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I am curious about these layoffs; the number impacted in the past year seems to be between 100-250,000 tech employees. Are there that many good-paying jobs rem

I am curious about these layoffs; the number impacted in the past year seems to be between 100-250,000 tech employees. Are there that many good-paying jobs remaining within the tech industry that they can re-shuffle to? Are people finding placement? Are coders now competing for less-technical jobs as well? I've heard stories of recruiters who were seeing 1 resume per week now seeing 300 resumes per week, but I'm not noticing any sentiment of widespread panic on HN or even Reddit.

fxd123 4y ago
> the number impacted in the past year seems to be between 100-250,000 tech employees That's because companies announce layoffs but they usually don't announce mass hiring. While cloud sectors are laying off, healthcare and defense are hiring tons right now
latchkey 4y ago
What would panic look like to you?
- csomar 4y ago
  In the crypto communities, it's usually posting the suicide number hotline. I don't think we'll ever be there yet. Tech people are still one of the richest in the US and the Earth.
peruvian 4y ago
I got laid off late January and was able to find a job within a month. I've got a senior title and 6.5 years of experience. Like most US tech workers, I was getting paid comfortably, but nowhere near the level of FAANG/fintech/top startups. I took a small pay increase with this new job. I've got friends who were part of the FAANG layoffs who have been struggling because they only want to work at FAANG or top tier fintech/startups. That said, they are also not trying too hard due to generous severance.
- desi_ninja 4y ago
  Assuming none of your friends are visa holders. Otherwise trying not too hard case wouldn't be there.
  - peruvian 4y ago
    Correct.
ptero 4y ago
250,000 tech workers impacted sounds like a lot, but this is less than what the companies hired during the covid job boom; this can be simply (a step towards) a reversion to a more normal state of the tech employment.
- toomuchtodo 4y ago
  This is the pragmatic outlook. ~3 million jobs are created in a year, and ~3 million Baby Boomers retire every year.
arberx 4y ago
Most people are still in their severance period. Expect panic in the next couple of quarters.
lucideer 4y ago
I'd be curious to see how many of these layoffs are coders - I know given the scale of the layoffs the numbers in engineering affected can't be small even if the percentage is, but anecdotally I've only heard of HR layoffs among friends (anecdata isn't data but I'm an engineer so I know relatively fewer HR folk overall). Fwiw those I do know that've been laid off have gone travelling/career break (severance helps here) or pivoted (all from HR, none from engineering).
sph 4y ago
> Are people finding placement? LMAO no. Admittedly I have been out of the job hunting circus for a decade, but the number of positions I've applied for in the past few months that have resulted in a first interview is laughable. Recruiters are still useless and such an active waste of my time I don't even reply to them any more. I'm seemingly having better luck these days getting freelance contracts through non-standard avenues (but I'm holding off from celebrating as I'm still negotiating and haven't signed anyone just yet)
- peruvian 4y ago
  All the interviews I got after I was laid off were through recruiters. I did not apply anywhere directly. I found them very helpful. However, you are not the first person to tell me this. It seems recruiters work very well for one kind of applicant and terribly for others.
  - jon-wood 4y ago
    There are a few very good recruiters out there, who will have you interviewing for jobs within days, and probably fielding offers within a week or two. There are also vast seas of terrible recruiters who do nothing but keyword matching and spamming your details out to anyone with a pulse, who are at best neutral in your ability to find a job, and in the worst case will actively make things harder for you because companies will be unwilling to cover their fees.
    - Root_Denied 4y ago
      I've never found a good recruiter - how does one go about hunting one of those down?
      - jon-wood 4y ago
        In my case, via going to meetups related to the field I'm in. There'll be one recruiter who everyone wants to talk to. Talk to them, and make it known that you're looking for work.
throwawaysleep 4y ago
I regularly interview and am continuing to grab offers every couple weeks. Just make sure to bypass the application portal with inMails from LinkedIn as the recruiters are lazy and will just send you in rather than read through the pile and you are fine. I suspect anyone with a decent network is fine. If you are applying through portals though, the competition is steep.
candiddevmike 4y ago
Anecdotally, the folks I'm seeing on LN most impacted by the layoffs seem to be more on the senior/higher paid side of things, probably more folks that chose the tech track than people management (but I'm seeing those too). Seems like companies are focusing on cutting folks that don't contribute (code, reports, something tangible) directly to revenue streams.
- mynameisvlad 4y ago
  How does this > Seems like companies are focusing on cutting folks that don't contribute (code, reports, something tangible) directly to revenue streams. Follow from this? > more on the senior/higher paid side of things Are you implying that every single senior+ person you know who got cut was worthless? Because generally, the more senior the more you contribute to a company’s bottom line.
  - candiddevmike 4y ago
    In my experience, the more senior you are, the less obvious your contributions are to bean counters. Thus my observation that companies could be using metrics similar to tickets closed or lines of code weighed against someone's salary to determine if they should be laid off. Happy to be wrong here.
