WTF is really happening with all those layoffs in the tech industry?? Everything is going to explode??
Not profitable
Many tech companies were NOT PROFITABLE!
You are being delusional if you believe a business can continue to operate without making a profit and without a viable business plan.
Where did you get the idea that the majority these businesses were making money? They were surviving because of loans and printed money.
They must to reduce their spending now that the money is running out…
🧨 Over budget
Companies are reviewing their annual budgets now that it is the fourth quarter of the year, and many of them are realizing that they have gone over budget and must make cuts.
The same tale occurs every year, but this one stood out since most tech companies had been overhiring for the past two years.
High tech salaries
High paying tech salaries in the US from unprofitable tech companies are unsustainable.
Due to these layoffs, many businesses will save money.
Opportunity
In the future, many of these companies will look to hire individuals from nations where wages are lower than those in the US.
Some of these fired people will create amazing new startups and products (Airbnb as an example from the past).
Hope you are not fired yet
And if you are fired… great opportunity to start your own thing!
Do you think should be as fast and easy as possible to fire people who don't add value?