Layoffs starting to hit the tech sector hard.

May 12th, 2022 2:31 pm

#1

JayLove06 [OP]: Deal Expert; Feb 29, 2008; 17363 posts; 14756 upvotes; Tarrana & The Ri…

May 12th, 2022 2:31 pm

Layoffs starting to hit the tech sector hard.

with more to come. Layoff tracker: http://layoffs.fyi/

Employees/job seekers finally got the upper hand the last year or so but it's looking like these days may be gone as the pendulum swings back to employers.

Anyone's guess how bad this will get. Keep ya eyes and ears open.

Share:

May 12th, 2022 2:41 pm

#2

craftsman: Deal Expert; Jan 27, 2006; 19515 posts; 12578 upvotes; Vancouver, BC

May 12th, 2022 2:41 pm

Cheap money as far as funding is coming to an end with increasing rates. I expect that the trend continues until the interest rates start to level off and even then many of these smaller firms will just run out of financing.

+2

May 12th, 2022 3:04 pm

#3

angrybanker: Sr. Member; Sep 28, 2013; 770 posts; 524 upvotes

May 12th, 2022 3:04 pm

But I was told that tech jobs were the promised land with paths to millions due to equity award appreciation! How dare tech stocks not go up 20% into perpetuity - we need to find someone to blame.

+5

May 12th, 2022 3:23 pm

#4

ProductGuy: Deal Addict; Jan 1, 2017; 1743 posts; 1708 upvotes

May 12th, 2022 3:23 pm

JayLove06 wrote: ↑ with more to come. Layoff tracker: http://layoffs.fyi/

Employees/job seekers finally got the upper hand the last year or so but it's looking like these days may be gone as the pendulum swings back to employers.

Anyone's guess how bad this will get. Keep ya eyes and ears open.

Did you notice the tracker says since March 2020? This info is not representative of what’s going on.

+5

May 12th, 2022 3:39 pm

#5

czenxa: Member; Feb 21, 2013; 245 posts; 209 upvotes

May 12th, 2022 3:39 pm

I still see a lot of colleagues/former colleagues going off to new jobs and recruiters knocking at my door.

+7

May 12th, 2022 3:55 pm

#6

JayLove06 [OP]: Deal Expert; Feb 29, 2008; 17363 posts; 14756 upvotes; Tarrana & The Ri…

May 12th, 2022 3:55 pm

ProductGuy wrote: ↑ Did you notice the tracker says since March 2020? This info is not representative of what’s going on.

It has all the updated layoffs from as early as yesterday. This list will be updated as we go. The list isn't representative of anything. However, there is plenty of talk of layoffs being on the horizon and we have already seen layoffs for the last month or so.

May 12th, 2022 3:59 pm

#7

JayLove06 [OP]: Deal Expert; Feb 29, 2008; 17363 posts; 14756 upvotes; Tarrana & The Ri…

May 12th, 2022 3:59 pm

czenxa wrote: ↑ I still see a lot of colleagues/former colleagues going off to new jobs and recruiters knocking at my door.

Yea, you'll see that, for sure. But already some companies have slowed down hiring while others are on overdrive. But that can all change in 2 months. If we continue down the same trajectory, companies will be re-evaluating their plans. Undeniable...especially the ones that skyrocketed during COVID and have come back down to earth. A lot of their projections were based off of the success of the previous year.

May 12th, 2022 4:24 pm

#8

1xTiMeR: Deal Fanatic; Apr 25, 2006; 7275 posts; 2222 upvotes

May 12th, 2022 4:24 pm

Tons of US companies with little to do with Canada or it's Canadian branches.

"If you make a mistake but then change your ways, it is like never having made a mistake at all" - Confucius

May 12th, 2022 4:54 pm

#9

JayLove06 [OP]: Deal Expert; Feb 29, 2008; 17363 posts; 14756 upvotes; Tarrana & The Ri…

May 12th, 2022 4:54 pm

1xTiMeR wrote: ↑ Tons of US companies with little to do with Canada or it's Canadian branches.

Some Canadian tech companies have laid off workers as well. Nothing crazy

May 12th, 2022 7:31 pm

#10

TodayHello: Deal Fanatic; Dec 8, 2007; 5262 posts; 1607 upvotes

May 12th, 2022 7:31 pm

Sooo .... What?

Best defense against layoffs is a good offense:

- Be good at your job.
- Actively cultivate a network in your sector.
- Make sure your boss, and their boss knows your name and likes you, or at least doesn't dislike you.

