Every day there’s more big job cuts at tech and games companies. I’ve not seen anything explaining why they all seam to be at once like this. Is it coincidence or is there something driving all the job cuts?
A few things happened pretty quickly.
During the pandemic, tech profits soared which led to massive hiring sprees. For all the press about layoffs at the big guys, I think most still have more workers than they did pre-pandemic.
Interests rates soared. Before the pandemic interest rates were ludicrously low, in other words it cost almost nothing to borrow money. This made it easier to spend on long term or unclear projects where the hope seemed to be “get enough users, then you can monetize.” Once interest rates rose, those became incredibly expensive projects, so funding is now much more scarce. Companies are pulling back on bigger projects or, like reddit, trying to monetize them faster. Startups are also finding it harder, so fewer jobs.
And of course, AI. No one is quite sure how much that’ll change the game but some folks think most programmers will be replaceable, or at least 1 programmer will be able to do the work of several. So, rather than hire and go through everything severance etc might entail, I think a lot of companies are taking a wait and see approach and thus not hiring.
It’s interest rates.
Loans are more expensive, but critically, so are eggs.
Tech workers like eggs, and see no reason to buy fewer, so they’re asking for more money, unionizing, or hopping jobs to increase their salaries.
Notice how the big players are releasing press releases each layoff? No attempt at secrecy. No payouts to NDA the laid off employees. It’s an intimidation tactic.
It’s working at the moment, but tech workers get over their job change discomfort fast when there’s a 100% raise on the table. The market rate vs curent pay gap just creates pressure to change jobs until they do, even if they’re scared.
And the shareholders are all fucked.
Every tech layoff is a lottery ticket toward a company ending event. And then every employee who leaves because they realize the company is incapable of loyalty. Then every worker who leaves because their suppressed wages aren’t keeping up with their expenses or hobbies. Another chance to end the company. Nobody knows which perl script is the lynchpin of their company, or which random person will leave with all knowledge of it.
The CEOs are positively aggressively collecting chances to bankrupt their shareholders.
But the CEO will get a nice payout next quarter. So that’s nice.
eggs?
Eggs.
Spam.
Removed by mod
Eggs, eggs, spam.
I read it as an allusion to the price of everything going up. But yes, eggs.
eggs?
Eggs.
Weirdly, my first thought was eggs as in trans people who don’t know it yet. I really didn’t expect eggs in the literal meaning in that sentence…
Is that a real metaphor that people use? I’ve never heard of it referring to trans people before. But that’s not my community.
Yeah! We use it to lovingly refer to those of us who haven’t come out to ourselves yet. Their shells haven’t cracked yet.
The memes out of egg_irl are pretty fire if queer memes are your thing
The memes out of egg_irl are pretty fire if queer memes are your thing
I’m a cis-(mostly)het guy and absolutely agree. I get a special kind of joy from people discovering themselves and being accepted.
Yes it is. For example, /r/egg_irl was a fairly popular subreddit.
