Everything You Need To Know About Tech Layoffs | Meta Layoffs
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- Опубліковано 12 чер 2024
- Welcome back! In this video, I try to dispel some misconceptions about tech layoffs. I also interview a former Microsoft tech worker who was impacted by the layoffs and discuss what the future may hold for the industry.
Betty's UA-cam Channel @Bettylulseged
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► Timestamps
0:00 - Introduction
1:09 - Overview
1:45 - Interview with former Microsoft employee
2:35 - Reasons for Companies Deciding to Layoff
2:55 - Inflation
3:24 - High Interest Rates
4:08 - Fear of a Recession
4:28 - Investors' Pressure
4:59 - Over-hiring during the Pandemic
5:28 - How do Tech Companies Decide Whom to Layoff?
6:16 - Reasons for Layoffs: Insights from former Microsoft Tech worker
7:40 - Severance for Tech Employees and its Impact on Foreign Workers
8:16 - Thoughts on the Tech Industry Moving Forward
9:26 - How to Prepare for a Layoff
10:44 - Outro
BUSINESS INQUIRIES
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Thanks for having me Bukola 😁
Betty, I love your TikTok vids!
I agree with your point about tech companies copying other tech companies re: layoffs
@@chellybaby thank you!☺️
She kinda look like Cardi b, but cutter though 😎
Betty, you were absolutely awesome! Thank you so much for your intelligent insight into the lay-off landscape. I am certain that you will rise like a Phoenix. As someone trying to get into tech, I really appreciate this. Sorry that my seeing you was due to you being laid off. 😐 But you will rise. 🚀😇
I hope Betty lands a new role soon 🙏🏼 I just landed a new role after a 6 month layoff. Always be prepared and have a side hustle! Company loyalty is dead! You have to do what’s best for you!
🙏🏾❤️
Welcome to the real world! We have been in a recession in the last year! The housing was artificially increased for the tech start ups at Silicon Valley Bank!
Thanks for stopping by! I wanted to make this video to debunk some myths I’ve seen circulating about the tech layoffs!
I really like that Betty mentioned preparing for how you’ll take care of your mental health. I’ve never heard that advice in regards to emergency planning/preparedness.
I really appreciate you raising this issue, I haven't seen any other tech creators talk about this. I'm a bootcamp grad who just got caught in the layoffs only 5 months into my very first job. It's tough out there but we've got to stay strong 💪
I learned during the last recession that top performers are usually the ones laid off and companies care only about giving additional money to their shareholders. I was asked to produce a report with all positions and the amount paid in the last year. This was not unusual as these reports are used to determine bonuses, develop new positions, or give raises, etc. Was shocked when top performers started getting laid off left and right and replaced by inexperienced or low/average performers. One example is an employee who made $5m in annual sales deals for the company and was paid 2.5% bonus paid over each quarter was laid off because "she was too good and made too much bonus". She was replaced by her Assistant who started with the company 1 yr prior fresh out of college. They felt she had learned enough that she could sell as much at a much smaller bonus incentive. Needless to say they had a record loss the next year.
This is exactly it! Some tech companies are removing the degree requirement and training on the job to attract lower wage earners into these jobs. They actually need employees but want to pay them less.
Wow!
Its getting scary out . I feel so bad for all the grads leaving college now. All of these layoffs are incredible morale breaking l. We all felt like tech was safe but it looks like NO industry is immune to massive layoffs.
A lot of my friends are looking for work outside of the us
New grads with no experience are up against 100,000 workers with years of experience at top companies.
Sounds like a great time for sure.
It’s a disaster. Even getting an internship is a Hail Mary right now.
