More than 1,600 tech employees are being laid off per day on average in 2023 globally including in India, and the sacking episodes have gained speed amid <keyword id="16083439" type="General" weightage="20" keywordseo="global-economic-meltdown-and-recession-fears" source="Orion">global economic meltdown and recession fears</keyword>. In 2022, over 1,000 companies laid off 154,336 workers, as per the data from layoffs <keyword id="16083440" type="General" weightage="20" keywordseo="tracking-site-layoffs-fyi-" source="Orion">tracking site Layoffs.fyi.</keyword> The <keyword id="16083430" type="General" weightage="20" keywordseo="mass-tech-layoffs" source="Orion">mass tech layoffs</keyword> of 2022 are continuing into the new year, and Indian companies and startups are among the leaders in firing staff. Homegrown social media company ShareChat (Mohalla Tech Pvt Ltd) laid off 20 per cent of its workforce due to uncertain market conditions, affecting more than 500 employees. Backed by Twitter, Google, Snap and Tiger Global, ShareChat has about 2,300 employees. In December 2022, ShareChat laid off less than 5 per cent of its employees after it shut down its fantasy sports platform called Jeet11. Companies like Ola (which fired 200 employees) and voice automated startup Skit.ai also dominated the headlines for laying off employees this month. Homegrown quick-grocery delivery provider Dunzo has laid off 3 per cent of its workforce amid cost-cutting measures. The year 2023 has begun on a bad note for tech workers globally and 91 companies have laid off more than 24,000 tech employees in the first 15 days this month, signalling worse days ahead. Amazon announced to lay off 18,000 employees globally, including nearly 1,000 in India. Meanwhile, LinkedIn is full of job hunts, offers of support for laid off friends and colleagues, and advice for coping with career hurdles as several companies trim their workforce to navigate through an uncertain macroeconomic environment. According to market research firm Sensor Tower, the LinkedIn app was downloaded an estimated 58.4 million times in 2022 globally across Google Play Store and Apple App Stores -- up 10 per cent from 2021. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/finance/banks/news/paytm-payments-bank-gets-final-nod-from-rbi-to-operate-bharat-bill-payment-system-services/articleshow/97032913.cms">Paytm Payments Bank gets final nod from RBI to operate Bharat Bill Payment System services </a><a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/finance/news/indian-ceos-see-a-difficult-year-but-most-say-they-wont-go-for-job-or-salary-cuts-pwc-survey/articleshow/97046963.cms">Indian CEOs see a difficult year but most say they won’t go for job or salary cuts: PwC survey</a>

Over 1,600 techies being fired a day on average in January says tracking site Layoffs.fyi

<ul class="summary-list"><li>On an average, at least 1,600 tech sector workers have been laid off every day of 2023 so far, per Layoffs.fyi.</li><li>That's as 91 tech companies globally have axed 24,151 jobs, just 15 days into 2023.</li></ul>Layoffs in the tech sector show no signs of abating — on an average, about 1,600 workers have gotten the pink slip every day in 2023 so far, according to tracking site <a href="https://layoffs.fyi/" target="_blank" rel="noopener nofollow">Layoffs.fyi.</a>That's as 91 tech companies globally have already laid off 24,151 workers just 15 days into 2023, according to <a href="https://layoffs.fyi/">data aggregated by Layoffs.ai</a>. This is already about 15% of the 154,256 workers who were laid off by over a thousand tech companies in 2022.Amazon, Meta, and Salesforce top Layoffs.fyi's list with about 18,000, 11,000, and 8,000 staffers laid-off, respectively, between November 2022 and January 2023.The layoffs at Amazon primarily affected those in corporate roles, including those in the company's Devices and Books businesses and human resource department, <a href="https://www.businessinsider.com/amazon-laying-off-17000-workers-largest-job-cut-tech-report-2023-1">Insider's Samantha Delouya</a> reported on January 5. <a href="https://www.businessinsider.com/meta-layoffs-employees-facebook-mark-zuckerberg-metaverse-bet-2022-11">Meta</a> cut positions across the company, including its Reality Labs division overseeing metaverse initiatives, while Salesforce's headcount reduction hit the <a href="https://www.businessinsider.com/salesforce-layoffs-hit-slack-product-development-and-engineering-org-2023-1">Slack</a> and <a href="https://www.businessinsider.com/salesforce-layoffs-marc-benioff-mulesoft-hardest-hit-so-far-2023-1">MuleSoft</a> business units.The rash of layoffs — which <a href="https://www.businessinsider.com/tech-layoffs-meta-twitter-lyft-stripe-severance-package-compensation-2022-11">started last year</a> — came after tech companies <a href="https://www.businessinsider.com/meta-layoffs-tech-ceo-pandemic-boom-last-forever-dumb-mistake-2022-11" rel="">hired and expanded aggressively</a> during the pandemic. But they started conducting <a href="https://www.businessinsider.com/tech-layoffs-2022-causes-outcomes-2022-11">widespread layoffs</a> in late 2022, as earnings weakened across the board amid fears of an <a href="https://www.businessinsider.com/how-to-prepare-your-business-for-a-recession-2022-12" rel="">impending recession.</a> This also spilled over into 2023. <a href="https://www.businessinsider.com/new-year-big-tech-sector-layoffs-amazon-salesforce-vimeo-recession-2023-1">Amazon and Salesforce</a> announced in the first week of the year they were collectively cutting over 25,000 jobs. <a href="https://www.businessinsider.com/layoffs-sweeping-the-us-these-are-the-companies-making-cuts-2023#vimeo-11-of-its-workforce-8">Other tech companies</a> that have slashed headcount include media company <a href="https://www.businessinsider.com/vimeo-layoffs-11-percent-job-cuts-2023-1">Vimeo</a> and supply chain software firm <a href="https://www.businessinsider.com/flexport-lays-off-20-percent-workforce-2023-1">Flexport.</a>And it's not just the tech sector that's laying off staff either.Last week, banking giant <a href="https://www.businessinsider.com/goldman-sachs-job-cuts-layoffs-employees-workforce-employment-david-solomon-2023-1">Goldman Sachs</a> started laying off 3,000 employees globally as dealmaking slows. <a href="https://www.businessinsider.com/blackrock-layoffs-headcount-market-downturn-2023-1">BlackRock,</a> the world's largest asset management firm, is also slashing up to 500 roles for the first time in four years.Marc Benioff, Salesforce's CEO, attempted to explain his company's rationale for the downsizing in his memo to staff, saying: "as our revenue accelerated through the pandemic, we hired too many people leading into this economic downturn we're now facing, and I take responsibility for that."

