New York City tech jobs. As more pay data becomes available, it will track salaries at more tech employers and branch into other industries as well, Lee says.

☆ Salesforce is slashing thousands of workers, as a wave of layoffs continues into 2023. Here's the full list of major US companies making cuts.
▼ + stars: | 2023-01-04 | by ( Bethany Biron | ) www.businessinsider.com time to read: +1 min

Salesforce and Vimeo are the latest to be hit by a wave of layoffs at big US tech companies. The companies are cutting 10% and 11% of total employees, respectively. Sign up for our newsletter for the latest tech news and scoops — delivered daily to your inbox. Salesforce and Vimeo became the latest to announce cuts in the new year, amid a continued economic downturn and stagnating sales. According to data cited by the Journal from Layoffs.fyi, a site that's been tracking layoffs since the start of the pandemic, tech companies slashed more than 150,000 in 2022 alone — compared to 80,000 in 2020 and 15,000 in 2021.

☆ Factbox: Tech firms leading job cuts in Corporate America
▼ + stars: | 2023-01-04 | by ( ) www.reuters.com time to read: +9 min

Jan 9 (Reuters) - Big Tech firms are leading a string of layoffs across corporate America as companies look to rein in costs to ride out the economic downturn. Microsoft Corp (MSFT.O):The software giant laid off under 1,000 employees across several divisions in October, Axios reported, citing a source. However, Bloomberg later reported Twitter was reaching out to dozens of employees who lost their jobs, asking them to return. HP Inc (HPQ.N):The computing devices maker said it expected to cut up to 6,000 jobs by the end of fiscal 2025. CNN:Warner Bros Discovery-owned (WBD.O) CNN's top boss Chris Licht informed employees in an all-staff memo that job cuts were underway.

☆ The tech IPO market collapsed in 2022, and next year doesn't look much better
▼ + stars: | 2022-12-29 | by ( Ari Levy | ) www.cnbc.com time to read: +7 min

The Stockholm-based company raised financing at a $6.7 billion valuation this year, an 85% discount to its prior valuation of $46 billion. Butler doesn't expect the IPO market to get appreciably better in 2023. Butler also thinks that Silicon Valley has to adapt to a shift away from the growth-first mindset before the IPO market picks up again. Butler said he expects this "cultural reset" to take a couple more quarters and said, "that makes me remain pessimistic on the IPO market." Databricks raised $1.6 billion at a $38 billion valuation in August of 2021, near the market's peak.

☆ Startups find better access to talent as top tech companies cut jobs, freeze hiring
▼ + stars: | 2022-12-29 | by ( Jennifer Elias | ) www.cnbc.com time to read: +8 min

More than 50,000 tech workers were let go from their jobs in November, according to data collected by the website Layoffs.fyi. “Given the tech layoffs and lower hiring by the big-tech companies, folks are looking for smaller tech companies to join,” said Christopher Fong, founder of Xoogler.co, a network for ex-Google employees. In the absence of the stability that the largest tech companies once offered, workers are looking to startups and midsize companies that offer greater flexibility and, in some case, the opportunity to have a bigger impact. “I tried not to think a lot about tech layoffs when interviewing," Bell said. Lauren Illovsky, talent partner for Alphabet's CapitalG venture firm said “hiring has gotten a little easier" for the group's portfolio companies.

☆ Leaked video shows the CEO of $3 billion GoStudent announcing fresh layoffs. Insiders and Slack screenshots suggest hundreds of staff have been cut.
▼ + stars: | 2022-12-16 | by ( Riddhi Kanetkar | Tasmin Lockwood | ) www.businessinsider.com time to read: +4 min

GoStudent held a company-wide all-hands meeting Thursday after a fresh wave of layoffs. The number of employees affected isn't clear, but Slack screenshots show members dropping by 370 over two days. Screenshots of GoStudent's Slack seen by Insider show the number of members dropping by 370 over two days. GoStudent u-turned on perks intended to combat rising inflationScreenshots of the company's Slack channels show employee confusion in response to the layoffs. According to public layoffs tracker Layoffs.fyi, almost 1,000 tech companies have cut more than 150,000 staff.

