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Search resuls for: "layoffs.fyi"


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☆ Dozens of fired Meta employees are writing heart-wrenching 'badge posts' on social media
  + stars: | 2022-11-11 | by ( Jyoti Mann | ) www.businessinsider.com   time to read: +4 min
Meta employees who were laid off this week are writing "badge posts" on LinkedIn to share memories. A "badge post" is a tradition where departing Meta employees post their ID with a goodbye message. "Not the badge post I ever imagined doing," former Meta technical sourcer Kate Greentree wrote on LinkedIn. Not all "badge posts" from former Meta staff were so positive, however. Here's a round-up of LinkedIn "badge posts" uploaded by people who were laid off from Meta:
☆ Thousands at Meta, Twitter, Salesforce lost jobs this week—the shock could ripple through the economy for months
  + stars: | 2022-11-10 | by ( Jennifer Liu | ) www.cnbc.com   time to read: +3 min
Tens of thousands of tech workers have been laid off within days, as tech giants including Meta, Twitter, Salesforce and others shed headcount going into the final stretch of the year. At least 20,300 U.S. tech workers were let go from their jobs in November, and more than 100,000 since the beginning of the year, according to Layoffs.fyi, which tracks layoffs in the field. The latest economic volatility disproportionately affects tech and could impact other downstream industries, Pollak adds. How tech layoffs could impact the economyTech sector cuts will have a ripple effect: Fewer companies prepare to go public, so investment banks take a hit. Hiring is still strong despite economic headwinds, according to the Labor Department's latest jobs report, and Pollak says employers are adding 60% more jobs each month than prior to Covid.
☆ Analysis: Silicon Valley's greatest minds misread pandemic demand. Now their employees are paying for it.
  + stars: | 2022-11-10 | by ( Catherine Thorbecke | ) edition.cnn.com   time to read: +9 min
CNN Business —In the early months of the pandemic, Facebook only grew bigger and more central to our lives. On Wednesday, however, Zuckerberg reversed course and laid off more than 11,000 employees, marking the most significant cuts in the company’s history. In a memo to staff, Zuckerberg coughed up some of the hardest words in the English language. The Federal Reserve maintained near-zero interest rates at the time, giving tech companies easier access to capital. And private and public market valuations for tech companies only seemed to go higher.
☆ Tech layoffs are rampant but data shows that demand for talent remains strong. Here's what job seekers need to know right now.
  + stars: | 2022-11-09 | by ( Rebecca Knight | Diamond Naga Siu | Rachel Durose | ) www.businessinsider.com   time to read: +9 min
Yet the situation is not dire: tech job postings rose over 3% from September to October, data shows. In the tech industry, as of October, the unemployment rate stood at 2.2%, whereas the national unemployment rate was 3.7%. Andrew Flowers, the lead labor economist at Appcast, a software company that helps companies with their recruiting, said his "sense is that these factors hurt tech companies but not tech workers." "The outlook for tech occupations is much stronger than the outlook for the tech industry," he said. Artificial intelligence, cybersecurity, and cloud-computing skills are the top in-demand skills in the tech industry, according to a September analysis by Indeed.
☆ Thousands of workers were laid off this week as tech companies and startups brace for an economic crash. Investors, founders, and recruiters explain why this is just the beginning.
  + stars: | 2022-11-05 | by ( Rob Price | Samantha Stokes | ) www.businessinsider.com   time to read: +10 min
Amid growing economic uncertainty, layoffs in the technology industry, both for public companies and for startups, have been escalating this Fall. While plenty of tech companies were still flying high in early 2022, Russia's invasion of Ukraine in February accelerated global economic turmoil. More than 17,000 tech workers lost their jobs in both May and June, while July and August saw another 29,000 cuts, according to layoff tracker Layoffs.fyi. Davis, the VC at Interplay, explained that cost-cutting and layoffs are happening across the board, not just in the tech industry. But public tech companies as well as early- and growth-stage startups will face additional challenges, he said.
