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Over 50% of CEOs say they’re considering cutting jobs over the next 6 months
- pkrumins 4y agoI’ll be hiring!
- bell-cot 4y agoVs. what % of CEO's were considering such a cut back in the teens? 50%+ would hardly be surprising.
- esel2k 4y agoI see the same where I work: Reorg and layoffs upcoming. But the second part (as much as I would like to believe it) makes little sense. Our company willingly sourced candidates across the globe to find rare talents. They won’t let that effort go to waste. I would be more worried if you can’t express what your added value is for the company/strengths on the market.
- bluedino 4y agoThey aren't saying 'all' remote workers.
- vsareto 4y agoOf course the folks that hired those people are going to be like "we bring great talent to this company" when they get asked what their added value is
- freyr 4y ago> They won’t let that effort go to waste. I’ve told this to myself many times over my career. And been wrong so many times.
- sss111 4y agohow does this situation keep getting worse everyday, never thought I would be graduating into a recession :/
- dmitrygr 4y agoI graduated in 2008. Don’t worry so much. Good people are always in demand. Most companies hire even as they do layoffs. Focus on breaking able to explain that you’re a good addition to the team
- musha68k 4y agoIt’s not going to hit you if you work in “tech” and have both a professional mindset and regimen in place. Software is still and ever increasingly eating the world FWIW… Don’t fall for the doomsday folks, they either don’t understand the dynamics and/or are just in it for the drama. It’s actually still a great time to negotiate for premiums. Keep calm and carry on.
- deelowe 4y agoTech sectors supported by ADs seem to already be getting hit. Ad spending is way down.
- musha68k 4y agoTo be fair ad sector is pernicious for the most part. Good for any professional to move on if you ask me.
- egfx 4y agonot so fast https://www.marketwatch.com/story/it-will-be-mostly-a-white-collar-recession-milken-institute-economist-william-lee-on-how-the-next-downturn-will-be-different-11658935183 https://www.marketwatch.com/story/it-will-be-mostly-a-white-... https://www.theguardian.com/business/2022/sep/17/tech-silicon-valley-layoffs-interest-rates-valuation-slow-growth https://www.theguardian.com/business/2022/sep/17/tech-silico...
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- jedberg 4y agoI would posit that no matter what the economy looks like, CEOs are always considering job cuts in the next six months.
- silisili 4y agoOf course. I'd argue that any CEO worth his or her salt should -always- leave it on the table as an option and evaluate from time to time(6 months sounds fair enough). Not that I'm a fan of layoffs, but no company can be successful if their position is 'no layoffs, ever.' In other words, the headline means less than nothing.
- musha68k 4y agoFear is the mind-killer. Just stay professional and keep an open mind and rest assured that by now all our economies inherently depend on all these more or less complex information systems FWIW.
- guiriduro 4y agoPrecisely - its clearly just that "some CEOs" like to chum the water with a little fear to keep staff from leaving (to become the 'last in, first out' somewhere else), and to create pressure against wage rises to enable them to freeze and make derisory offers to keep their wage bills down. Successful CEOs understand the dynamic you expressed above, however.
- musha68k 4y agoQuickly riffing on that, not specifically going into your points but in general: in case of changing dynamics at a specific company (job-to-be-done, mandates changed, etc) almost nothing bad about being let go in this market even. Usually only upsides. New learning opportunities, remuneration, etc. Too much comfort isn’t good for the good worker either. Think occasional cold shower and fermented Sauerkraut. Work on your safety belt though, but that should go without saying even during high times. You might miss the people, though you can still keep in touch. We have it very good, still fight for your worth at all times. Peace.
- 5350-uiop-1130 4y agolaying the groundwork for an end to flexibility. somebody's got to buy those $15 sandwiches and $10 coffees.
- thenerdhead 4y ago> Remote workers may find it in their best interest to show their faces in the office as their job security becomes more uncertain. Glad to see this FUD being shared still. Did we learn nothing over the last few years?
- ahtihn 4y agoWhat did we learn? That you're not more likely to be laid off if you're remote? I don't think there's enough data on that yet as there haven't been all that many layoffs since covid.
- vogt 4y agoIt seems like every day there is a new article on Business Insider or Forbes or Fortune about how remote workers are the scourge of all things workplace related. Almost feels like a semi coordinated push from executives (especially those with commercial real estate interests in one form or another) to pay to have stories in these outlets to shift the hive mind in a direction that favors them.
- chucksta 4y agoAs a millennial I appreciate the "cause of doom" distraction some
- gamechangr 4y agoI agree...I've wondered who is sponsoring all these articles?
- jfghi 4y agoI wonder. It seems as though historically commercial real estate is a gigantic industry with strong relationships to other industries. Anecdotally it seems as though companies that lease their real estate have been much more inclined towards wfh.
- vkou 4y agoNobody is sponsoring those articles, they are simply writing what their readers want to hear, which becomes a self-fulfilling prophecy. Much like when the papers write so much nationalistic tripe that the people reading them actually start both believing it, and expecting it.
- mikkergp 4y ago> Nine in ten CEOs in the U.S. (91%) believe a recession will arrive in the coming 12 months aren't we in a recession? In America, half of the CEOs (51%) say they’re considering workforce reductions during the next six months CEO's consider a lot of things, might be nice to see a graph of this over time.