An average 1,600 tech workers have been laid off every day of 2023 so far

<ul><li>Indian startup sector witnesses a rise in job losses, with over 27,000 tech employees affected and numbers increasing.</li><li>Nearly 26,868 employees have been handed over pink slips by 98 startups.</li><li>At least 22 <keyword id="1464841" type="General" weightage="80" keywordseo="edtech" source="Orion">edtech</keyword> startups have slashed 9,781 jobs to date.</li></ul>At least 27,000 tech employees at Indian startups have lost their jobs since the funding winter crept in last year, and the list is only growing. Nearly 26,868 employees have been handed over pink slips by 98 startups, including unicorns led by the edtech majors, according to data by leading startup news portal Inc42. At least 22 edtech startups have slashed 9,781 jobs to date. In the first five months into 2023, more than 8,000 employees lost their jobs in India by nearly 50 startups. Homegrown virtual events platform Airmeet sacked about 30 per cent of its workforce, or at least 75 employees, according to the report. Corporate expense management platform Happay, owned by credit Card bill payment provider CRED, slashed nearly 35 per cent of its workforce as part of a restructuring exercise. Another homegrown edtech startup Teachmint laid off over 70 employees, its second round of job cuts after sacking about 45 workers more than five months ago. <keyword id="12864" type="General" weightage="80" keywordseo="chennai" source="Orion">Chennai</keyword>-based edtech startup Skill-Lync laid off employees as it consolidates operations across Chennai, Bengaluru, and <keyword id="6354552" type="General" weightage="50" keywordseo="hyderabad" source="Orion">Hyderabad</keyword> amid global macroeconomic conditions. The year 2023 has become the worst year for tech employees as nearly 2 lakh tech employees -- from Big Tech firms to startups -- have been sacked to date globally, as companies like <keyword id="399907" type="General" weightage="50" keywordseo="meta" source="Orion">Meta</keyword>, BT, <keyword id="15492" type="General" weightage="50" keywordseo="vodafone" source="Orion">Vodafone</keyword> and many others announced further plans to lay off more employees in coming months. As per the data by layoffs tracking site Layoffs.fyi, 695 tech companies have shown the doors to around 1.98 lakh employees so far this year. SEE ALSO: <a href="https://www.businessinsider.in/tech/apps/news/is-whatsapp-secretly-listening-to-your-private-conversations-heres-how-to-check/articleshow/100155980.cms">Is WhatsApp secretly listening to your private conversations? Here’s how to check</a> <a href="https://www.businessinsider.in/tech/news/google-pixel-6a-vs-pixel-7a-smartphone-comparison-with-price-and-features/articleshow/100177889.cms">Google Pixel 6a vs Pixel 7a: Is Google's latest mid-ranger worth the extra ₹12,000?</a>

About 27K employees lost jobs at Indian startups to date, over 8K this year

The year 2023 has become the worst year for tech employees as nearly 2 lakh tech employees -- from Big Tech firms to startups -- have been sacked to date globally, as companies like Meta, BT, Vodafone and many others announced further plans to lay off more employees in coming months. As per the data by layoffs tracking site Layoffs.fyi, 695 tech companies have shown the doors to around 1.98 lakh employees so far this year. In comparison, 1,046 tech companies laid off more than 1.61 lakh employees in 2022. In January alone this year, close to 1 lakh tech employees lost jobs globally, dominated by companies like Amazon, Microsoft, Google, Salesforce and others. In total, about 3.6 lakh tech employees have now lost their jobs in 2022 and till May this year. As more and more Big Tech companies continue to sack employees, they listed various reasons behind the move -- over-hiring, uncertain global macroeconomic conditions, strong tailwinds from the Covid-19 pandemic and more. Meta (formerly Facebook) is reportedly going to start laying off more employees next week in its third round of <keyword id="30690" type="General" weightage="20" keywordseo="job-cuts" source="Orion">job cuts</keyword>. While the exact number has not been confirmed, it is expected that the company will lay off approximately 6,000 employees in this round. Amazon India laid off around 400-500 employees from its Cloud division AWS as well as People Experience and Technology Solutions (PXT) or HR and support verticals this month. Fintech unicorn Zepz is laying off 420 employees, or 26 per cent of its workforce. The UK telecommunication giant BT Group has announced plans to slash a massive 55,000 jobs by the end of the decade. Global telecom carrier Vodafone said it plans to reduce 11,000 jobs over the next three years, with an aim to "simplify" both headquarters and local markets. Meanwhile, Microsoft will not give any raise to salaried employees, including senior leaders, this year as global macroeconomic conditions continue to haunt Big Tech. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/corporates/news/zomato-net-loss-narrows-to-188-crore-in-q4-revenue-rises-70-yoy/articleshow/100358894.cms">Zomato net loss narrows to ₹188 crore in Q4, revenue rises 70% YoY</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/mankind-pharma-pnb-among-stocks-to-become-largecap-from-midcap-mutibagger-rail-vikas-nigam-to-turn-midcap-from-smallcap/articleshow/100356527.cms">Mankind Pharma, PNB among stocks to become largecap from midcap; mutibagger Rail Vikas Nigam to turn midcap from smallcap</a>

2 lakh techies lost jobs in 2023, more to come

<ul class="summary-list"><li>A new website is compiling salaries for tech jobs at hundreds of industry giants and top startups.</li><li><a href="https://www.comprehensive.io/">Comprehensive.io</a> aggregates pay data from the careers pages of tech employers like Amazon and Google.</li></ul>If you have — or are looking for — a <a href="https://www.businessinsider.com/companies-with-tech-job-openings-postings-indeed-2022-12">job in tech</a>, there's a new tool you should be using to see how much money you should be making.It's a website, <a href="https://www.comprehensive.io/">Comprehensive.io</a>, and it just launched Thursday. The site aggregates salary ranges for jobs at 700 top tech firms and startups. Its software visits the careers sites of these employers everyday to update numbers daily as new job posts are added.The database is possible thanks to <a href="https://www.businessinsider.com/list-of-states-and-cities-with-pay-transparency-laws-colorado-2022-11">pay transparency laws</a> that recently took effect in places like <a href="https://www.businessinsider.com/nyc-employers-must-list-salary-ranges-effect-on-companies-candidates-2022-11">New York City</a>, California, and Washington state, which are home to major tech hubs. The laws require most employers in those jurisdictions, including tech behemoths, to list salary ranges in job posts.For those who already have a job in tech, try filtering results by your job title under "Top Paying Companies" to see where you could be making the most money, and where your company falls in the range. If you're job searching, you can find the average pay range for a specific role under "Popular Job Titles," based on pay data from various companies. This feature can also be helpful for <a href="https://www.businessinsider.com/how-to-ask-for-a-raise-based-on-inflation-2022-4">negotiating a salary or raise</a>.The site was built by <a href="https://www.businessinsider.com/pitch-deck-payroll-hr-startup-comprehensive-seed-venture-capital-funding-2022-10">compensation software startup Comprehensive</a>, whose co-founder Roger Lee launched the website <a href="https://layoffs.fyi/" target="_blank" rel="noopener">layoffs.fyi</a> in 2020 to track the slew of tech jobs cut during the pandemic."I'm keenly aware that hundreds of thousands of tech employees have lost their jobs over the past few years. I hope that Comprehensive.io can be useful to job seekers as they navigate this fast-evolving talent market," Lee said. "I also believe that having access to this salary information will help promote fair pay by leveling the playing field for job seekers and employees."Note that Comprehensive.io currently only gives results for California and New York City tech jobs. As more pay data becomes available, it will track salaries at more tech employers and branch into other industries as well, Lee says.

A new website compiles salaries for jobs at 700 top tech firms, from Amazon to Google — see what your job is worth