Betty looks a lot like the Mowry Twins - Tia and Tamera. She’s absolutely breathtaking! ✨
Wait I see it too! She really does look related to the Tia & Tamera
Why did I think that was Tamera Mowry
I see Tamera Mowry and Cardi B
@@Tiana2cute1 I saw Carbi B😊
Hey Bukola, I was impacted by the IBM layoff, and it was tough initially to think it wasn't about performance. The piece of advice I can give is regarding the employee's skillset and mental health. You should always invest time in people supporting you as your family, friends, and therapists, but also be aware/prepared - financially - that the tech industry might have some fluctuations now or in the future.
i'm at amazon and round 3 layoffs are about to start soon. not a great feeling but here's hoping everything will be fine regardless of the situation
So true about fun project vs stable project. Regular old boring companies are crying out for tech workers as well.
Very wise and insightful
Awesome video @Bukola , I graduated college back in 2010 and it was rough because we were still feeling the effects of the 2008 recession and housing crash. Tech is still the business to be in . Just hold tight. If I can survive and thrive you can too.
Bukola, this is my first time seeing your channel. A friend sent your video. I am very impressed. You gave the most intelligent and comprehensive breakdown of the tech layoffs that I have seen. The Fed is definitely playing a huge role and is hungry for more layoffs. I’m not really convinced with the over-hiring argument. As you pointed out the layoffs are mostly tied to particular projects that companies decided to jettison. But the Fed created this environment and continues to apply pressure. And major stockholders always want people fired, if it nets them more money. And they like driving down salaries. Thanks again.
Thank you for this info, Bukola. Very well put together. Thank you Betty for sharing your experience, too
Thanks for posting this! This whole situation is so scary. Now I feel like I have a better understanding of why it's all happening
No problem! It definitely is a scary time but I really believe things will get better
Thanks Betty for being in the video, you can find here UA-cam channel here: www.youtube.com/@Bettylulseged
I love your communication style and the way you organize your videos! Your perspective is really helpful and interesting. I have only been in the engineering industry for 8 years and this is my first layoff cycle it's been quite a head spinner!
Also Job Security is not so in the Information Age. Industrial Age it was so. She said it right, The investors run your job, .. look into building an asset yourself
Much needed information. Thanks for the video Bukola.
Thank you for making this video. ❤️ Always love your work.
You are so welcome! Thank you for your comment
Great video as always Bukola! Thank you! Excited to hear your take on the surge of generative AI tools available and how you think generative AI will affect the tech industry and tech jobs!
Loved this video, content and structure was well delivered!
Excited to see an Habesha (like myself) and Nigerian pair of women in tech! ✨
Yess 🙌🙌
Lol yea as soon as i saw her and her name I was like “hey! Habesha! Neat.” Lol. Thanks for the content ladies.
Heyyyy Sis 😊🙏🏾💕
9:25 Such a great tip for program managers! Do not work on dead end programs and in dead end business units. The future is cloud so stay in that area. Or stay in the area that has stable ROI AND is innovative/evolving. This promises future programs and projects to keep you busy!
Video is 💪🏽🔥🔥!! Keep up the great content.
Love the no-nonsense reporting here! I really like the tip of interviewing once a year to figure out your market value. Would you recommend staying at your current company until the "layoff season" is over or is now a good time to jump ship?
Thanks Bukola, good working in explaining some of obvious reasons for the layoffs. Most important lesson is, don't stop upgrading yourself. One door closes another one awaits keep on knocking.
Very wise and insightful
I am still new, started last month to learn Software Engineering, l love programming, l wish all the best to me😇😇
Great points and advice, especially on alternate methods of caring for your mental health! I wish you all the best going forward Betty!💜💜
Amen
I appreciate you posting a video like this. I'm currently teaching myself to code and this has been on my mind a lot lately. I just started so I'm hoping by the time I'm job ready things will have rebounded some.
Good luck on your journey! I really think things will improve
In the future AI will be coding. Jobs in that field are going to get really competitive and tough in a decade.
Thanks for this video. Seriously and followed you and a few others, took the intro coding class in NYC and no news... I just felt like I will be trained for a pointy demand and may not be needed anymore except if I kept on training for the last trend again...
the breakdown of ‘why’ the companies are laying people off was so informative, thank you Bukola!
Great video, appreciate the knowledge and the outlook.