☆ The Stripe founders' memo explaining its layoff plan to employees is a remarkably candid look at why so much of tech is in freefall
  + stars: | 2022-11-05 | by ( Travis Clark | ) www.businessinsider.com   time to read: +6 min
Its memo to employees highlights the economic headwinds other tech companies are facing. From Meta to Shopify, tech companies are navigating an uncertain future. It over-hired during the pandemic"We over-hired for the world we're in," the founders wrote. It failed to keep other costs in checkThe founders' wrote: "We grew operating costs too quickly. The open question facing Stripe and other tech companies is what that recalibration looks like, beyond simply cutting costs.
☆ Dozens of tech companies, from Lyft to Twitter, are laying off workers. Here are 5 concrete steps to take if you lose your job.
  + stars: | 2022-11-04 | by ( Rachel Durose | ) www.businessinsider.com   time to read: +6 min
There are five steps two career experts say workers should take if they've lost their job. They suggest taking time for yourself, looking into legal counsel, and posting on social media. In 2022, more than 99,000 technology workers have been laid off, according to the tech-industry-layoffs tracker Layoffs.FYI. Workers need time to process their emotions before diving into the logistics of their severance and job hunting. "If you can, I always recommend utilizing legal counsel," she said.
☆ GoStudent, a $3 billion edtech startup backed by SoftBank and Coatue, is laying off a tenth of its staff
  + stars: | 2022-09-16 | by ( Riddhi Kanetkar | Tasmin Lockwood | ) www.businessinsider.com   time to read: +3 min
GoStudent, Europe's first edtech unicorn, is laying off 200 employees — around 10% of its workforce. The Vienna-based startup is backed by investing giants like SoftBank, Coatue, and Tencent. It joins 23 other edtech companies that have let staffers go amid the global economic downturn. GoStudent, an edtech unicorn backed by some of the world's biggest tech investors, is laying off a tenth of its workforce, the company's CEO said. Japan's SoftBank, Chinese tech investor Tencent, and New York hedge fund Coatue have all backed GoStudent, which is valued at 3 billion euros (around $3 billion).
☆ Watch your back: Here are the 4 kinds of employees most likely to get laid off in the current downturn
  + stars: | 2022-09-06 | by ( Aki Ito | ) www.businessinsider.com   time to read: +9 min
Those who participated in the Great Resignation landed big raises, great benefits, and all sorts of perks that would have been unthinkable just a few years ago. So it's no surprise that in the current wave of layoffs, veteran employees are enjoying more job security. The average laid-off employee in Revelio Labs' analysis had worked for their employer for 1.2 years — meaning they were most likely hired near the start of the Great Resignation. MillennialsIn a previous analysis, Revelio Labs found that young professionals were much more likely than their older coworkers to switch jobs during the Great Resignation. For every Great Resignation, there will be a Great Reckoning.
☆ Layoff season is in full swing. Here are 5 concrete steps to take if you lose your job.
  + stars: | 2022-07-27 | by ( Rachel Durose | ) www.businessinsider.com   time to read: +6 min
There are five steps two career experts say workers should take if they've lost their job. They suggest taking time for yourself, looking into legal counsel, and posting on social media. Pink slips are flying this holiday season, with dozens of technology titans and industry startups laying off workers. Workers need time to process their emotions before diving into the logistics of their severance and job hunting. "If you can, I always recommend utilizing legal counsel," she said.
☆ Tech Layoffs Are Happening Faster Than at Any Time During the Pandemic
  + stars: | 2020-03-11 | by ( Andrew Barnett | Ming Li | ) www.wsj.com   time to read: 1 min
Technology-driven companies across industries have been laying off workers at the fastest pace since the Covid-19 pandemic shocked the global economy in 2020, according to one data tracker. Collectively, employers in the slumping tech sector cut more than 150,000 jobs in 2022, based on estimates from Layoffs.fyi, a website that tracks the events as they surface in media reports and company releases.
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