<ul class="summary-list"><li>Tech companies continue to cut perks, and may start lowering 401(k) matches and healthcare benefits.</li><li>Most employees won't leave their jobs even after losing perks that once defined the tech industry.</li></ul>Tech companies have long touted lavish office perks like on-site dry cleaning, ice-cream bars, and even paid egg-freezing services to recruit top talent and <a href="https://www.businessinsider.com/tech-workers-office-perks-ski-trips-massages-meals-list-2023-2">keep them happy</a>.Now that's all changing. An economic slowdown has driven many companies to slash <a href="https://www.businessinsider.com/layoffs-sweeping-the-us-these-are-the-companies-making-cuts-2023">jobs and benefits</a>, triggering an <a href="https://www.businessinsider.com/why-big-tech-companies-laying-off-spoiled-workers-perks-2023-2">identity crisis among some tech workers</a>. The tech sector has cut roughly 200,000 jobs since the start of 2023, according to <a href="https://layoffs.fyi/" target="_blank" rel="noopener">Layoffs.fyi</a>, a website that tracks the industry's job cuts.In the meantime, <a href="https://www.businessinsider.com/google-perks-benefits-staff-workers-layoffs-cutting-back-employees-socials-2023-4">Google has reduced hours for some on-site cafés</a>, and Twitter has cut back on free lunches. Meta employees said the company seemed to be <a href="https://www.businessinsider.com/meta-facebook-employees-complain-perks-food-options-cost-cuts-report-2023-4">paring back snacks and cereals</a> in cafeterias — after the Facebook owner had already canceled on-site laundry and its Lyft subsidy program. It's not just Big Tech companies either: tech startups and venture funds <a href="https://www.businessinsider.com/vc-startups-cut-costs-recession-holiday-parties-2022-12">opted to scale back or scrap lavish holiday parties</a> last year.In this new era of austerity, few perks are safe from cuts — and some may never return. Tech companies, in particular, "are preparing for a prolonged period of slowing demand and capital investment, so they're looking at longer-term cuts to benefits," Aaron Terrazas, Glassdoor's chief economist, told Insider.There's no end in sight for the perk purge, either. Companies will chisel away at these benefits as long as the tighter labor market keeps risks of a talent drain at bay, experts said."The floor for companies seems pretty low at this moment," said Daniel Keum, an assistant professor at Columbia Business School. "More perks are going to be taken away, but people won't leave for many reasons, including the current industry downturn where a lot of people are looking for jobs."But employers should take note: some benefits are more sacred to employees than others.While many tech workers can get by without free sushi bars or massages, they are much more likely to revolt against changes to financial benefits like 401(k) matches, disability insurance, and healthcare perks, including fully covered egg freezing or deep prescription-drug discounts.<h2>The most important perks</h2>The suite of perks tech companies offer is wide-ranging. This includes the somewhat frivolous, such as restaurant-table booking, and the more financially meaningful, such as generous employee discounts, travel expenses, and education reimbursements.Keum called the more impactful perks "invisible wages." They are not directly reflected in employees' salaries but make their lives easier and less costly, he said.The loss of these perks is much more likely to drive away current or future employees. In a May 2 <a href="https://www.icims.com/class-of-2023/?vendor=Website&amp;targeting_method=HPRotator-1" target="_blank" rel="noopener">survey of college seniors</a> by iCIMS, a recruiting-software provider, 42% of respondents said they expected employers to offer 401(k) matches, 34% said companies should provide financial planning, and 28% said they wanted a student-loan repayment program."Most people ultimately arrive at a pragmatic stance when it comes to what they're giving up and what their alternatives are out there," Terrazas said. "The trickier conversations are ones around remote work, dependent coverage for health insurance, and 401(k) matches."Experts said that tech companies wouldn't rule out cuts to these financially significant perks, regardless of whether such changes would alienate workers.The rise of artificial intelligence and the <a href="https://www.businessinsider.com/us-tech-firms-offshoring-immigration-labor-shortage-issues-remote-work-2023-3">increasing offshoring of work</a> means employees could have a harder time demanding more benefits. And a glut of new coding and engineering talent waiting in the pipeline is set to keep the tech labor market tight.So if you work in tech, get ready to say goodbye to some of your favorite perks — possibly forever.

Tech companies got rid of your free lunch. Now they're coming for your 401(k) and healthcare.

<keyword id="6357120" type="General" weightage="100" keywordseo="paytm" source="Orion">Paytm</keyword> is expected to be adjusted EBITDA positive in March 2023, two quarters ahead of the estimates and the company's guidance of September 2023. It is learnt that global investment firm <keyword id="6361649" type="General" weightage="50" keywordseo="goldman-sachs" source="Orion">Goldman Sachs</keyword> expects October-December 2022 to be another strong quarter for Paytm, with revenue growth of 45 per cent on a yearly basis, adding that its margins print in the quarter would further increase the markets' confidence around the company's ability to be profitable in 2023. Notably, the Paytm Super App continued to see growing consumer engagement with the average Monthly Transacting User for the quarter that ended December 2022 at 85 million, registering a growth of 32 per cent on a yearly basis. "Paytm's MTU (monthly transacting users), loan disbursals and devices deployed continue to surprise us positively, and we have further raised our estimates for these metrics...," Goldman Sachs said. Thus, it reiterated 'Buy' rating with revised share target price of Rs 1,120 over a period of 12-month horizon. It is currently trading at Rs 541 per share. The global investment firm believes the current share price continues to offer a compelling entry point into what it termed Paytm as <keyword id="3658" type="General" weightage="20" keywordseo="india" source="Orion">India</keyword>'s largest and one of the fastest-growing fintech platforms. Meanwhile, the total merchant <keyword id="2185962" type="General" weightage="50" keywordseo="gross-merchandise-value" source="Orion">Gross Merchandise Value</keyword> processed through the Paytm platform for the quarter that ended December 2022 aggregated to Rs 3.46 lakh crore (USD 42 billion), marking a year-on-year growth of 38 per cent. The number of loans grew 117 per cent yearly to 3.7 million for the month of December, and 137 per cent to 10.5 million cumulative loans for the three months ended December 2022. As a result, total disbursements for the three months ended December 2022 was Rs 9,958 cr, a growth of 357 per cent on the year. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/tech/news/over-1600-techies-being-fired-a-day-on-average-in-january-says-tracking-site-layoffs-fyi/articleshow/97047713.cms">Over 1,600 techies being fired a day on average in January says tracking site Layoffs.fyi</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/finance/news/indian-ceos-see-a-difficult-year-but-most-say-they-wont-go-for-job-or-salary-cuts-pwc-survey/articleshow/97046963.cms">Indian CEOs see a difficult year but most say they won’t go for job or salary cuts: PwC survey</a>

Paytm may see profitability in March, two quarters ahead of expectation; Goldman Sachs raises target price

<ul class="summary-list"><li>Amazon will be cutting over 18,000 jobs, CEO Andy Jassy confirmed Thursday.</li><li>Salesforce said on Wednesday it will cut about 10% of its 73,541-strong workforce, and close some offices.</li></ul>It's just five days into 2023, but the tech winter has already begun dampening the new year's spirit — Amazon, Salesforce, and Vimeo have just announced over 25,000 job cuts amid fears of an upcoming recession. Amazon <a href="https://www.businessinsider.com/amazon-laying-off-17000-workers-largest-job-cut-tech-report-2023-1">CEO Andy Jassy confirmed Thursday</a> the ecommerce giant's latest round of layoffs — which started back in <a href="https://www.businessinsider.com/amazon-layoffs-tech-industry-economy-2022-11">November</a> — will see 18,000 jobs impacted. The massive job cuts — which was first reported by the <a href="https://www.wsj.com/articles/amazon-to-lay-off-over-17-000-workers-more-than-first-planned-11672874304?mod=panda_wsj_author_alert" target="_blank" rel="noopener">Wall Street Journal</a> on Wednesday — were far higher than Amazon's initial plans of <a href="https://www.businessinsider.com/amazon-layoffs-tech-industry-economy-2022-11">10,000 job cuts.</a>"This year's review has been more difficult given the uncertain economy and that we've hired rapidly over the last several years," Jassy wrote in a <a href="https://affiliate.insider.com?postID=63b63128ba75563f59160ce6&amp;site=bi&amp;u=https%3A%2F%2Fwww.aboutamazon.com%2Fnews%2Fcompany-news%2Fupdate-from-ceo-andy-jassy-on-role-eliminations" target="_blank" rel="noopener">note to staff on Thursday.</a> Amazon employs 1.5 million workers and this round of job cuts is the largest in the company's history. "Companies that last a long time go through different phases. They're not in heavy people expansion mode every year," said Jassy in his note.On Wednesday, <a href="https://www.businessinsider.com/salesforce-layoffs-marc-benioff-overhiring-profits-costs-economic-downturn-staff-2023-1">Salesforce</a> said it will cut about 10%, or over 7,000, of its 73,541-strong workforce, and close some offices in a bid to slash costs."The environment remains challenging and our customers are taking a more measured approach to their purchasing decisions," co-CEO Marc Benioff said in an <a href="https://www.sec.gov/Archives/edgar/data/1108524/000110852423000003/ex991-lettertoemployees.htm" rel="">email to staff</a>.Media company <a href="https://www.businessinsider.com/vimeo-layoffs-11-percent-job-cuts-2023-1">Vimeo</a> also said on Wednesday it will lay off 11% of its total staff. The staff cuts will help Vimeo address economic concerns, a company spokesperson told Insider's Grace Kay. The company employed about 1,200 staffers as of December 2021, according to its <a href="https://investors.vimeo.com/node/8476/html" rel=" nofollow">annual regulatory filing.</a> The rash of layoffs came after tech companies <a href="https://www.businessinsider.com/meta-layoffs-tech-ceo-pandemic-boom-last-forever-dumb-mistake-2022-11">hired and expanded aggressively</a> during the pandemic. As Salesforce's Benioff put it in his memo to staff, "as our revenue accelerated through the pandemic, we hired too many people leading into this economic downturn we're now facing, and I take responsibility for that."Now, tech companies are shifting their strategies amid fears of an <a href="https://www.businessinsider.com/how-to-prepare-your-business-for-a-recession-2022-12" rel="">impending recession.</a> More than 1,000 tech companies globally have collectively cut more than 150,000 jobs in 2022, according to tracking site <a href="https://layoffs.fyi/" target="_blank" rel="noopener">Layoffs.fyi.</a>