esskay 4y ago
It's only an issue for people who insist they are 'worth' FAANG jobs. Outside of the big players theres ample opportunities.
- sph 4y ago
  Are there 250,000 opportunities outside of the big players?
  - pwinnski 4y ago
    Yes! Whether there are 250k open positions at suitably-high levels is less clear, but there are more than twice that many open positions. Of course, people used to making $300k+ might balk at positions offering half that or even less, but they're out there.
  - cosmodisk 4y ago
    Nobody fired 250,000 devs. A good chunk of these are sales, marketing and hr.
    - pwthornton 4y ago
      Yep. And companies are sharply downsizing their recruiting teams as well. At bigger companies, recruiting can be a large function. I think there is an assumption that all of the layoffs have been engineers or engineers, designers, and product people, but a huge chunk of them have been in support roles that are less needed without big hiring demands. If companies are cutting travel and expense budgets, that means you can cut accounting staff. If you are largely not hiring, you can cut recruitment staff. Etc., etc., etc.
gumby 4y ago
Allegedly there are 750K open positions companies are trying to fill. The unemployment rate in tech jobs is apparently 1.8%. There are lots of tech openings these days in non tech businesses. Of course these don’t pay the top of the market salaries.
devtul 4y ago
I'm indeed panicking and haven't lost my job, yet, let's see in 3 weeks. I never worked at a FAANG and it terrifies me that if I'm out there I will be competing with people with big names on their resumes. This news coupled with the AI news of the past weeks is making me think about what other profession this forever developer can do to pay the bills. I took the black pill. Maybe I can find wisdom in past professions' cataclysms, like ice harvesters and milk delivery.
- tinyhouse 4y ago
  Don't be terrified. People who get laid off in small layoff rounds smaller than 10% are often not that attractive in the job market. There are some exceptions like recruiters for example because usually their pie of the chart is much bigger than engineers for example.
- dougmwne 4y ago
  I think you should relax. Even if this AI hype is 100% real, we will be running massive IT projects for 20 years to convert everything over to AI run. Realistically, it will probably find a use case for a few niches, but not take over all work. Unless we invent an actual superintelligence, in which case, no humans will be needed for work ever again and you will either live out your days in some kind of early retirement paradise or be fighting over the last can of cat food.
- mguerville 4y ago
  My smartest employers always said they preferred hiring the top decile from mid level colleges rather the average ivy leaguers, or the stars from unheralded companies rather than the employee #987563 from big name logos. Unfortunately that's not the norm, but I find branding yourself in that way can at least help overcome this challenge in the hiring process (if you get past the screener that only looks at these filters that is)
  - dumbotron 4y ago
    > the top decile from mid level colleges rather the average ivy leaguers The problem with hiring from the ivies is these are people who got into ivies. They know how to game the system.
hn_throwaway_99 4y ago
> Are there that many good-paying jobs remaining within the tech industry that they can re-shuffle to? For FAANG-level engineering salaries, the answer is largely no, perhaps save some very specific areas like finance or extremely hot AI prospects. There is going to be a broad leveling of engineering salaries in my opinion. The engineer with 8-10 years experience making north of 500k at FAANGs is largely going away. Of course, a big part of that is due to equity values not skyrocketing every year. And of course with FAANG-level salaries going down, lots of other companies will feel less pressure to compete. For engineers, I think a large number of those who were laid off will have difficulty replacing their level of salary for some time. I think that the past 10-ish years, with rock bottom interest rates, were really a "once in a lifetime" chance for non-managerial employees to make as much compensation as they did (again, broadly).
- grumple 4y ago
  > There is going to be a broad leveling of engineering salaries in my opinion. The engineer with 8-10 years experience making north of 500k at FAANGs is largely going away. If those salaries go away, so will the talent. These workers will start new tech companies that either eat away at market segments or end up costing large sums to acquire. You're right that it may take time to replace the salary in the short term.
  - hn_throwaway_99 4y ago
    On the whole, I disagree. My primary point is the super high compensation numbers that were possible for top individual contributor engineers was largely made possible by the explosion in stock values of the biggest tech companies. That period (basically from post Great Recession until now) was largely an anomaly of 2 things that happened simultaneously: 1. Big tech vacuuming up an ever larger amount of worldwide revenue, but many of them are now hitting the law of large numbers, and 2. ultra low interest rates, which makes the present value of a future dollar (i.e. equity) worth a lot more. Sure, some talent will leave and start new companies, but on the whole I think hardly any of them will ever be able to match top-level FAANG compensation from the 2010-2020 period. Again, there will be some outliers, but even then I think the number of outliers will be small. For example, look at AI. A lot of people freaking out the most right now are people in other areas of AI who are realizing that all of their work is being completely obviated by LLMs.
yeahwhatever10 4y ago