Thanks for watching!
Betty had really good advice. Thanks for having her on.
There are so many moving pieces that connect to the layoffs that are happening, but as tech enthusiasts, we push forward, regardless of the economic circumstances upon us. Subscribed!
Yes, keep on pushing forward
💯
thank you for this content @bukola! We're still keeping optimistic in the UK tech roles. hoping that everyone affected is doing ok and that they find new roles soon!
May it be so
She really has that Cardi look lol dope video
Thanks!
Hi Bukola, thank you for this realistic take on the current changes in tech. I am trying to transition into tech transitioning from finance. When I tell you these recruiters are not even responding to requests on LinkedIn😔. It's very stressful but I'm hopeful I'll have a breakthrough soon. I love your channel, keep up the good work!
What part of tech specifically are you trying to transition into? software engineering? programming? data analysis?..and what skills do you have that will help you transition into tech.
I transitioned from oil & gas to tech, and I only lasted 1 year. Last Thursday I lost my job :(. I will go back to Oil & Gas. It was an amazing opportunity, and I made a dream come true during the last year. Hope that your dream also becomes true :)
Thank you Bulola for the info
I was laid off twice. Adult life is so rough.
So well said Betty-thanks for sharing your experience! She is well spoken :)❤
She really is! She dropped a lot of good advice!
🙏🏾❤️
soooo helpful thank you!
Thank you! Glad it was helpful!
Very insightful !
This is a really great perspective.
Excellent analysis!
Thanks! Glad you liked it!
At quick glance I thought your guest was Cardi B!
I'm thinking of branching into tech but this news is discouraging. I thought tech was a safe industry.
Great video!
Great advice on getting in the routine of interviewing at least once a year.
I am on month 10 of being laid off (with no severance and no health insurance) from a tech startup that went under. All of these additional layoffs flooding the tech job market isn't helping. I transitioned to tech from another industry (real estate) but real estate is struggling too, so now I am stuck 😓
The storm shall pass. Hold tight.
Sorry about your layoff. What part of real estate were you in?
@@GoogleAccount00 retail real estate
@@purplegal05 property management? Development? Acquisition?
@@GoogleAccount00 property management
well explained Bukola . God bless you
Thank you! God bless you too
The girl looks like a mix of Cardio B and Tamera Mowry-Housley
Hi, I agree with your comments.
Yes, let’s be honest, these companies were overextended due to over hiring staff.
Salaries are the highest expense of any company.
Great breakdown
Hey bukola, great video
This is good news! ❤❤❤❤Just wanting to transition to Dev sometime in my lifetime!😂😂😂😂
When I saw the thumbnail ,I was like when did cardi b become ‘women in tech ‘
Ive been talking to an IT senior who knows what she is talking bout and she says IT jobs are becoming scarse soon as AI is taking over hence the huge lay offs. Thoughts on this?
The money was slowing down, tech was pressed to reduce payroll. Also, I do believe that a lot of tech and engineer created programs, AI, technology that replaced people...
But what jobs in tech are AI replacing?
It’s like a rat race. They expect you to have credentials that u worked hard years for just to either not get hired or get laid off unexpectedly. Find ur own hustle and do what’s best for you!
I think the current situation is about how macroeconomics impact on the growth of profitability. The tech industry is progressive than other industries due to a higher risk. If they project the slow down, they will freeze hiring and layoffs. Other things probably miss the forecast and budget during the pandemic.
Great video.
Thank you! I'm glad you enjoyed it
Wow we had up to 18 months serverance package here in Sweden with H&M, i feel really lucky
Great topic 👌🏽 _I know a Habesha when I see one_ 😁
@8:00 H1B waiver extension to 180 days proposed, hopefully finalized and officially announced soon🤞
Ohh interesting I didn't know! Thanks for sharing!
It is recommended, but not officially up for legalization
All those tech companies are still hiring. Many companies are still hiring. If you’re a new grad apply. Don’t worry about it. What I learnt is to always save you money.