2023 has barely started and Amazon, Salesforce, and Vimeo have already announced over 25,000 job cuts

<ul class="summary-list"><li>Silicon Valley VC Keith Rabois says mass layoffs are due to hiring becoming a vanity metric in tech.</li><li>Rabois told an Evercore-hosted event that firms like Meta over-hired by thousands of staff.</li></ul>Thousands of tech staffers at Meta and Google do "fake work" and were brought on to fulfill the "vanity metric" of hiring, according to the outspoken investor and tech veteran Keith Rabois.Rabois is chief executive of OpenStore, which finances merchants selling with Shopify, and a general partner at venture capital firm Founders Fund. He is also known as one of the "PayPal Mafia", having worked as an executive at the payments firm in the early 2000s.Speaking remotely from Miami at an event hosted by banking firm Evercore, Rabois said that major tech firms were responsible for over-hiring and that the sector's current mass shedding of jobs to rein in costs was overdue. "All these people were extraneous, this has been true for a long time, the vanity metric of hiring employees was this false god in some ways," he said.Later on the call, he estimated that Alphabet's Google and Facebook owner Meta had thousands of employees who don't do anything."There's nothing for these people to do — they're really — it's all fake work," he said. "Now that's being exposed, what do these people actually do, they go to meetings."Google, he continued, had intentionally over-hired engineers and tech talent to stop them from moving to other companies, a strategy he described as "pretty coherent." But, he added, that meant engineers had been happy to "be entitled, sit at their desks, and do nothing."Rabois' view is shared by other Silicon Valley figures such as Marc Andreessen, the Andreessen Horowitz general partner who has criticized <a href="https://twitter.com/pmarca/status/1513113304104783875" target="_blank" rel="noopener">a managerial "laptop class"</a>, and likewise thinks firms are overstaffed.<blockquote class="twitter-tweet blockquote" data-lang="en" data-cards="" data-conversation="">—Marc Andreessen (@pmarca) <a href="https://twitter.com/mims/statuses/1515195878604087297?ref_src=twsrc%5Etfw">April 16, 2022</a></blockquote>Rabois said that he expects the industry's focus to shift away from a growth-at-all-costs model to focus on profitability metrics such as the revenue generated per employee. Rabois noted that <a href="https://www.businessinsider.com/tech-company-layoffs-pay-salary-cuts-remote-work-recruiter-power-2023-2" rel="nofollow sponsored">cutting head count</a> was one of the best ways to preserve and generate free-cash flow.The comments come as soaring interest rates and inflation in recent months have led tech companies across the industry to <a href="https://www.businessinsider.com/google-layoffs-comparison-meta-amazon-microsoft-2023-1" rel="nofollow sponsored">take an ax to their workforces</a> in a bid to manage costs and weather the economic storm. In 2022, more than 1,000 companies laid off more than 160,000 staff, according to the layoffs tracking site Layoffs.fyi. — that figure has already surpassed 100,000 for 2023 so far, according to the site. The job losses mark the first major contraction for the tech sector after a decade of growth that supercharged several of the major firms to market capitalizations above $1 trillion — and kept talent from smaller companies and industries. Despite already reducing head counts, some firms are set to make more cuts. Meta, which laid off more than 11,000 workers in November, could be <a href="https://www.businessinsider.com/meta-layoffs-thousands-job-cuts-zuckerberg-parental-leave-2023-3" rel="nofollow sponsored">preparing to ax thousands more jobs this week, according to Bloomberg</a>. Rabois was full of praise for <a href="https://www.businessinsider.com/elon-musk-apologize-twitter-feud-disabled-employee-2023-3" rel="nofollow sponsored">Twitter CEO Elon Musk</a>, who is estimated to have cut roughly half of the social-media company's workforce a month after taking charge in October. "People are watching Elon and Twitter and he's clearly setting an example — maybe it's an extreme example," Rabois said, adding later that he wouldn't bet against the Tesla mogul.Not everyone <a href="https://www.businessinsider.com/elon-musk-leadership-analysis-by-business-school-professors-2022-11?r=US&amp;IR=T">agrees with Musk's methods</a>, and his drastic cuts have occasionally come back to bite him. Twitter has experienced <a href="https://www.businessinsider.com/twitter-appears-to-disband-its-trust-and-safety-council-2022-12" rel="nofollow sponsored">safety and security issues</a> since Musk took over, <a href="https://www.businessinsider.com/elon-musk-twitter-breaks-links-images-not-working-2023-3?r=US&amp;IR=T">including a major outage</a> earlier this week. He is also under fire for trolling laid-off Twitter employee Haraldur Thorleifsson and <a href="https://www.businessinsider.com/elon-musk-accuses-disabled-ex-twitter-employee-doing-no-work-2023-3?r=US&amp;IR=T" rel="nofollow sponsored">accusing him of using his disability as an "excuse"</a> not to do work — the Twitter CEO has since <a href="https://twitter.com/elonmusk/status/1633240643727138824?cxt=HHwWkICxocrtt6otAAAA" target="_blank" rel="noopener">apologized for his comments</a> and said that Thorleifsson "is considering remaining at Twitter."

Google and Meta over-hired thousands of employees who do 'fake work,' says PayPal Mafia's Keith Rabois