Tech employees and coders/engineers are not equivalent. It was not 100k engineers that got fired it was a lot of admin staff and sales people.
PragmaticPulp 4y ago
> I've heard stories of recruiters who were seeing 1 resume per week now seeing 300 resumes per week, but I'm not noticing any sentiment of widespread panic on HN or even Reddit. I can tell you that candidate expectations have changed a lot in recent months. For a while we had a lot of candidates applying who wanted to stretch the interview process out to 2-3 months so they could shop around, compare offers, then negotiate up as much as they could. Candidates would frequently disappear from the interview pipeline or go weeks between following up. Now that quality of resumes we receive has increased dramatically. Applicants are much more responsive and are making it clear that they're willing to do anything, as opposed to holding out for their dream job. Meanwhile my employer is celebrating the latest salary comp data showing that industry-wide compensation has declined sharply. There are still jobs out there, but it's no longer easy to put in a little effort and find a good job. It's now a competition.
- cosmodisk 4y ago
  This will carry on for 2-4 years, until there's another wave of hiring spree. Then, people will get picky again and a new cycle will begin.
- safog 4y ago
  > Meanwhile my employer is celebrating the latest salary comp data showing that industry-wide compensation has declined sharply. Any pointers?
  - PragmaticPulp 4y ago
    Plan on a longer and more intense job search. Many interviewers can recognize when you don't have many options. The more options you have, the more confident you'll be. Don't take rejections personally. If you're not getting rejected a lot, you're aiming too low. You should be getting rejected frequently! Use it to hone your search.
    - safog 4y ago
      No I understand these, I'm curious about what you're referring to when you say there was a report that industry wide comps are down sharply.
shmatt 4y ago
The era of the $600k (and more via stock value, if you joined 2-3 years or more before the bubble popped) line manager is over. There is still plenty of work to find, but it all depends on how much people built their lives around their income level
SuoDuanDao 4y ago
Anecdotally, my employer in telco consulting is hiring dedicated coders - first time I've seen that in this industry. We may finally be seeing a diffusion of programmers into the wider economy after the high tech companies spent some time monopolizing them.
lokar 4y ago
My company is still hiring L5+ faang type engineers at the normal pay ranges, no major changes. Growth has been cut back, but is still happening.
pwthornton 4y ago
What we are seeing is a rebalancing. The super high-paying FAANG jobs are becoming scarcer, but there is more talent for tier 2, and tier 3 employers and startups. Many companies struggled to hire in recent years, often relying on contracting, offshoring, etc. The company I work for, a tier 2 or 3 company for tech, depending on your perspective is still hiring, although mostly not in the U.S. But if more U.S. talent becomes available at more reasonable rates, we might do more hiring here.
paxys 4y ago
All the tech layoffs in the last few months make up only a small fraction of the net new additions to the industry post 2020. These companies still have way more employees today than they did in late 2019. We have a long way to go before we will start to see significant hiring (and paycheck) impacts.
tekla 4y ago
Its still super easy to find jobs. I know several people laid off at Twitter and they are swamped with recruiter calls.
danjac 4y ago
A possible reason is that the layoffs are localized to the tech industry so far, but not all (perhaps even most?) tech workers don't work in the tech industry - they do tech work for other industries such as construction, finance, health etc, either embedded directly or for companies that specialize in providing tech services to them. So until those industries are impacted by the recession they won't see the same layoffs.
smallerfish 4y ago
> Are people finding placement? A year ago I submitted to one job post and got a full round of interviews from it, which ultimately I decided wasn't a fit. Over the past two weeks I've submitted my resume to 80+ jobs, and so far have had a handful of declines and no interviews. So, yeah, it's a different market than it was, for sure.
projectazorian 4y ago
Started testing the waters of the job market last week. Still employed, not FAANG, but senior at a well known startup that is still healthy despite conditions. I don’t look at LinkedIn much most of the time but I do try to connect with most of the people I work with, and I am nice to recruiters. I generally rely on my network and recruiter outreach for most of my jobs, can’t remember the last time I did a cold application. For the past few years there’s been a layer of bottom feeder recruiters who were terrible about phone and LinkedIn spam. They made previous job hunts unpleasant. Nowhere to be found this time around, wonder where those people went. The quality roles are still there but maybe 25-50% less abundant in terms of cold outreach from recruiters. For someone still employed this translates to a very manageable interviewing pace that probably leads to better results in the end. If I were unemployed I might be more anxious since you probably can’t do 3-4 interviews a day without hustling quite a bit. The pace reminds me a lot of my experience interviewing for mid-level roles a few years back, before I made senior. Overall take, the bottom has definitely not dropped out of the market. Yes FAANG comp is less available than it used to be, but the just-below level isn’t too hard to find, and even the FAANGs are still hiring in key areas. I expect a ramp-up late this year/early next once the operational cracks start to show from layoffs and attrition.