She looks like a mix of Cardi B and Tia&Tamera Mowry.
Haha I definitely see Tia & Tamera!
My thoughts exactly 🤣! She's a beauty too
Yessss sheee doesss!!!
I thought you got a interview with cardi b..I’m like what she got to do with tech 😂😂😂
😂
Some good advice was given regarding one's market value 👍🏾 Especially as a newcomer/career changer who is nervous about the layoffs
Stay Strong Family!
Hey Bukola! Thank you for hosting this chat. Im also in the Jersey City area. Would you be interested in doing meetups IRL? Would be 100% down to help organize.
Keep in touch with your professional and personal network. Weak connections can provide strong support.
I thought Betty was cardi b lol
Really lol
That's cool. Kindly update us on the Silicon Valley bank fall & the recent Credit suisse case.... Future possibilities too..
Thanks for commenting! Yes that's on my list of topics to discuss!
my company just did layoffs and i’m not impacted… yet. I’m totally gonna get cut a next round and Im a recent cancer survivor who needs to be scanned every few months and I need the insurance. I’m never going to find a job if I get cut. Blood is on their hands
Earnings goes up with layoffs; stock price does also.
Working on the most fun project?? NEVER... boring....
I want the funnest project!!
It's the bestest way!
Off topic, but who else thought that was cardi in the thumbnail ?😭😭
why did they overhire in the first place
People literally become a contractor! If you don’t need to be employed go to contracting. Place your resume on monster get hired through an Indian company. Make 6 figures keep it pushing to the next contract.
It’s great for the stock holder is all that matters
She look like Cardi B in that thumbnail
Haha really! A lot of people have said that
I wonder how many of them were Temp workers, whom take on the job because its only a few months?
We need a collab video with @TayOnTech
Was laid off in May, still looking. Super rough market. CEOs still becoming billionaires while laying off thousands.
This could be an opportunity to learn a new skill set like Welding or fixing/maintaining air conditioning systems.
Plumbers are needed they can make 100,000-200,000 depending on the area, and your amount of hustle. My husband’s friend currently makes 187,000 as a plumber. He has jobs laid out for months. There aren’t enough of them. So you know what means. Supply and demand.
Stfu and when that get automated then what
OMG - THAT GIRL LOOKS EXACTLY LIKE TAMERA MOWRY!!!!!
Facts I had to search for this comment I was like I know I’m not the only one seeing tamera 😂
I clicked because I thought she look like Belcalis!! Who else did this 😅
FYI I mean Cardi B
Nobody is safe. Everyone was lied to. This is a Depression.
It's not a misconception. You simply aren't top-tier. You won't hear folks who do research at these companies get laid off.
I'm going to be honest, I only clicked on this video to confirm there wasn't a third Mowry sister I didn't know about lol
Women in tech and stem
Cardi B is that you😂😂❤❤
came for cardi b stayed for tech gems 💎 jk lol
I heard tech has lost is “coolness” and some have told me they will not go back to big tech
I wonder is Senior Mgmt. & executives are reducing their bonuses or incentive plans...lol they would never do this.
I thought that was cardi b in the thumbnail
Haha this seems to be a popular sentiment!
Thanks for the information. I agree with your guest, that one of the reasons for the layoffs might be to hire entry level-lower waged workers. The companies may also be planning to hire workers in other countries-outsourcing.
"Tail end of the tech layoffs." Not even close. 1st rd of AWS layoffs 3/21/23
Layoffs are a great way to arbitrage labor and try to bring down salaries.
I think there's a problem with you all "IT Influencers": There's only Google, Meta, Microsoft, Apple, Amazon - nothing outside of these options - some of you maybe consider "start ups", but there isn't anything in the middle. I work in a large insurance company in London - 60k+ employers around the world, and my Team in the last year increase from 14 to 35 members, all the promotions and bonuses are on place - the salary is very good (maybe not as good as Google): But there's no layoff. Stop thinking only in Google or Apple, the world is more than that...