<ul class="summary-list"><li>Microsoft, Google, and Salesforce have all announced layoffs this year.</li><li>Companies indicated they're reversing course after previously over-hiring.</li></ul>Barely three weeks into the new year, tens of thousands of Big Tech employees are staring down the barrel of unemployment. Microsoft said <a href="https://www.businessinsider.com/read-email-microsoft-ceo-sent-employees-announcing-10000-job-cuts-2023-1">it's letting go of 10,000 workers</a> over the next few months, while <a href="https://www.businessinsider.com/google-layoffs-jobs-alphabet-work-employees-staff-sundar-pichai-2023-1">Google will let go of 12,000</a> employees. Amazon meanwhile has begun its biggest cuts ever, <a href="https://www.businessinsider.com/amazons-layoffs-see-emails-hr-and-retail-bosses-sent-employees-2023-1">with plans to lay off 18,000 this year.</a>All told, more than 55,300 employees from more than 154 tech companies have been affected by layoffs in 2023, according to <a href="https://layoffs.fyi/" target="_blank" rel="noopener">Layoffs.fyi</a>, a layoff tracking site.To justify the job losses, CEOs like Google's Sundar Pichai and Salesforce's Marc Benioff have repeated the refrain of a slowing economy, framing the layoffs as a necessary backtrack after the over-hiring of two years ago. Pichai <a href="https://www.businessinsider.com/google-layoffs-jobs-alphabet-work-employees-staff-sundar-pichai-2023-1">told employees on Friday</a> that Google had "hired for a different economic reality than the one we face today," echoing Benioff's <a href="https://www.businessinsider.com/salesforce-layoffs-marc-benioff-overhiring-profits-costs-economic-downturn-staff-2023-1">message earlier this month to Salesforce staff</a> that "we hired too many people leading into this economic downturn we're now facing, and I take responsibility for that." 2023's cuts were foreshadowed at the end of last year, as some giants began slashing numbers.Twitter's massive layoffs followed its own theme, with Elon Musk marking his takeover of the platform in October with <a href="https://www.businessinsider.com/twitter-wants-employees-mass-layoffs-claims-thrown-out-2022-12">cuts to thousands of employees</a>.Others like Meta, Coinbase, and Robinhood <a href="https://www.businessinsider.com/layoffs-sweeping-the-us-these-are-the-companies-making-cuts-2022-5#meta-more-than-11000-employees-16">also laid off workers</a> last year, with Meta <a href="https://www.businessinsider.com/meta-layoffs-employees-facebook-mark-zuckerberg-metaverse-bet-2022-11">announcing in November</a> that it plans to let go of more than 11,000 employees. The domino-style wave of layoffs across the industry has also presented <a href="https://www.businessinsider.com/tech-layoffs-salary-cuts-workers-2022-8">another narrative</a> — one of a perhaps <a href="https://www.businessinsider.com/tech-companies-using-layoffs-recession-to-push-pay-back-down-2023-1">more calculated effort</a> by companies looking to cut costs not just by reducing headcount, but also by putting pressure on bonuses and wages.Insider previously reported that Microsoft, for instance, is <a href="https://www.businessinsider.com/microsoft-layoffs-employees-bracing-for-more-2023-1">offering 30% less</a> to prospective hires and that <a href="https://www.businessinsider.com/tech-companies-using-layoffs-recession-to-push-pay-back-down-2023-1">Snap is taking longer</a> for its yearly assessment of its own compensation. The layoffs foreshadow more cuts and potential pay reductions in store for workers this year. After all, it's only January. <h2>Read Insider's coverage of the latest wave of tech layoffs: </h2><a href="https://www.businessinsider.com/google-layoffs-jobs-alphabet-work-employees-staff-sundar-pichai-2023-1">Google is laying off around 12,000 workers as tech giants continue to slash jobs. Read CEO Sundar Pichai's email to staff.</a><a href="https://www.businessinsider.com/microsoft-layoffs-employees-bracing-for-more-2023-1">Microsoft employees are bracing for more layoffs</a><a href="https://www.businessinsider.com/tech-companies-using-layoffs-recession-to-push-pay-back-down-2023-1">Pay in tech is dropping fast as firms like Microsoft, Snap and more use layoffs and a looming recession to wrest power from workers</a><a href="https://www.businessinsider.com/microsoft-layoffs-google-apple-market-downturn-2023-1">Microsoft's major layoffs prove that no tech giant is safe from the market downturn</a><a href="https://www.businessinsider.com/microsoft-execs-private-sting-show-davos-before-mass-layoff-announcement-2023-1">Microsoft held an invite-only Sting concert for execs in Davos the day before the company announced layoffs of 10,000 employees</a><a href="https://www.businessinsider.com/amazons-layoffs-see-emails-hr-and-retail-bosses-sent-employees-2023-1">Read the emails Amazon's HR and retail bosses sent to employees as its largest layoff in company history starts</a><a href="https://www.businessinsider.com/tech-workers-laid-off-every-day-january-recession-downturn-2023-1">An average 1,600 tech workers have been laid off every day of 2023 so far</a><a href="https://www.businessinsider.com/salesforce-layoffs-marc-benioff-overhiring-profits-costs-economic-downturn-staff-2023-1">Salesforce says it's cutting about 10% of its employees and closing some offices</a>

BRUTAL-JOB-CUTS JANUARY: More than 55,000 tech workers are being laid off as Microsoft, Google, and others make deep cuts

