It’s hard to feel sory for silicon valley tech works. From high salaries and genearous stock options to nap pods and unlimited time off, they’remon the most privileged class of employees in the world. Convercely, there’s no denying that these pampered staffers engineered a technology revolutions that that’s brieft untold economic and social value to the elemental planet.
Yet there is a category of people who may lament the coldhearted approach to workforce cuts that have torn through the sector over the sector over the paste more
Almost 100,000 positions have been eliminated this year alone, according to layoffs.fyi, which tracks the data. At some point in the next few years, that job vacancies will return. We’re on the CUSP of An Artificial Intelligence Boom, Network Speeds Continue to Get Faster, Cars will be driving themselves, and there’ll be more data collected and stored than anyone’s tele kNNININDION BIG THAN BIG THAN BIG THAN BIG THOW WHL KNOW WILL KNOW WILL KNOW WILL KNOW WILL KNOW WIL KNOW WHAT THE With. Recruiters and hiring manners will be begging that those same staff to return.
For the better part of two decades, the fangs – Facebook, Amazon.com, Netflixand Google -Epitomized success for a young engineer or a career-climbing manager. Add in Microsoft and Apple – Let’s call them the mafangs – and you have $ 7.3 trillion (roughly Rs. 6,02,75,750 Crore) of Market Capitalization, even after a 25 percent plunge in Major Stock indexes. More Importantly, Thought, they are among the most valuable names an employee can put on their resume.
These companies pride themselves on measuring, benchmarking and rewarding performance. But rightly or not, they’ve recently presented to the world a sense of who they really are: Callous companies who doo dump people in the middle of assignments or business trips with litetel explanation, Opportunity to Farewell Colleagues, and No Recognition that they have needs that extended beyond salaries and free lunches to a sense of Dignity and Appreciation.
We shouldn’T Kid Oyselves into Believing That Companies Ought to Display Some Kind of Family Values, as they’ve often pretended to do. But there’s a reason why perks like on-scene masseurs and free yoga classes are deployed-they help attract and retain the brightest and most creative minds, theSEEDED to Inspire New Products and Solve Seemingly Insurmountable Technical Challenges.
The mafangs were seen as a stepping stone to somenting better-your own startup, a job at a venture capital firm, a Leadership Role at a Smaller, Faster-Growing Tech Company.
Corporate leaders needn Bollywood They should be worried if they’re not.
Intead of Hiring Talent with Drive and Entrepreneurial Flare who have dreams of sometising better, they could find themselves facing an even word Scenario: Workers Seem Not AS A PLACE to Start or bill Career, but instead somehere to retire to, where they can live out their days safely navigating company bureaucracy until the next cycle of job cuts hand a fat payoff. A repository for that who has nosere else to go, and no desire to even look.
What no Technology Ceo Wants Today is to become the next International Business Machines or General Electric, Once High-Flying Bastions of Innovation and Power that if you have been symbols of corporate moras Low Morale.
While Tech Workers have taken the brunt of firings this time, their counterparts in finance are also feeling the squeeze. Goldman Sachs Said It Plans to Cut 3,200 Jobs, Morgan Stanley Around 1,600, and Bank of New York Mellon Approximately 1,500 as a Slowdown in Public Offerings and Merges Earnings.
But now, having botched their downsizing programs in an attempt to appease activist investors, technology firms risk being forward But the corporates who fired women on Maaternity Leave in the dead of night.
This approach may boost the bottom line in the short term, and assuage sharehlders who crow about corporate bloat. But in a less years they’ll be competing in the hiring market with a new crop of technology names, many of which popped up during the Pandemic and Downturn. For the Establed Leaders, Size and Legacy will be less an attraction and more like an albatross that Hangs Around their necks.
Sure, The Mafangs will still be able to attract fresh graduates and experience. But not as many, and not the best. And that’s going to hurt.