View: https://twitter.com/middleeast/status/1616380771832401922?s=20
A difficult decision to set us up for the future
As an almost 25\u002Dyear\u002Dold company, we’re bound to go through difficult economic cycles.
Bloomberg: Google parent Alphabet to lay off 12,000 employees. (6% of their workforce)
- Thread starter Arubedo
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View: https://twitter.com/middleeast/status/1616380771832401922?s=20
So many people affected in a very short amount of time. Meta, Amazon, Microsoft and now Google.
I saw a prediction that it could mean a new boom of companies popping up.
I saw a prediction that it could mean a new boom of companies popping up.
Are there even enough job opportunities on the market for the 40k employees who lost their job in Tech in the last few days?
So obviously the tech companies over hired during the pandemic but these massive layoffs arent due to poor balance sheets or declining business models. This is purely for wall street and C-suite stock bonuses. They really want to induce a recession and bring the wage balance back in their favor.
I'd like to see executives actually "taking the blame" by cutting 99% of their own salaries and stock grants, but let's be honest that's never going to happen.
Probably plenty of regular companies who need tech people. But if they pay as well as Google and Meta and all did?
It happens in very rarely and Tim Apples is e.g. cutting his pay check to mere 50 Millions from 80 Millions the year before.
There's an estimated 760,000 open cybersecurity jobs open in the US alone, so I'd say yes.
Basically this. IMO, all these layoffs are out of fear based on predictions that haven't really shown any signs of bearing out.
Geez I guess they were just waiting for one company to get the ball going down hill.
This absolutely sucks.
This absolutely sucks.
This is the hangover from the pandemic boom for these companies... back down to earth.
Google to lay off 12.000 employees. (6% of their workforce)
https://twitter.com/middleeast/status/1616380771832401922?s=20 https://blog.google/inside-google/message-ceo/january-update/ I have some difficult news to share. We've decided to reduce our workforce by approximately 12,000 roles. We've already sent a separate email to employees in the US who...
www.resetera.com
I dunno. There's been talk of a recession for a while now. And Im hesitant to think that all of these companies (not even just tech) are laying off so so SO many if they don't have a good idea that things are going to get a little tight later this year. I don't think its going to be armageddon or anything, and Im sure greed drives a large portion of this, but there is so much smoke.
I'm definitely expecting a rocky economy this year. Some serious canary in the coalmine type stuff here.
Because I didn't realize the pandemic hangover was a thing. Not everyone is in the know or has time in the day to consume all information.
Wouldn't China finally opening up and easing restrictions relieve export concerns thus improving the economy more than the past two previous years? Could someone ELI5 why there are concerns over a recession now when our GDP grew last quarter even prior to China finally opening up?
i dont think higher ups at these companies are geniues or anything. They make shitty decisions all the time
Yeah, it really can't be overstated how much of a hiring spree these companies went on.
Google had 135,000 employees in 2020
156,000 in 2021
187,000 in October 2022
Cutting 12,000 employees leaves them with about as many employees as they had in June 2022, still 20k more than they had at the start of 2022!
It's obviously a huge disruption and huge life event for the laid-off people, but man, these companies have gotten fat in the past few years.
I think Google hired like 40-60k employees since COVID started. That's total headcount, not churn. A correction isn't surprising given the rest of the industry. Even 6% is surprising.
Gotta make the profits number even BIGGER or the shareholders demand for infinite growth will be unfulfilled and we can't have that.
There's no 4D chess happening here. These companies are laying off people to make their books look better; that's it. All these massive companies could easily retain every single one of these employees, weather whatever storm is coming, and still make massive profits this year, but they won't because then those profits on paper will look smaller than last year's -- and they won't stand for that.
Oh I mean, I know that. But, Im also interested in what's going to cause those profits on paper to look smaller than last years. It really feels like some kind of downturn in general is coming with so many companies cutting workforce in preparation of a need to keep their profits up. I'm wondering how big whatever it is will be. Its starting to get concerning.
It's sickening to see headlines that basically read "the richest companies in the world doing mass firings". Not "struggling company does layoffs".
Nope. Fire thousands of people to get a temporary stock price bump. And then pay out more millions in executive bonuses for making such "courageous, tough decisions".
Nope. Fire thousands of people to get a temporary stock price bump. And then pay out more millions in executive bonuses for making such "courageous, tough decisions".
For the greater US Economy? Not sure I'd go with that. The tech sector grew exponentially over the last 10 years with some of these companies more than doubling head count. It was simply not sustainable once the interest began to be cut.
I have two friends who work at the Google London office and they're now going to have to go through an agonising consultation process that will last two-three months during which time they won't know if they have a job or not. They're both envious of their US counterparts who are getting large severance payments and will be able to immediately start thinking about next steps.
Fucking awful. All these companies making ridiculous amounts of profit and laying people off when they can easily afford to keep them employed.
Doesn't that mean they have two to three months to prepare and look for work while still getting paid at google?
My company has already hired about 4 with equal pay from what they had. The jobs are there, not for all but for a big chunk, especially high performers.
The US workers know, right now, that they're still getting paid for two months, and, on top of that, they're getting at least four months' salary worth of severance (+2 weeks for each year they've worked).
Absolutely shit management of these companies. Total absolute failure of reading the market on top of total greed.
Yup if this was a poor balance sheet or massive decline in revenue okay makes sense. But yeah this isn't the case at all.
A friend who works for Google just told me about this this morning. Fucking awful. She's gonna be in a permanent state of anxiety until they know who will be laid off, they have no idea right now if her team will be impacted or not.
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