☆ Over 150,000 tech workers have lost their jobs in 2022 with education, health, and crypto sectors among the worst affected
▼ + stars: | 2022-12-15 | by ( Riddhi Kanetkar | ) www.businessinsider.com time to read: +4 min

Over 150,000 tech workers have lost their jobs in 2022, according to tracker site Layoffs.fyi. More than 150,000 tech workers have lost their jobs this year, according to data from tracker site Layoffs.fyi. Industries that grew rapidly during the pandemic — such as health tech, education tech, and crypto — have been the worst affected in 2022. The issue, he said, was that some investors in crypto, education tech, and health tech paid little heed to economic fundamentals. Amid recessions, B2B sub-sectors such as corporate education tech and employee coaching remain promising pockets within education tech, the investor added.

☆ GoStudent, a $3 billion education startup backed by Coatue and SoftBank, has started a fresh wave of layoffs that could hit over 100 jobs, sources say
▼ + stars: | 2022-12-14 | by ( Tasmin Lockwood | Riddhi Kanetkar | ) www.businessinsider.com time to read: +3 min

SoftBank-backed education startup GoStudent is cutting jobs for the second time in three months. The Austrian startup has already cut roles in Italy, Germany, and Vienna, Insider understands. GoStudent has raised $686 million to date and is also backed by Coatue and Prosus. GoStudent, a $3 billion edtech startup backed by some of the world's biggest tech investors, has started laying off staff for the second time in three months, Insider understands. According to public layoffs tracker Layoffs.fyi, almost 1,000 tech companies have cut more than 150,000 staff.

☆ The hidden upside of tech layoffs
▼ + stars: | 2022-12-14 | by ( Aki Ito | ) www.businessinsider.com time to read: +7 min

In the midst of a wave of wholesale layoffs, many tech workers are somehow bouncing back stronger than ever. Ayas and her colleagues analyzed the fate of laid-off tech workers by looking at data from Parachute and Layoffs.fyi, both of which compile information provided by out-of-work employees. Today, not only are laid-off tech workers finding jobs quickly, Revelio Labs found, but 52% are actually earning more than they were before. That's not to say that laid-off tech workers will continue to face great job prospects forever. If the layoffs continue, the economy will eventually become oversaturated with tech workers — at which point their job searches will take longer, and more will be forced to accept lower salaries.

☆ All those tech workers who've been laid off this year? New data suggests they're going to be just fine in the job market.
▼ + stars: | 2022-12-13 | by ( Rebecca Knight | ) www.businessinsider.com time to read: +6 min

You could do worse than an exit package from Big TechNearly 150,000 tech workers have lost their jobs in 2022, according to the layoff-tracking platform Layoffs.FYI. But tech workers are not likely to be out of a job for long. 'Pent-up demand' for tech workers in healthcare, defense, and bankingMost of the job growth for tech workers is in other industries, the Dice report found. The unemployment rate for the tech industry is hovering around 2%, according to an analysis by CompTIA, an industry association. "The arms race between tech companies on comp and benefits is over."

☆ Tech layoffs send visa holders on frantic search for employment to avoid deportation
▼ + stars: | 2022-12-02 | by ( Annie Palmer | ) www.cnbc.com time to read: +6 min

Workers on temporary visas often have 60 to 90 days to find a new gig so they can avoid being deported. More than 50,000 tech workers were let go from their jobs in November, according to data collected by the website Layoffs.fyi. A search for "layoffs H1B" on LinkedIn surfaces a stream of posts from workers who recently lost their jobs and are expressing concern about the 60-day unemployment window. An engineer who was recently laid off by gene-sequencing technology company Illumina said he hoped his employer would sponsor his transfer to an H-1B visa. WATCH: Tech layoffs double from October to November

☆ After the Great Resignation and quiet quitting, the era of 'loud layoffs' is here
▼ + stars: | 2022-11-30 | by ( Jennifer Liu | ) www.cnbc.com time to read: +5 min

Within weeks, mass layoffs primarily in tech, including at Twitter, Meta, Amazon, Salesforce, HP, Lyft, Doordash and more, have flooded headlines. And after the Great Resignation and quiet quitting rocked the market, the new era of "loud layoffs" is having an outsized impact on how people feel about their jobs. Why tech layoffs have a chilling effect: It's 'wrapped up with our economic aspirations'Even though they've been concentrated so far, tech layoffs do have an outsized effect on worker sentiment. "The tech industry is wrapped up with our economic aspirations as Americans. The tech industry is wrapped up with our economic aspirations as Americans.