fxd123 4y ago

> the number impacted in the past year seems to be between 100-250,000 tech employees That's because companies announce layoffs but they usually don't announce mass hiring. While cloud sectors are laying off, healthcare and defense are hiring tons right now

latchkey 4y ago

What would panic look like to you?

csomar 4y ago
In the crypto communities, it's usually posting the suicide number hotline. I don't think we'll ever be there yet. Tech people are still one of the richest in the US and the Earth.

peruvian 4y ago

I got laid off late January and was able to find a job within a month. I've got a senior title and 6.5 years of experience. Like most US tech workers, I was getting paid comfortably, but nowhere near the level of FAANG/fintech/top startups. I took a small pay increase with this new job. I've got friends who were part of the FAANG layoffs who have been struggling because they only want to work at FAANG or top tier fintech/startups. That said, they are also not trying too hard due to generous severance.

desi_ninja 4y ago
Assuming none of your friends are visa holders. Otherwise trying not too hard case wouldn't be there.
- peruvian 4y ago
  Correct.

ptero 4y ago

250,000 tech workers impacted sounds like a lot, but this is less than what the companies hired during the covid job boom; this can be simply (a step towards) a reversion to a more normal state of the tech employment.

toomuchtodo 4y ago
This is the pragmatic outlook. ~3 million jobs are created in a year, and ~3 million Baby Boomers retire every year.

arberx 4y ago

Most people are still in their severance period. Expect panic in the next couple of quarters.

lucideer 4y ago

I'd be curious to see how many of these layoffs are coders - I know given the scale of the layoffs the numbers in engineering affected can't be small even if the percentage is, but anecdotally I've only heard of HR layoffs among friends (anecdata isn't data but I'm an engineer so I know relatively fewer HR folk overall). Fwiw those I do know that've been laid off have gone travelling/career break (severance helps here) or pivoted (all from HR, none from engineering).