<ul class="summary-list"><li>Meta employees who were laid off this week are writing "badge posts" on LinkedIn to share memories.</li><li>A "badge post" is a tradition where departing Meta employees post their ID with a goodbye message. </li></ul>It's a tradition for Meta employees to write "badge posts" when they depart the company. "A 'badge post' is usually a reflection/appreciation post and what you'll do next you do when you leave Facebook," one former employee <a href="https://affiliate.insider.com?u=https%3A%2F%2Fwww.linkedin.com%2Ffeed%2Fupdate%2Furn%3Ali%3Aactivity%3A6996363971226210304%2F%3FupdateEntityUrn%3Durn%253Ali%253Afs_feedUpdate%253A%2528V2%252Curn%253Ali%253Aactivity%253A6996363971226210304%2529">wrote on LinkedIn</a>. Staff on their way out usually upload their "badge posts" to the internal workplace portal, but because they lost access to systems after learning they were laid off, they switched to LinkedIn instead to say farewell and share memories from their time at Meta.Dozens of former Meta staff have maintained the tradition by posting a photo of their work ID badge along with a note reflecting on their time at the company to the professional networking site. "We do something at Meta called a badge post when you leave the company. It is usually a goodbye highlighting all of the things and people you will miss," former Meta client partner Christina Massotti <a href="https://affiliate.insider.com?u=https%3A%2F%2Fwww.linkedin.com%2Ffeed%2Fupdate%2Furn%3Ali%3Aactivity%3A6996199239940743168%2F%3FupdateEntityUrn%3Durn%253Ali%253Afs_feedUpdate%253A%2528V2%252Curn%253Ali%253Aactivity%253A6996199239940743168%2529">said on LinkedIn</a>. "Of course, this is done when you leave on your own accord."Previously, <a href="https://www.businessinsider.com/facebook-papers-employee-criticism-badge-posts-leaked-documents-whistleblower-2021-10">some staff used it</a> as an opportunity to criticize the company and share how they really felt. But after Meta cut 11,000 employees on Wednesday, many of the laid-off workers used their posts to say they were available to hire and to summarize their skills and experience. Meta employees found out they were laid off by email on Wednesday after Mark Zuckerberg issued <a href="https://www.businessinsider.com/meta-layoffs-employees-facebook-mark-zuckerberg-metaverse-bet-2022-11?r=US&amp;IR=T">a statement</a> indicating that 13% of its workforce would be let go. He <a href="https://www.businessinsider.com/mark-zuckerberg-apologizes-meta-layoffs-metaverse-2022-11?r=US&amp;IR=T">apologized to staff</a> for over-investing in Meta and admitted that he "got this wrong." "Not the badge post I ever imagined doing," former Meta technical sourcer Kate Greentree <a href="https://affiliate.insider.com?u=https%3A%2F%2Fwww.linkedin.com%2Ffeed%2Fupdate%2Furn%3Ali%3Aactivity%3A6996438516851171328%3FupdateEntityUrn%3Durn%253Ali%253Afs_feedUpdate%253A%2528V2%252Curn%253Ali%253Aactivity%253A6996438516851171328%2529">wrote on LinkedIn</a>. "Yesterday was a sad, dark day for many at Meta. Absolutely gutted to be among those potentially effected, a particularly hard pill to swallow as I am still out on maternity leave. I loved my job so much &amp; the thought of not returning is totally heartbreaking."<a href="https://affiliate.insider.com?u=https%3A%2F%2Fwww.linkedin.com%2Fin%2Fchad-lesher%3Ftrk%3Dpublic_post_embed_feed-actor-name" target="_blank" rel="noopener">Chad Lesher</a>, who was a strategy lead at Meta, wrote: "Officially became a casualty of the mass-layoffs at Meta this morning ... but honestly, I'm not even the least bit salty. Say what you will about social media, Meta, or daddy Zuck himself, but I am SO very grateful for everything this Company has done for me - it's hardly an exaggeration to say that Meta saved my life."Not all "badge posts" from former Meta staff were so positive, however. At least one person expressed concern over their immigration status after losing their job. "I have so many people to thank, but unfortunately currently I face strong challenges of finding a H1B job in less than 4 months," former Facebook software engineer Rui Zhu <a href="https://affiliate.insider.com?u=https%3A%2F%2Fwww.linkedin.com%2Ffeed%2Fupdate%2Furn%3Ali%3Aactivity%3A6996242410313785344%2F%3FupdateEntityUrn%3Durn%253Ali%253Afs_feedUpdate%253A%2528V2%252Curn%253Ali%253Aactivity%253A6996242410313785344%2529">wrote</a>. Many who worked in recruiting, product, marketing, sales and engineering have been let go, according to lists of former Meta employees compiled by <a href="https://layoffs.fyi/">Layoffs.Fyi</a>, a site which tracks layoffs in the tech sector. Here's a round-up of LinkedIn "badge posts" uploaded by people who were laid off from Meta: <iframe style="position:absolute;top:0;left:0;width:100%;height:100%;border:0;" src="https://www.linkedin.com/embed/feed/update/urn:li:activity:6996133420418420736" frameborder="0" title="LinkedIn"> </iframe> <iframe style="position:absolute;top:0;left:0;width:100%;height:100%;border:0;" src="https://www.linkedin.com/embed/feed/update/urn:li:activity:6996242410313785344" frameborder="0" title="LinkedIn"> </iframe> <iframe style="position:absolute;top:0;left:0;width:100%;height:100%;border:0;" src="https://www.linkedin.com/embed/feed/update/urn:li:activity:6978947323317870592" frameborder="0" title="LinkedIn"> </iframe> <iframe style="position:absolute;top:0;left:0;width:100%;height:100%;border:0;" src="https://www.linkedin.com/embed/feed/update/urn:li:activity:6996363971226210304" frameborder="0" title="LinkedIn"> </iframe> <iframe style="position:absolute;top:0;left:0;width:100%;height:100%;border:0;" src="https://www.linkedin.com/embed/feed/update/urn:li:activity:6996264347349966848" frameborder="0" title="LinkedIn"> </iframe> <iframe style="position:absolute;top:0;left:0;width:100%;height:100%;border:0;" src="https://www.linkedin.com/embed/feed/update/urn:li:activity:6996309160057339904" frameborder="0" title="LinkedIn"> </iframe> <iframe style="position:absolute;top:0;left:0;width:100%;height:100%;border:0;" src="https://www.linkedin.com/embed/feed/update/urn:li:activity:6996502689886941184" frameborder="0" title="LinkedIn"> </iframe> <iframe style="position:absolute;top:0;left:0;width:100%;height:100%;border:0;" src="https://www.linkedin.com/embed/feed/update/urn:li:activity:6996345177367871488" frameborder="0" title="LinkedIn"> </iframe> <iframe style="position:absolute;top:0;left:0;width:100%;height:100%;border:0;" src="https://www.linkedin.com/embed/feed/update/urn:li:activity:6996271139622674433" frameborder="0" title="LinkedIn"> </iframe> <iframe style="position:absolute;top:0;left:0;width:100%;height:100%;border:0;" src="https://www.linkedin.com/embed/feed/update/urn:li:activity:6996219577403592704" frameborder="0" title="LinkedIn"> </iframe> <iframe style="position:absolute;top:0;left:0;width:100%;height:100%;border:0;" src="https://www.linkedin.com/embed/feed/update/urn:li:activity:6996341880028348416" frameborder="0" title="LinkedIn"> </iframe> <iframe style="position:absolute;top:0;left:0;width:100%;height:100%;border:0;" src="https://www.linkedin.com/embed/feed/update/urn:li:activity:6996265924743860224" frameborder="0" title="LinkedIn"> </iframe> <iframe style="position:absolute;top:0;left:0;width:100%;height:100%;border:0;" src="https://www.linkedin.com/embed/feed/update/urn:li:activity:6996210230237831168" frameborder="0" title="LinkedIn"> </iframe> <iframe style="position:absolute;top:0;left:0;width:100%;height:100%;border:0;" src="https://www.linkedin.com/embed/feed/update/urn:li:activity:6996498223632715776" frameborder="0" title="LinkedIn"> </iframe>

Dozens of fired Meta employees are writing heart-wrenching 'badge posts' on social media

<ul class="summary-list"><li>A laid-off Google employee saw a co-worker scan his badge to get into the NYC office but the reader kept turning red.</li><li>He saw his confused co-worker walk past the reception only to get blocked and escorted out by security.</li></ul>Google employees were notified early Friday morning by email that they'd been laid off — but if they didn't check their inbox before commuting to work, they were in for a tough surprise.One laid-off Google employee, a software engineer who requested anonymity to speak freely, told Insider that he witnessed one of his co-workers repeatedly try to scan his employee badge to get into Google's Chelsea, New York office, only for the card reader to turn red and deny him entry.His colleague was clearly confused, the former employee told Insider, and after his badge failed to work, he walked past reception toward the staircase that led up to the office, where he was met by a security guard who escorted him out. The laid-off employee said that his co-worker who tried to badge-in "seemed a little flustered" and that it didn't seem like he was trying to sneak in. Another former Google employee, Zac Bowling, — who worked at Google for nearly eight years as an engineer before he, too, was laid off — told Insider that he'd also heard that any Google employee trying to access the NYC office was required to scan their badge on the day of the layoffs.Strictly requiring employees to scan their badges to get into the office struck him as unusual."It was very clear what was going on," he said. "We never had a problem with tailgating through doors, and not tapping your badge in the past. If you just show your badge to the person in front of you, they just hold the door open." <div type="image" title="google nyc" height="683" width="1000" msid="97309565" hostid="261"></div>The former Googler who requested anonymity echoed the sentiment. Normally, he said, Google employees often quickly show their badges to the guards in front of the elevator and are allowed to take the elevator up to whatever floor they needed to go to. But on Friday, the guards ordered him and other people entering the office to take the elevator to the second floor to scan their badges at the reception. A Google spokesperson pushed back on that characterization, telling Insider that all New York employees are required to tap their badges at the entrance to enter the facilities.The former Googler who witnessed the failed badge-in attempt by a colleague also said that he noticed more security guards than usual that day. There's usually only two guards standing in front of the elevator, he said. But on Friday, he remembered seeing about four or five.A third laid-off Google employee told Insider that a team midway through an off-site at the Chicago office discovered that two of their team members had been laid off when they were unable to badge into the office with the rest of the group.Security guards also told employees to badge in individually at the building in Mountain View, California, on the morning of the layoffs, an additional source familiar with the matter told Insider. 12,000 employees — 6% of the company's global workforce — were laid off, Google CEO Sundar Pichai wrote <a href="https://blog.google/inside-google/message-ceo/january-update/" target="_blank" rel="noopener"> in a memo</a> to employees.One laid-off software engineer told Insider that getting laid-off via email was "<a href="https://www.businessinsider.com/google-layoffs-alphabet-jobs-pichai-email-slap-in-the-face-2023-1">a slap in the face</a>." Another worker said she couldn't <a href="https://www.businessinsider.com/googler-8-months-pregnant-says-heart-sank-when-lost-job-2023-1">"control her shaky hands"</a> after she learned she was being let go. Google is still hiring, but laid-off employees must apply externally like any other candidate, which another software engineer said he didn't plan on doing after the <a href="https://www.businessinsider.com/i-got-laid-off-from-google-layoffs-will-not-reapply-2023-1">"inhuman" way the layoffs were communicated</a>. The layoffs also sent shockwaves throughout the company. <a href="https://www.businessinsider.com/google-layoffs-shatter-aura-of-stability-abundance-allhands-meeting-2023-1">During Google's tense all-hands meeting on Monday</a>, employees requested "psychological safety" at work and asked management if they will reduce their bonuses and pay raises. Google joins big tech companies like <a href="https://www.businessinsider.com/read-email-microsoft-ceo-sent-employees-announcing-10000-job-cuts-2023-1">Microsoft</a> and <a href="https://www.businessinsider.com/amazons-layoffs-see-emails-hr-and-retail-bosses-sent-employees-2023-1">Amazon</a> that also announced this month that they will be laying off thousands of their employees. In total, more than 55,3000 employees have been impacted by layoffs in 2023, according to tracking site <a href="https://layoffs.fyi/" target="_blank" rel="noopener">Layoffs.fyi</a>. Are you a current or former Google employee? Do you work at another Big Tech company? Got a tip? Contact Aaron Mok via a non-work email at <a href="mailto:rmchan@businessinsider.com" target="_blank" rel="noopener nofollow">amok@insider.com</a>, or on Signal at 718.710.8200. Additional reporting by Rosalie Chan.

