Tech Layoffs Coming Tidal Wave - The Tracker

[SlugSlinger]

I found this today. Interesting app to follow tech layoffs. I am reading / hearing about the coming tidal wave of layoffs due to this great economy.

Carvana was the 1st big layoff I heard about.

Here's a link to the site:

 

[SlugSlinger]

There may be some layoffs and more openings at Tesla soon.

Elon Musk Reportedly Says Remote Work No Longer Acceptable for Tesla Employees
Tesla employees who wish to work remotely must put in a minimum of 40 hours a week at the office, Musk reportedly said.

June 1, 2022 7:19 a.m. PT

Remote work is reportedly no longer acceptable for Tesla employees. CEO Elon Musk laid out the directive in an email on Tuesday to his executive staff, Fortune reported, citing a screenshot of the email shared on Twitter by Tesla shareholder Sam Nissim.

"Anyone who wishes to do remote work must be in the office for a minimum (and I mean *minimum*) of 40 hours per week or depart Tesla," Musk wrote in the leaked email. "If there are particularly exceptional contributors for whom this is impossible, I will review and approve those exceptions directly."


Many other tech companies are leaning into remote work and allowing their employees to work from home at least some of the time, as they sort out their return-to-work policies following months of working from home during the height of the pandemic. Twitter, which Musk struck a deal to buy for roughly $44 billion, has said employees can work from home permanently.

It's unclear when the policy limiting remote work will take effect for Tesla employees.

Tesla didn't immediately respond to CNET's request for comment. The automaker no longer operates a public relations department that would typically field such requests.

 

[SlugSlinger]

Amazon Cuts 100,000 Employees From Workforce In A Single Quarter​

Tyler DurdenAugust 1, 2022

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Amazon Cuts 100,000 Employees From Workforce In A Single Quarter
Amazon, one of the largest tech employers in the world, has revealed that…
Published
13 hours ago
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Amazon Cuts 100,000 Employees From Workforce In A Single Quarter
Amazon, one of the largest tech employers in the world, has revealed that it is now hiring at the slowest pace since 2019 and has cut over 100,000 employees globally in the June quarter, likely due to the dramatic economic slowdown since 2021. It is the largest workforce cut in a single quarter in the history of the company. The layoffs are part of an increasing trend of protecting the bottom line within the tech industry. The cuts likely played a large role in Amazon's recent revenues beat and their rosy profit projections for the third quarter, though it still lost a net $2 billion in the second quarter.
The more employees lose their jobs, the more healthy the company appears to be when shareholders examine quarterly earnings; it is inevitable that layoffs will continue. There have been over 30,000 job cuts by tech companies in the US in the past few months alone, and unemployment claims have climbed to 8-month highs.
The covid pandemic lockdowns and subsequent stimulus checks created an enormous artificial boost for tech companies like Amazon in 2020 and 2021, but the $6 trillion stimulus has since circulated out of the pockets of most Americans and globally the lockdowns did incredible harm to existing economic stability. Demand for peripheral goods is in steep decline as inflation in necessities continues to rise. In 2022, the stagflation crisis is leading to imminent demand destruction.
This news comes as multiple companies are announcing layoffs and hiring freezes. Google parent Alphabet Inc. is instituting a hiring freeze. Apple is slowing its hiring this year. Coinbase is cutting 18% of it's staff. Microsoft has announced a hiring slowdown. Netflix has cut at least 500 employees recently, not including contractor cuts. Peloton is firing over 2800 workers so far this year. Online brokerage Robinhood terminated 9% of its workforce in April. Twitter cut 30% of its talent acquisition team this past month but declined to give a specific number of layoffs. The list goes on and on.
The steep reversal from only a year ago highlights the swift nature of the economic downturn and also shows how dependent the tech industry is on consumers having large amounts of expendable income. When the financial environment gets tight, Big Tech corporations are among the first to feel the crunch because most of them offer very little in terms of necessities

 

[SlugSlinger]

Robinhood is firing nearly a quarter of its staff​

The Verge

Robinhood is letting go of nearly a quarter of its staff, CEO Vlad Tenev said in a message posted to the company’s blog.

“As part of a broader company reorganization into a General Manager (GM) structure, I just announced that we are reducing our headcount by approximately 23%,” Tenev wrote. “While employees from all functions will be impacted, the changes are particularly concentrated in our operations, marketing, and program management functions.”

The announcement came as Robinhood released its Q2 2022 earnings information a day earlier than scheduled, reporting total revenue of $318 million over the three months, which is 44 percent lower than the same period in 2021.

In April, Robinhood said it planned to cut 9 percent of its full-time staff, but “this did not go far enough,” Tenev said. The company had staffed up assuming that the increased trading after things like the GameStonk phenomenon and bullish crypto markets would carry into 2022 but has run into the headwinds of inflation and the so-called “crypto winter” that are affecting other companies. Those who are affected by the cuts will be able to stay at Robinhood through October 1st at their regular pay and benefits alongside a severance package, Tenev says.

Many companies have had to lay off or cut employees in recent weeks. Tesla laid off nearly 200 Autopilot employees while Shopify laid off 10 percent of its workforce.

The post Robinhood is firing nearly a quarter of its staff appeared first on .

 

[Timmy59]

It's not just tech. Insurance and real estate are being down sized as well. They'll be some serious fat cutting ahead. If your just coasting along in a job position and not a profitable person, your fat. While it seems to be slow rolling it is still rolling. If the last 3 years weren't wacky enough hang tight the cycle isn't done cycling. I'm only 4% body fat and don't stop moving so I feel pretty safe but if the public tightens its belt much more I'll see the fat trimming 1st hand.

 

[Pstmstr]

If employers really knew how little work actually gets done from a lot of those “working from home” they would lay off a lot more. I know a girl who rarely works 2 hours a day for her nice 8 hour salary. I’m sure some work hard but there is a lot of abuse as well.

 

[turkeyrun]

Amazon canceled plans on 18 new locations. How more jobs would that have been?

 

[OkieMoe]

It's not just tech. Insurance and real estate are being down sized as well. They'll be some serious fat cutting ahead. If your just coasting along in a job position and not a profitable person, your fat. While it seems to be slow rolling it is still rolling. If the last 3 years weren't wacky enough hang tight the cycle isn't done cycling. I'm only 4% body fat and don't stop moving so I feel pretty safe but if the public tightens its belt much more I'll see the fat trimming 1st hand.

Or if you've pissed the boss's boss off years ago... Even though i was number 2 out of 6 in sales... Hello laid off!

 

[sedona]

If employers really knew how little work actually gets done from a lot of those “working from home” they would lay off a lot more. I know a girl who rarely works 2 hours a day for her nice 8 hour salary. I’m sure some work hard but there is a lot of abuse as well.

There are quite a few people at work that don't put in 4 hours of work per day. Most of the people i know spend half their work time on facebook or other non related work stuff if they have an office job.I can usually tell if i send someone an e-mail or pm they get back to me pretty fast if they are at work.Everyone deserves some fun time at work but not half the day if you want'to keep your job.The people i am talking about are making over 100K per year so it adds up after a while.

 

[Aries]

Employers want to pay just enough to keep the employee from quitting, but no more.
Employees want to do just enough work to keep from getting fired, but no more.