sph 4y ago

> Are people finding placement? LMAO no. Admittedly I have been out of the job hunting circus for a decade, but the number of positions I've applied for in the past few months that have resulted in a first interview is laughable. Recruiters are still useless and such an active waste of my time I don't even reply to them any more. I'm seemingly having better luck these days getting freelance contracts through non-standard avenues (but I'm holding off from celebrating as I'm still negotiating and haven't signed anyone just yet)

peruvian 4y ago
All the interviews I got after I was laid off were through recruiters. I did not apply anywhere directly. I found them very helpful. However, you are not the first person to tell me this. It seems recruiters work very well for one kind of applicant and terribly for others.
- jon-wood 4y ago
  There are a few very good recruiters out there, who will have you interviewing for jobs within days, and probably fielding offers within a week or two. There are also vast seas of terrible recruiters who do nothing but keyword matching and spamming your details out to anyone with a pulse, who are at best neutral in your ability to find a job, and in the worst case will actively make things harder for you because companies will be unwilling to cover their fees.
  - Root_Denied 4y ago
    I've never found a good recruiter - how does one go about hunting one of those down?
    - jon-wood 4y ago
      In my case, via going to meetups related to the field I'm in. There'll be one recruiter who everyone wants to talk to. Talk to them, and make it known that you're looking for work.

throwawaysleep 4y ago

I regularly interview and am continuing to grab offers every couple weeks. Just make sure to bypass the application portal with inMails from LinkedIn as the recruiters are lazy and will just send you in rather than read through the pile and you are fine. I suspect anyone with a decent network is fine. If you are applying through portals though, the competition is steep.

candiddevmike 4y ago

Anecdotally, the folks I'm seeing on LN most impacted by the layoffs seem to be more on the senior/higher paid side of things, probably more folks that chose the tech track than people management (but I'm seeing those too). Seems like companies are focusing on cutting folks that don't contribute (code, reports, something tangible) directly to revenue streams.

mynameisvlad 4y ago
How does this > Seems like companies are focusing on cutting folks that don't contribute (code, reports, something tangible) directly to revenue streams. Follow from this? > more on the senior/higher paid side of things Are you implying that every single senior+ person you know who got cut was worthless? Because generally, the more senior the more you contribute to a company’s bottom line.
- candiddevmike 4y ago
  In my experience, the more senior you are, the less obvious your contributions are to bean counters. Thus my observation that companies could be using metrics similar to tickets closed or lines of code weighed against someone's salary to determine if they should be laid off. Happy to be wrong here.

esskay 4y ago

It's only an issue for people who insist they are 'worth' FAANG jobs. Outside of the big players theres ample opportunities.

sph 4y ago
Are there 250,000 opportunities outside of the big players?
- pwinnski 4y ago
  Yes! Whether there are 250k open positions at suitably-high levels is less clear, but there are more than twice that many open positions. Of course, people used to making $300k+ might balk at positions offering half that or even less, but they're out there.
- cosmodisk 4y ago
  Nobody fired 250,000 devs. A good chunk of these are sales, marketing and hr.
  - pwthornton 4y ago
    Yep. And companies are sharply downsizing their recruiting teams as well. At bigger companies, recruiting can be a large function. I think there is an assumption that all of the layoffs have been engineers or engineers, designers, and product people, but a huge chunk of them have been in support roles that are less needed without big hiring demands. If companies are cutting travel and expense budgets, that means you can cut accounting staff. If you are largely not hiring, you can cut recruitment staff. Etc., etc., etc.

gumby 4y ago

Allegedly there are 750K open positions companies are trying to fill. The unemployment rate in tech jobs is apparently 1.8%. There are lots of tech openings these days in non tech businesses. Of course these don’t pay the top of the market salaries.

devtul 4y ago

I'm indeed panicking and haven't lost my job, yet, let's see in 3 weeks. I never worked at a FAANG and it terrifies me that if I'm out there I will be competing with people with big names on their resumes. This news coupled with the AI news of the past weeks is making me think about what other profession this forever developer can do to pay the bills. I took the black pill. Maybe I can find wisdom in past professions' cataclysms, like ice harvesters and milk delivery.