Some Google employees didn't realize they were laid off until their badges wouldn't let them into the office

<ul class="summary-list"><li>The tech sector has already cut nearly 100,000 jobs this year.</li><li>Those who have identified with their big-name companies and high salaries are taking it hard.</li></ul>Layoffs at Big Tech companies have caused an identity crisis for many affected workers."If you've identified yourself with your salary, which a lot of people do, and if you identify yourself with working for a glamorous company like a Microsoft or Google or Meta, then your identity is taking a hit," Laurie Swanson, a career coach and a recruiter at InspiHER Tech, said.The root of it all lies in the notion of tech exceptionalism: As companies like Google, Facebook, and Salesforce grew into the giants they are today, they seemed to defy gravity — making money hand-over-fist, even as they pampered their employees with perks that seemed too good to be true, such as massages, Ping-Pong tables, and free food.Now, things are changing, and the world of posh perks and eye-popping salaries that zealous investors supported is <a href="https://www.businessinsider.com/impact-of-big-tech-layoffs-amazon-meta-microsoft-google-salesforce-2023-2#-3">reining itself in</a>. Companies have let go of around 100,000 employees already this year, more than half of what they shed in 2022, according to Layoffs.fyi, a website that tracks layoffs in the technology sector. Companies like Google, Meta, Microsoft, and Amazon shed over 50,000 jobs in total, with all companies claiming that they over-hired during the height of the pandemic.From a business-and-investors standpoint, this market correction is likely long overdue. But for tech workers who were sold on the glamorous lifestyle these companies have provided over the last few decades, this is a blow to their self-image. Tech looked like the solution to so many things that it produced a mindset among some employees that it was the exception to capitalism's rules."The feeling was that it is so exceptionally, incredibly, out-of-this-world good," Reyhan Ayas, a senior economist at the workforce-intelligence company Revelio Labs, said. "I feel like that's been brought down to earth." <h2> The arms race to give the best perks</h2>Understanding how Silicon Valley culture gave birth to a certain kind of overindulged tech worker starts with a history lesson. Vijay Govindarajan, a professor at the Tuck School of Business at Dartmouth College, told Insider that as long ago as the 1980s, tech companies aimed for an open, more-informal office culture, the better to spark innovation. Part of that approach involved creating strong social bonds among employees. Open-office floor plans, communal kitchens, and freebies like food and coffee encouraged employees to gather up and share ideas. It effectively turned lunchtime and coffee breaks into working hours. It became a recruiting tool, too. When companies wanted to lure and keep parents, they began offering maternity perks, on-site childcare, and lactation rooms. To recruit young professionals who were fresh out of college, companies tried to mirror college dormitories, Michael Malone, a tech historian and author who recalled seeing Pilates balls and video games at the former search-engine giant Yahoo, said. "Your private life and your work life began to slide into each other. That was kind of cynical by these companies in the sense that 'We expect you to kind of <a href="https://www.businessinsider.com/employees-who-live-at-google-2014-9">live here</a>,'" Malone said.Office designs and perks eventually turned into an arms race as companies competed for not only the most talented people, but also for those who wouldn't mind logging a lot of hours. If one company is providing free food, then the other must up the ante, Govindarajan said. Google became famous for its <a href="https://www.eastbaytimes.com/2007/03/10/for-google-employees-commuting-is-a-perk/" target="_blank" rel="noopener">commuter buses</a>, rock-climbing wall, <a href="https://www.businessinsider.com/coolest-perks-of-working-at-google-in-2017-2017-7#perhaps-one-of-googles-most-well-known-perks-employees-can-eat-every-meal-at-work-for-free-and-save-a-ton-of-money-1">on-site gym, and in-house massage therapists</a> or massage chairs, depending on the campus. Microsoft <a href="https://workforce.com/news/microsoft-does-a-benefits-tech-makeover" target="_blank" rel="noopener">paid for its employees' healthcare</a>. Apple started holding <a href="https://www.businessinsider.com/perks-apple-employees-benefits-2017-11#mothers-can-take-up-to-18-weeks-of-fully-paid-leave-after-giving-birth-with-an-additional-six-weeks-of-unpaid-leave-after-that-4">Beer Bashes</a> where the company treated employees to free beer, food, and concerts by popular artists such as Maroon 5. Meta installed <a href="https://www.businessinsider.com/facebook-employee-perks-benefits-2017-11#valet-parking-for-the-menlo-park-headquarters-along-with-a-free-charging-station-for-electric-cars-10">on-site dental and healthcare</a>, along with dry-cleaning services, and a bike-repair shop. And both Apple and Meta pay a portion of their <a href="https://www.businessinsider.com/apple-and-facebook-pay-women-to-freeze-eggs-2014-10">employees' egg-freezing</a> costs to win over prospective mothers.Those perks came with a bump in salary expectations, too. Young people were graduating with desires of <a href="https://www.nytimes.com/2011/03/26/technology/26recruit.html" target="_blank" rel="noopener">becoming the next Mark Zuckerberg</a> as they watched "The Social Network" in 2010, watched his company pull in $1.5 billion in venture capital in 2011, and then watched it achieve IPO in 2012. Google raised the salary of entry-level positions by as much as $20,000, The <a href="https://www.nytimes.com/2011/03/26/technology/26recruit.html" target="_blank" rel="noopener">New York Times</a> reported, to keep its college-to-company pipeline going. Across the industry, companies went from offering restricted-stock units in less than half of all compensation packages to the units being a top employee perk. <h2>Pandemic fueled the frenzy before the crash to Earth</h2>Recent tech layoffs came after a robust hiring period that occurred during the pandemic-induced shift to digital working in 2020 and 2021. The industry and its eager investors were convinced that the stay-at-home orders had accelerated the country and the world into its digital future. Tech professionals benefited because it boosted demand for their skills and boosted their compensation. The Great Resignation, where people quit in droves in favor of better-paying opportunities elsewhere, also bolstered the thought that there was job security in the sector. Young tech workers took to TikTok to show off their offices, perks, and the lifestyles they afforded on high entry-level or junior salaries. The videos attracted hundreds of thousands, if not millions, of views and further pushed the narrative that tech was the "it" industry.<h2>Reality sets in for the tech industry</h2>Then, reality set in as the economy started to sour."It went from negotiating salary like crazy and complaining that they had to work past 4 p.m. or whatever, to realizing that working in tech doesn't make them that exceptional and they're also at the mercy of potential layoffs," Ayas said of the rupture point.Spending so many years in the comforting embrace of tech, and then the harsh wake-up call of reality, disoriented and upset many regardless of whether it affected them.An ex-Googler who was handed a virtual pink slip told Insider she "mourned" the loss of her job and that the <a href="https://www.businessinsider.com/google-engineer-laid-off-mental-health-leave-mourned-email-2023-1">layoff felt "un-Googley.</a>" A laid-off <a href="https://www.businessinsider.com/meta-employees-react-layoffs-mark-zuckerberg-facebook-2022-11">recruiter from Meta said she felt "hurt."</a> Those who are still on payroll have been left with feelings of survivor's guilt and anxiety around whether they are next.It's unfortunate, Govindarajan said, but he added that these tech companies have disrupted other industries like photography, automobiles, and department stores."There are many industries the tech sector disrupted where people got laid off. But now it's the turn of the tech sector itself," he told Insider.