Collect paychecks into perpetuity.

Hydropwnics wrote:"TodayHello is a certified hustler and original gangster."

+9

May 12th, 2022 7:33 pm

#11

1000islands: Sr. Member; Aug 8, 2010; 834 posts; 216 upvotes

May 12th, 2022 7:33 pm

TodayHello wrote: ↑ Sooo .... What?

Best defense against layoffs is a good offense:

- Be good at your job.
- Actively cultivate a network in your sector.
- Make sure your boss, and their boss knows your name and likes you, or at least doesn't dislike you.

Collect paychecks into perpetuity.

yup, right. if you are bill gate, you don't even have to find a job.

+1

May 12th, 2022 9:37 pm

#12

Frankie3s: Deal Fanatic; Jul 4, 2004; 8986 posts; 1937 upvotes

May 12th, 2022 9:37 pm

The jig is up, everyone is now onto us and have figured out that they can reboot their computers without us...

Help an animal charity or sanctuary out today. Become a volunteer, advocate, foster a pet, or donate. They need you as much as you need them!

+2

May 12th, 2022 11:01 pm

#13

devmaster8: Sr. Member; Nov 28, 2016; 696 posts; 843 upvotes

May 12th, 2022 11:01 pm

Never heard of these tech companies. Are they mostly startups?

+1

May 13th, 2022 9:39 am

#14

JHW: Deal Addict; Nov 24, 2004; 4411 posts; 971 upvotes; Toronto

May 13th, 2022 9:39 am

TodayHello wrote: ↑ Best defense against layoffs is a good offense:

As they say, "the best kind of job security is the ability to quickly find another job".

+8

May 13th, 2022 10:31 am

#15

sponge5307: Deal Addict; Jun 4, 2013; 1320 posts; 480 upvotes; Vancouver

May 13th, 2022 10:31 am

We are still hiring like hiring like crazy. Hire 3 people last month and looking for more as we expand.

+3

May 13th, 2022 12:07 pm

#16

tebore: Deal Guru; Feb 9, 2006; 12651 posts; 7311 upvotes; Brampton

May 13th, 2022 12:07 pm

Zillow and Carvana.... Huge numbers but In what role? The guys who drive around?

+1

May 13th, 2022 1:25 pm

#17

Ecsta: Deal Addict; Jan 17, 2009; 3807 posts; 3837 upvotes; Toronto, Ontario

May 13th, 2022 1:25 pm

If anything hiring is accelerating and getting more aggressive if you have a good resume, some years experience, and are actively looking in a tech role.

Also helps that pretty much every competitive tech company is full remote by default, so its easy to switch jobs as I'm not limited by driving distance anymore.

+2

May 13th, 2022 2:58 pm

#18

JayLove06 [OP]: Deal Expert; Feb 29, 2008; 17363 posts; 14756 upvotes; Tarrana & The Ri…

May 13th, 2022 2:58 pm

TodayHello wrote: ↑ Sooo .... What?

Best defense against layoffs is a good offense:

- Be good at your job.
- Actively cultivate a network in your sector.
- Make sure your boss, and their boss knows your name and likes you, or at least doesn't dislike you.

Collect paychecks into perpetuity.

With mass layoffs, it's not even about being good at your job in a lot of cases or knowing the right people. Sometimes you get punted. I'm not sure why people are getting so defensive. Layoffs are part of the modern day worker's career.

May 13th, 2022 3:01 pm

#19

JayLove06 [OP]: Deal Expert; Feb 29, 2008; 17363 posts; 14756 upvotes; Tarrana & The Ri…

May 13th, 2022 3:01 pm

Ecsta wrote: ↑ If anything hiring is accelerating and getting more aggressive if you have a good resume, some years experience, and are actively looking in a tech role.

Also helps that pretty much every competitive tech company is full remote by default, so its easy to switch jobs as I'm not limited by driving distance anymore.

This is true as well. I would say now is a golden opportunity to switch jobs and make more money. There is certainly a lot of demand.

+1

May 13th, 2022 3:05 pm

#20

JayLove06 [OP]: Deal Expert; Feb 29, 2008; 17363 posts; 14756 upvotes; Tarrana & The Ri…

May 13th, 2022 3:05 pm

JHW wrote: ↑ As they say, "the best kind of job security is the ability to quickly find another job".

This. It's not even about being good enough to not get fired. You will lose with that mentality. It's being able to get hired quickly on the open market. That's why my linkedin stays updated and I'm always ready to pivot.

+1