☆ Bengaluru, home to 1.5 million IT workers and called 'the world's back-office,' has dodged the tech winter ripping through Silicon Valley — but experts warn it may not last
▼ + stars: | 2022-11-30 | by ( Matthew Loh | Britney Toh | ) www.businessinsider.com time to read: +8 min

"Salaries hit the roof," Yeshab Giri, the chief commercial officer at Randstad India, told Insider. They see the decline more as the market returning to the brink of normalcy, and said there's still hope for laid-off tech workers — as long as they've been active in their jobs. In the same quarter, Infosys, which hires a 345,000-strong workforce, reported a $65.6 million net profit. Menon of CIEL believes demand for tech workers will pick up again in the second quarter of next year, after a "much-needed correction" in the industry. It suffered a $575 million net loss in the year ending March 2021, per Bloomberg.

☆ Another tech bubble bursts: 2022 has been brutal for Silicon Valley workers
▼ + stars: | 2022-11-27 | by ( David Ingram | David Ingram Covers Tech For Nbc News. | ) www.nbcnews.com time to read: +28 min

Gem: 100A maker of recruiting software, the startup cut a third of its workforce Nov. 1, The Information reported. HealthCare.com: 149The health insurance marketplace announced the job cuts Aug. 3, Miami Inno reported, citing state regulatory filings. Fabric: 120The robotics startup said July 13 that it was layoffing off 40% of them, TechCrunch reported, citing company confirmation. It affected about 300 people, the Silicon Valley Business Journal reported, citing company confirmation. Policygenius: 170The online insurance company cut about 25% of its staff, Axios reported June 6, citing company confirmation.

☆ Tech's reality check: How the industry lost $7.4 trillion in one year
▼ + stars: | 2022-11-25 | by ( Rohan Goswami | ) www.cnbc.com time to read: +14 min

Not one of the 15 most valuable U.S. tech companies has generated positive returns in 2021. In total, investors have lost roughly $7.4 trillion, based on the 12-month drop in the Nasdaq. In the war for talent and the free flow of capital, tech pay reached new heights. Loading chart...SPACs allowed companies that didn't quite have the profile to satisfy traditional IPO investors to backdoor their way onto the public market. A slowing IPO market informs how earlier-stage investors behave, said David Golden, managing partner at Revolution Ventures in San Francisco.

☆ Laid off from your tech job? Here's what you need to do to boost your chance of getting hired
▼ + stars: | 2022-11-22 | by ( Goh Chiew Tong | ) www.cnbc.com time to read: +7 min

Pooja Chhabria Career expert, LinkedInThis makes for a tight labor market that is "flooded with unemployed professionals and qualified candidates," she added. Time is of the essenceThe good news is that there are still tech opportunities available in "countless industries," said Salemi. Vicki Salemi Career expert, Monster.comWhile there are jobs available, experts told CNBC Make It that time is of the essence. Other than highlighting tech skills in your resume, soft skills like time management and customer service are crucial too. Be sure to engage and check in on your professional community on a regular basis to pave the way for mentorship opportunities, career advice and potential job opportunities.

☆ Wall Street ignored Big Tech's bloat during boom times. Now it's ready to slice and dice.
▼ + stars: | 2022-11-17 | by ( Jake Swearingen | ) www.businessinsider.com time to read: +6 min

As tech companies' stock has slumped, Wall Street now has leverage over companies. One reason for those layoffs: Wall Street is increasingly getting a say in how the tech giants are run. But 2022's slumping tech stocks and dismal revenue forecasts mean Wall Street suddenly has leverage. The more open question is whether tech companies are truly bloated regarding headcount. Wall Street will want to see companies cut costs, which will mean more layoffs.

☆ Why corporate leaders like Mark Zuckerberg, Jack Dorsey, and Evan Spiegel are all apologizing for the massive layoffs at their companies
▼ + stars: | 2022-11-15 | by ( Sarah Belle Lin | ) www.businessinsider.com time to read: +10 min

Since the pandemic, the largest tech layoffs have been at Meta, Getir, Booking.com, Twitter, Uber, Better.com., Peloton, and Groupon, Layoffs.fyi data show. Now companies in tech are reversing some of the huge hiring that they did in the past couple of years, Lee said. Mark Zuckerberg, MetaFacebook CEO Mark Zuckerberg speaks about "News Tab" at the Paley Center, in New York on October 25, 2019. In the memo he wrote: "Many people predicted this would be a permanent acceleration that would continue even after the pandemic ended. Jack Dorsey, ex-CEO TwitterTwitter CEO Jack Dorsey testifies before the House Energy and Commerce Committee in Washington, DC, in 2018.

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