Now's as good a time as any to dump that #YouTubeMusic subscription...
Clear union busting antics here by another corp refusing to take care of its employees.
Electronic Arts is to cut 5% of its workforce, according to a note to staff from CEO Andrew Wilson. That translates to around 670 of the 13,400-strong workforce. @GIbiz's @BrendanSinclair has more details on the company's restructuring plan, which also includes closing offices and sunsetting certain live games. Wilson said in his note that the company is "moving away from development of future licensed IP that we do not believe will be successful in our changing industry."
Bumble has been a major player in the online dating realm for nearly a decade. Tuesday, however, the company posted a $33 million net loss in Q4 2023 and announced the drastic action it would take to stem the bleeding — layoffs. TechCrunch has more, including how many employees will be let go and the challenges the app faces in a competitive market. https://flip.it/5bc-wU #Tech#OnlineDating#TechNews#Layoffs
The @TexasObserver staff just issued a more detailed story about yesterday's firing and #layoffs (the latter of which included me).
I can completely cosign this quote by Gayle Reaves, who was also laid off: ”I’ve never had colleagues who were more dedicated to covering the people and the issues who usually don’t get enough attention from the news media.”
This is a pretty interesting video on the tech industry’s #layoffs phenomenon of the last few years. There seem to be a lot of vague and hand-wavy factors, but the bottom line appears to be:
a. Profit-maximizing to satisfy investors, by reducing payroll that has grown because companies over-hired based on unrealistically rosy projections of growth during the COVID years.
b. Taking money from payroll and pouring it into AI in the hopes of making something out of it at some point.
c. Everyone else is doing it (and getting rewarded in the stock market).
So yeah, this is another data point that suggests that layoffs are a symptom of overly-optimistic projections that led to over-hiring when money was cheap. Now that money is costly, investors want ROI, and what easier way to do that than by cutting payroll.
AI was a wild card. Even without #AI, I think layoffs would have happened anyway. But AI certainly made it worse.
I honestly cant predict what will happen to the market in future.
Alot of big tech is doing layoffs and it is scary. It over saturates the market particularly tech sector.
I did not like how CNBC minimized or belittled how devastating the layoffs have been. Near the end of the video they said it only affected 1% of tech workers in the industry.
1% is a lot considering how many folks work in tech.
I thought I had seen a toot from someone on here who was archiving a lot of content from #vice after the #layoffs were announced yesterday. Does anyone have a link?
👋 I thought maybe I went a little too hard in my rant about the #tech#layoffs#techlayoffs the other week.
Nope.
A colleague I watched get laid off last year, now had only 6 months in his new position before being dumped.
One of the greats, one of the good ones in #cybersecurity and just a phenomenal human that gives a shit about people.
When you lay off some of the kindest and smartest people, especially in #infosec, what kind of secure digital systems could anyone POSSIBLY be building?
The day I never turn on another computer again will be the greatest one I have lived.
I've been impacted by the recent #layoffs at Farfetch. Are you in need of an experienced #CSharp developer? I'm ready to start right away. With extensive expertise in developing libraries for #dotnet, I'm based in Lisbon, Portugal. Feel free to review my abilities on my blog. https://aalmada.github.io/
Do they really not see the problem with this statement??? The fact that they try to sell this behavior as 'normal' is very symptomatic of this whole industry ...
With all the #layoffs happening and the tech market being flooded with candidates, I can only think that diversity and inclusion are going once again to take a hit.
Companies won't need to put in effort to make their companies more marketable. Parental leave and flexible hours? A multi-cultural environment that welcomes everyone? Who cares about that when they can hire a white man who doesn't need that.
This has been on my mind lately and I couldn't verbalise it until now.
Best of luck to us.
'A group of young Africans in the newly opened Twitter Africa office in Accra were among the victims of a layoff that they described as arbitrarily done. They invoked Ghanian laws on redundancy and dragged the company (now known as X) to court with the view to enforce their rights and demand their due by way of compensation.'
Translation: "We noticed that, when we cut jobs, the remaining employees worked harder to compensate. So we figured we could cut more jobs, squeezing more out of them while spending less. Win/lose!"
This is the fundamental conflict of interest between employer and employee. It is why unions came to be; to counterbalance the singular power of management.