tinyhouse 4y ago
Don't be terrified. People who get laid off in small layoff rounds smaller than 10% are often not that attractive in the job market. There are some exceptions like recruiters for example because usually their pie of the chart is much bigger than engineers for example.
dougmwne 4y ago
I think you should relax. Even if this AI hype is 100% real, we will be running massive IT projects for 20 years to convert everything over to AI run. Realistically, it will probably find a use case for a few niches, but not take over all work. Unless we invent an actual superintelligence, in which case, no humans will be needed for work ever again and you will either live out your days in some kind of early retirement paradise or be fighting over the last can of cat food.
mguerville 4y ago
My smartest employers always said they preferred hiring the top decile from mid level colleges rather the average ivy leaguers, or the stars from unheralded companies rather than the employee #987563 from big name logos. Unfortunately that's not the norm, but I find branding yourself in that way can at least help overcome this challenge in the hiring process (if you get past the screener that only looks at these filters that is)
- dumbotron 4y ago
  > the top decile from mid level colleges rather the average ivy leaguers The problem with hiring from the ivies is these are people who got into ivies. They know how to game the system.

hn_throwaway_99 4y ago

> Are there that many good-paying jobs remaining within the tech industry that they can re-shuffle to? For FAANG-level engineering salaries, the answer is largely no, perhaps save some very specific areas like finance or extremely hot AI prospects. There is going to be a broad leveling of engineering salaries in my opinion. The engineer with 8-10 years experience making north of 500k at FAANGs is largely going away. Of course, a big part of that is due to equity values not skyrocketing every year. And of course with FAANG-level salaries going down, lots of other companies will feel less pressure to compete. For engineers, I think a large number of those who were laid off will have difficulty replacing their level of salary for some time. I think that the past 10-ish years, with rock bottom interest rates, were really a "once in a lifetime" chance for non-managerial employees to make as much compensation as they did (again, broadly).

grumple 4y ago
> There is going to be a broad leveling of engineering salaries in my opinion. The engineer with 8-10 years experience making north of 500k at FAANGs is largely going away. If those salaries go away, so will the talent. These workers will start new tech companies that either eat away at market segments or end up costing large sums to acquire. You're right that it may take time to replace the salary in the short term.
- hn_throwaway_99 4y ago
  On the whole, I disagree. My primary point is the super high compensation numbers that were possible for top individual contributor engineers was largely made possible by the explosion in stock values of the biggest tech companies. That period (basically from post Great Recession until now) was largely an anomaly of 2 things that happened simultaneously: 1. Big tech vacuuming up an ever larger amount of worldwide revenue, but many of them are now hitting the law of large numbers, and 2. ultra low interest rates, which makes the present value of a future dollar (i.e. equity) worth a lot more. Sure, some talent will leave and start new companies, but on the whole I think hardly any of them will ever be able to match top-level FAANG compensation from the 2010-2020 period. Again, there will be some outliers, but even then I think the number of outliers will be small. For example, look at AI. A lot of people freaking out the most right now are people in other areas of AI who are realizing that all of their work is being completely obviated by LLMs.

yeahwhatever10 4y ago

Tech employees and coders/engineers are not equivalent. It was not 100k engineers that got fired it was a lot of admin staff and sales people.

PragmaticPulp 4y ago

> I've heard stories of recruiters who were seeing 1 resume per week now seeing 300 resumes per week, but I'm not noticing any sentiment of widespread panic on HN or even Reddit. I can tell you that candidate expectations have changed a lot in recent months. For a while we had a lot of candidates applying who wanted to stretch the interview process out to 2-3 months so they could shop around, compare offers, then negotiate up as much as they could. Candidates would frequently disappear from the interview pipeline or go weeks between following up. Now that quality of resumes we receive has increased dramatically. Applicants are much more responsive and are making it clear that they're willing to do anything, as opposed to holding out for their dream job. Meanwhile my employer is celebrating the latest salary comp data showing that industry-wide compensation has declined sharply. There are still jobs out there, but it's no longer easy to put in a little effort and find a good job. It's now a competition.