Tech companies spoiled workers for decades. Now layoffs are bringing them down to Earth.

<ul class="summary-list"><li>Tech layoffs are rampant; last month alone, Amazon cut 10,000 workers and Meta slashed 11,000.</li><li>But data shows job postings for tech-focused roles are up 25% this year.</li></ul>The economy has not been kind to tech workers lately. Last month alone, <a href="https://www.businessinsider.com/amazon-layoffs-tech-industry-economy-2022-11">Amazon cut 10,000 workers</a>, <a href="https://www.businessinsider.com/meta-layoffs-employees-facebook-mark-zuckerberg-metaverse-bet-2022-11">Meta slashed 11,000 roles</a>, and <a href="https://www.businessinsider.com/elon-musk-twitter-layoffs-hardcore-ultimatum-email-fire-staff-resign-2022-11">Twitter fired 3,750</a>, or about half its workforce, amid high inflation and the threat of a recession.But a <a href="http://www.dice.com/recruiting/ebooks/dice-tech-job-report-explore/">newly released report</a> suggests this group of workers ought to look on the bright side: Their job prospects appear pretty darn good. Job postings for tech-focused roles were up 25% from January to October, compared with the same period in 2021. The report, from Dice, a tech-careers site, found that companies posted more than 375,000 tech jobs in sectors including finance, consulting, healthcare.Andrew Flowers, the lead labor economist at <a href="https://u25562487.ct.sendgrid.net/ls/click?upn=HonlM6i-2FJF-2BX3mx6-2B4qAlZNPzPhE6KHWc6p0DRs-2BOeqHwFIRdxt841RbjXuvK2nNrp-2Fcztrf0l6ovEP-2BAcLB-2F2nemS9SBTGl2xCtqJ9phyHqQIJ-2FZ6yyTD7802cC6-2FHe8FPQbfsOQcGCYLOk10loVw-3D-3DebiF_NYH-2FB-2FVZCQZ4qfVuECvTw7aJyJgy3dWIVYYPLFNkoNUJ-2FSBrgU9Ebxh9ZSyrMXvkKOcrGZPy2DwtcOj6psz37NbwfQxGSWtAUL77SSGLx-2BKDnd4U32wmadUGuTBcO7N1YBAZxBaP9jmGMUCighqfqVnz3n-2FLkDhXDe2inUgFqFuaFp-2FMZGC1utqjhAZozwFgouB1pQ8nPqDT9QWT0ZecwA-3D-3D">Appcast</a>, a software firm that helps companies target recruitment ads, told Insider the recent high-profile layoffs "deserve a footnote" in the employment data but not a blaring headline."Giants like Meta, Amazon, and Twitter take up a lot of air space — and for good reason because they employ a lot of people in the tech industry," he said. "But they do not define it."In other words, while a handful of Silicon Valley companies capture an enormous amount of media attention, they're not reflective of wider industry trends and demand for tech talent. <h2>You could do worse than an exit package from Big Tech</h2>Nearly 150,000 tech workers have lost their jobs in 2022, <a href="https://layoffs.fyi/">according to the layoff-tracking platform Layoffs.FYI</a>. And there may be <a href="https://www.businessinsider.com/salesforce-layoffs-fear-amid-performance-pressure-2022-12">more to come</a> before the year is out.<a href="https://www.businessinsider.com/how-to-overcome-the-stigma-of-layoffs-find-new-job-2022-7">Losing your job</a> is an emotional and financial gut punch, regardless of how privileged the worker is. And getting axed amid <a href="https://www.businessinsider.com/how-to-control-your-career-in-a-recession-2022-7">recession fears</a> adds to the anxiety. Yet if it had to happen, you could do worse than an exit package from Big Tech, Julia Pollak, the chief economist at the jobs site ZipRecruiter, said."The best place to be laid off is in tech, where you're being taken care of," she said.Laid-off employees at Meta last month, for instance, <a href="https://www.businessinsider.com/heres-what-laid-off-meta-employees-being-offered-as-severance-2022-11">got 16 weeks of base pay</a>, plus two weeks for each year of service, and six months of healthcare coverage, CEO Mark Zuckerberg said at the time. Meanwhile, <a href="https://www.businessinsider.com/tech-layoffs-meta-twitter-lyft-stripe-severance-package-compensation-2022-11">Amazon</a> provides employees with a lump-sum severance payment equal to three months of pay, plus one week of salary for every six months of tenure at the company, and weekly stipends to offset healthcare premiums, according to company memos. Both companies also provide career support to laid-off employees.But tech workers are not likely to be out of a job for long. The <a href="https://www.businessinsider.com/labor-market-quits-labor-force-participation-many-workers-wont-return-2022-11">labor market is still tight</a> and the unemployment rate for the industry remains remarkably low. <a href="https://www.comptia.org/content/tech-jobs-report">A December analysis by CompTIA</a>, an industry association, found it was hovering around 2%, while the <a href="https://www.bls.gov/news.release/pdf/empsit.pdf">nation's overall unemployment rate sits at 3.7%</a>. <h2>'Pent-up demand' for tech workers in healthcare, defense, and banking</h2>Most of the job growth for tech workers is in other industries, the Dice report found. About 60% of the top 100 employers of tech talent for the first 10 months of the year were from less-glamorous, nontech sectors, like healthcare, defense, and banking. This reflects the reality that technology is both an industry and, at most companies, its own department. <div type="image" title="resume" height="4333" width="5778" msid="96202779" hostid="261" sizebytes="259950"></div>"Every business in the US has to have a digital strategy," Art Zeile, the CEO of Dice, said. "Coming out of the pandemic, companies realized that they didn't have an online presence to the degree that they wanted, they didn't have a work-from-home program, and they didn't have a cybersecurity program that would allow for remote work. All of these things have created pent-up demand for technology workers."For years, companies across industries have struggled to hire engineers, product managers, and data scientists, mainly because they've been locked in a competition with Big Tech firms for workers."Those companies were growing so fast in 2020 and 2021 that they completely monopolized the tech talent and left no room for anyone else," ZipRecruiter's Pollak said.Now that those <a href="https://www.businessinsider.com/recession-2022-companies-prepare-economic-downturn-netflix-layoffs-meta-hiring-2022-5">firms are in turmoil</a> — laying off workers and instituting hiring freezes — other companies, including insurers, government agencies, and healthcare businesses, will likely seize the recruiting opportunity, she said: "Those companies are all jumping for joy because they can snap up the talent that would have gone to a Google."But while demand for tech workers remains high, Pollak said that decreased competition from name-brand companies likely meant the <a href="https://www.businessinsider.com/tech-engineer-developer-salary-google-amazon-microsoft-ibm-apple-intel-2021-6">stratospheric</a> pay many Silicon Valley employees commanded would fall back down to earth."We are entering a period of cost cutting and increased frugality because of worsening economic conditions," she said. "The arms race between tech companies on comp and benefits is over."

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