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Layoffs starting to hit the tech sector hard.

  • Last Updated:
  • May 20th, 2022 9:27 pm
[OP]
Deal Expert
Feb 29, 2008
17363 posts
14756 upvotes
Tarrana & The Ri…

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.
132 replies
Deal Expert
Jan 27, 2006
19515 posts
12578 upvotes
Vancouver, BC
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.
Sr. Member
Sep 28, 2013
770 posts
524 upvotes
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.
Deal Addict
Jan 1, 2017
1743 posts
1708 upvotes
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.
Member
Feb 21, 2013
245 posts
209 upvotes
I still see a lot of colleagues/former colleagues going off to new jobs and recruiters knocking at my door.
[OP]
Deal Expert
Feb 29, 2008
17363 posts
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Tarrana & The Ri…
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.
[OP]
Deal Expert
Feb 29, 2008
17363 posts
14756 upvotes
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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.
Deal Fanatic
Apr 25, 2006
7275 posts
2222 upvotes
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
[OP]
Deal Expert
Feb 29, 2008
17363 posts
14756 upvotes
Tarrana & The Ri…
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
Deal Fanatic
User avatar
Dec 8, 2007
5262 posts
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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."
Sr. Member
Aug 8, 2010
834 posts
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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.
Deal Fanatic
Jul 4, 2004
8986 posts
1937 upvotes
Image
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!
Sr. Member
Nov 28, 2016
696 posts
843 upvotes
Never heard of these tech companies. Are they mostly startups?
Deal Addict
Nov 24, 2004
4411 posts
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Toronto
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".
Deal Addict
Jun 4, 2013
1320 posts
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Vancouver
We are still hiring like hiring like crazy. Hire 3 people last month and looking for more as we expand.
Deal Guru
Feb 9, 2006
12651 posts
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Brampton
Zillow and Carvana.... Huge numbers but In what role? The guys who drive around?
Deal Addict
Jan 17, 2009
3807 posts
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Toronto, Ontario
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.
[OP]
Deal Expert
Feb 29, 2008
17363 posts
14756 upvotes
Tarrana & The Ri…
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.
[OP]
Deal Expert
Feb 29, 2008
17363 posts
14756 upvotes
Tarrana & The Ri…
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.
[OP]
Deal Expert
Feb 29, 2008
17363 posts
14756 upvotes
Tarrana & The Ri…
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.

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