cosmodisk 4y ago
This will carry on for 2-4 years, until there's another wave of hiring spree. Then, people will get picky again and a new cycle will begin.
safog 4y ago
> Meanwhile my employer is celebrating the latest salary comp data showing that industry-wide compensation has declined sharply. Any pointers?
- PragmaticPulp 4y ago
  Plan on a longer and more intense job search. Many interviewers can recognize when you don't have many options. The more options you have, the more confident you'll be. Don't take rejections personally. If you're not getting rejected a lot, you're aiming too low. You should be getting rejected frequently! Use it to hone your search.
  - safog 4y ago
    No I understand these, I'm curious about what you're referring to when you say there was a report that industry wide comps are down sharply.

shmatt 4y ago

The era of the $600k (and more via stock value, if you joined 2-3 years or more before the bubble popped) line manager is over. There is still plenty of work to find, but it all depends on how much people built their lives around their income level

SuoDuanDao 4y ago

Anecdotally, my employer in telco consulting is hiring dedicated coders - first time I've seen that in this industry. We may finally be seeing a diffusion of programmers into the wider economy after the high tech companies spent some time monopolizing them.

lokar 4y ago

My company is still hiring L5+ faang type engineers at the normal pay ranges, no major changes. Growth has been cut back, but is still happening.

pwthornton 4y ago

What we are seeing is a rebalancing. The super high-paying FAANG jobs are becoming scarcer, but there is more talent for tier 2, and tier 3 employers and startups. Many companies struggled to hire in recent years, often relying on contracting, offshoring, etc. The company I work for, a tier 2 or 3 company for tech, depending on your perspective is still hiring, although mostly not in the U.S. But if more U.S. talent becomes available at more reasonable rates, we might do more hiring here.

paxys 4y ago

All the tech layoffs in the last few months make up only a small fraction of the net new additions to the industry post 2020. These companies still have way more employees today than they did in late 2019. We have a long way to go before we will start to see significant hiring (and paycheck) impacts.

tekla 4y ago

Its still super easy to find jobs. I know several people laid off at Twitter and they are swamped with recruiter calls.

danjac 4y ago

A possible reason is that the layoffs are localized to the tech industry so far, but not all (perhaps even most?) tech workers don't work in the tech industry - they do tech work for other industries such as construction, finance, health etc, either embedded directly or for companies that specialize in providing tech services to them. So until those industries are impacted by the recession they won't see the same layoffs.

smallerfish 4y ago

> Are people finding placement? A year ago I submitted to one job post and got a full round of interviews from it, which ultimately I decided wasn't a fit. Over the past two weeks I've submitted my resume to 80+ jobs, and so far have had a handful of declines and no interviews. So, yeah, it's a different market than it was, for sure.

projectazorian 4y ago

Started testing the waters of the job market last week. Still employed, not FAANG, but senior at a well known startup that is still healthy despite conditions. I don’t look at LinkedIn much most of the time but I do try to connect with most of the people I work with, and I am nice to recruiters. I generally rely on my network and recruiter outreach for most of my jobs, can’t remember the last time I did a cold application. For the past few years there’s been a layer of bottom feeder recruiters who were terrible about phone and LinkedIn spam. They made previous job hunts unpleasant. Nowhere to be found this time around, wonder where those people went. The quality roles are still there but maybe 25-50% less abundant in terms of cold outreach from recruiters. For someone still employed this translates to a very manageable interviewing pace that probably leads to better results in the end. If I were unemployed I might be more anxious since you probably can’t do 3-4 interviews a day without hustling quite a bit. The pace reminds me a lot of my experience interviewing for mid-level roles a few years back, before I made senior. Overall take, the bottom has definitely not dropped out of the market. Yes FAANG comp is less available than it used to be, but the just-below level isn’t too hard to find, and even the FAANGs are still hiring in key areas. I expect a ramp-up late this year/early next once the operational cracks start to show from layoffs and attrition.