- diceduckmonk 4y agoI just searched "are we in a recession" on Google. Seems like a popular enough question yet Google doesn't directly provide any context-aware answers next to the "people also ask" box nor "enriched and interactive search results".
- sangnoir 4y agoThe fact that people are asking, to me, is proof that we're not definitively in one. Of we were, people wouldn't be asling about it.
- philovivero 4y agoWe are in a recession. Unless the redefinition of the word is successful, and there's a strong push to redefine the word. So you're going to see some confusion on this topic until the politics around it settle down a bit.
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- sneeze-slayer 4y agoThe US is officially in a recession when the National Bureau of Economic Research says we are. Two quarters of shrinking GDP is often used as a heuristic but other factors like duration and intensity are included as well. Sometimes labor and unemployment data gets corrected months later, so it is sometimes the case that a recession is not official until it has already passed. Basically, in the US, we are in a recession when the Business Cycle Dating Committee says so. https://www.nber.org/research/business-cycle-dating https://www.nber.org/research/business-cycle-dating
- thedangler 4y agoI bet the CEO's will take record bonuses too while everyone bleeds.
- maerF0x0 4y agoIncluding shareholders. https://cooleypubco.com/2016/07/25/new-study-shows-inverse-correlation-between-ceo-pay-and-performance-over-the-long-term/ https://cooleypubco.com/2016/07/25/new-study-shows-inverse-c...
- fishtoaster 4y agoUgh, I hate stats like this. WHAT'S THE BASELINE?! It could well be that 50% of CEOs are always "considering" cutting jobs in the next 6 months. I mean, I suspect that this number is higher than usual because, well, it does look like we're heading into a recession. But if I'm interpreting this number based on my perception of the recession, then this number is useless at the main point of this article: informing me on whether we're heading into a recession or not.
- johncessna 4y agoShh, don't think, just react!
- autokad 4y ago> It could well be that 50% of CEOs are always "considering" cutting jobs in the next 6 months They are not. CEOs are generally optimistic. this is a very bad sign. 99.99999% of knowing what someone will do is what they say. people try to read way too much into other things, "what were they really thinking? how has that changed over time?" etc etc. sometimes you just have to snap out of it and LISTEN. and what you hear is very bad, and far from 'useless'. as far as whether we are heading into a recession or not, we are not. We are already in a recession. We've had 2 quarters of shrinking GDP. maybe we notch a positive quarter in between the next negative quarter, but its a recession. stop over thinking it.
- koolba 4y ago> We are already in a recession. We've had 2 quarters of shrinking GDP. maybe we notch a positive quarter in between the next negative quarter, but its a recession. stop over thinking it. That definition of recession is not codified. The official definition is that we’re in a recession only after an octogenarian declares it (retroactively of course).
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- lordnacho 4y agoAnd what is the normal history of this statistic? If it's normally 75% of bosses who are considering cutting, maybe 50% is good. If it's normally 10%, maybe it's bad.
- helge9210 4y agoPerformance boost from a lower coordination overhead might worth it.
- gumby 4y agoContrarian view: 1 - Hire assuming people work < 8 hr day. 2 - Don't overburden them. 3 - Don't try to drive hyper-productivity. 4 - Do manage people for results; counsel those who are not performing at level* and yes, fire them if you can't help them get going. * See point 2 Results (in my experience): A - Less turnover B - Better quality (because people have time to think; less technical debt because less "I'm exhausted so let's just ship it" C - People have useful ideas because they have some time to think D - Customers happier; revenue more dependable E - in the inevitable but rare times there is a crunch people are more likely to have the energy for it and understand why/how it happened. At least, this has always worked for me, as some other HN commenters can corroborate.
- bpodgursky 4y ago50% of Americans are considering going on a diet within the next 6 months.
- vorticalbox 4y agoI wonder how many CEOs would consider cutting pays of the highest paid employees in order to not have to cut jobs at all.
- pGuitar 4y agoonly the sane ones (probably a lot less then 50%)
- chasd00 4y agoCut the pay of your highest paid and they’ll just leave and go somewhere that won’t cut their pay. At my last job I saw that writing on the wall and left. That company slowly imploded over the next year all the while steadily cutting everyone’s pay promising a turn around each quarter. I saved probably a 100k by leaving let alone what I added with the new job.
- indus 4y agoI just surveyed my office dwellers and got this: “92% of WeWork users are considering upgrading their home Internet speeds.”
- ilrwbwrkhv 4y agoEh over 50% of CEOs are useless anyways and were simply there since the markets were going up.
- yrgulation 4y ago“ One caveat for people who like working from home: Remote workers may find it in their best interest to show their faces in the office as their job security becomes more uncertain.” We need a mechanism for scrutinising these media workers. They negatively influence our daily lives and are as much if not more corrupt than politicians. Wondering how much bribe marketwatch took for slipping in this crap?
- wdb 4y agoI prefer they talk about salary raises to match inflation
- black_13 4y ago
- baner2022 4y ago50% of 2 interviewed would make this statement true … why does it matter if a CEO making a statement
- stjohnswarts 4y agoOf course they are, currently there is a negative feedback loop in mainstream media and business news. They are reporting anything from a mild recession to economic collapse in the current slump; so the CEOs think about firing people then the media interviews/surveys execs and the cycle repeats and gets worse and worse until better economic information comes in.
- RickJWagner 4y agoMarketWatch is totally click-baity trash. About the point: Yes, it seems there will be a recession and some job cutting. Please be prepared.