More Tech Layoffs

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In the last two years, we have witnessed more than 4,000,000 layoffs across the tech industry. Some attribute this to the mass hiring spree during the pandemic, driven by the Work From Home (WFH) culture and the Web3 hype in particular. However, once everything returned to normal, things started to fall apart.

This trend shows no sign of stopping in 2024. The new year has barely begun, yet in the last week alone:

And it doesn’t end there. At the time of writing this post, a total of 44 companies have already laid off over 7400 employees, and we are not even halfway through January.

Thousands of software engineers report that the job market is deteriorating. A survey of 9,388 engineers by Motherboard and Blind indicated that many believe AI will lead to reduced hiring. Only 6% expressed confidence in securing another job at the same pay level.

The article from Vice quotes Forzano, a software developer with over a decade of experience:

Since he lost his job in March, Forzano has applied to over 250 jobs. In six cases, he went through the “full interview gauntlet,” which included between six and eight interviews each, before learning he had been passed over. “It has been very, very rough,”.

In the midst of these layoffs, experienced developers are feeling the heat & freshers ain’t even in counting. The decisions to reduce staff do not necessarily make these companies’ profit. Instead, the bulk of the revenue continues to flow to the Big Tech giants, contributing to their ever-growing financial gains.

This persistent trend no longer appears to stem from a reactive, imitative behavior among companies simply following the crowd. The emergence of AI has shifted the dynamics in the industry. Looking ahead, it seems that pursuing a career in software development may no longer offer the same promising prospects as before.

As we venture further into the year, the outlook doesn’t seem inclined to improve. Only time will reveal the trajectory of these unfolding events.

This is Day 6 of #100DaysToOffload

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