Tech professionals who have been laid off are having difficulty finding jobs as a result of the global recession.
Many tech professionals are struggling to find employment as thousands of them lose their jobs at Big Tech companies as a result of a ban on new hiring at virtually every top corporation owing to uncertain macroeconomic conditions and recessionary fears.
Major industry giants Microsoft and Google, as well as businesses like Meta, Twitter, Salesforce, Lyft, Stripe, Uber, and Lyft, have all enacted a complete hiring freeze. Indian-origin As a data engineer for Twitter, Nilesh Bhandare, 39, was employed. He informed the San Francisco Chronicle that a great improvement has been seen in the job market.
“Only 20% of the recruiters who have contacted him are interested in full-time positions, even though many have. The remaining are looking for contract workers who can be fired more readily “the research asserts.
Bhandare had previously looked for a job, but circumstances had changed significantly. “My impression,” says Bhandare, “is that no one wants to commit right now for a full-time role as corporations are uncertain about the economic situation.”
The pressures of inflation and concerns about the recession are causing uneasiness in tens of thousands of freshly laid-off workers. According to the report, San Francisco’s IT sector has been shedding workers for months.
The San Francisco-Oakland-Fremont metro area had 41,718 tech job opportunities in January, according to the job-search website ZipRecruiter.
By November 1, the report states, “the jobs had fallen to 27,919, down a third.” The number of tech job openings declined by a third in the San Jose-Sunnyvale-Santa Clara metro area from 28,421 on January 1 to 18,748 on November 1.
“We have seen labour market conditions deteriorate very dramatically in a slice of the labour market,” claims Julia Pollak, senior economist at ZipRecruiter. Even individuals who were employed after having their jobs eliminated in prior waves of layoffs had a pessimistic view of the job market.
Many people of Indian origin are helpless since the time remaining on their work licenses is running out Himanshu V, a graduate of IIT-Kharagpur who has previously worked at GitHub, Adobe, and Flipkart, was fired by Meta.
Posted by Himanshu on LinkedIn, “I relocated to Canada to join #Meta, but two days after I arrived, I was affected by the significant layoff, putting an end to my journey. After nine months of employment at Meta, Raju Kadam stated that he had “excellent performance in all quarters” and that he had not anticipated being let go.
“In an instant, it was over. If I don’t find work soon, I’ll have to take my kids and leave the country as my timer to leave the country has already started.” Kadam claimed while posting a picture of his sons Arjun and Yash in the US.
He asserted that despite spending 16 years living in the US and going through some of the worst economic downturns, “I never lost my job.”
“I’ll make every effort to ensure that they have the best possible chance of thriving in the US. I, therefore, have a pressing need to find new employment in the USA “Kadam made a LinkedIn post.
Companies Laid off are having difficulty finding jobs as a result of the global recession
Meta- 11,000 jobs
The firm that owns Facebook, Meta Platforms, was responsible for the majority of these layoffs. In an unprecedented move in the company’s 18-year history, 11,000 employees, or 13% of its global workforce, will be let go. More than 50 of the affected employees were based in Singapore.
The majority of the affected positions—nearly half—were in the technology sector. The final occupations affected were those in business and recruitment. This happens soon after the Covid-19 outbreak, during which time Twitter’s staff size surged by almost 60%.
The business will no longer be producing new iterations of its Portal smart screens and smartwatches, according to Meta Chief Technology Officer Andrew Bosworth, who is in charge of the Reality Labs section devoted to the metaverse. Meta would merge a voice and video calling unit with other communications teams. An entirely new department called Family Foundations would concentrate on challenging engineering problems.
Twitter- 3,700 Jobs
The company’s staff is estimated to have been reduced by roughly 3,700 employees, or about half, immediately after Elon Musk, a billionaire, finished paying US$44 billion for Twitter in late October. To save money, this was done. Mr Musk claimed that Twitter was losing more than $4 million daily.
The company reported that second-quarter sales, which fell 1% from a year earlier to US$1.18 billion, missed top and bottom lines as well as user growth in July. It attributed the unsatisfactory performance to the poor macroeconomic environment and the internet advertising market.
Before the deal was completed, Mr Musk began to drop hints about his recruiting priorities, saying he planned to focus on the company’s primary product. “Software engineering, server operations, and design will rule the roost,” he tweeted at the beginning of October.
Stripe- 1,100 Jobs
To save costs in the face of increasing inflation and interest rates as well as an anticipated recession, the online payments business Stripe let off 1,100 people, or about 14% of its workforce, in late October.
A list of software industry layoffs that have been widely circulated now includes the names of more than 30 affected Stripe employees. Two IT researchers in Singapore developed the spreadsheet to help with job searching. Chief Executive Officer Patrick Collison indicated that the changes were necessary to rectify bad leadership decisions in a communication to the staff dated Nov. 3.
The possibility and severity of a deeper recession were underestimated, while the strong growth of the Internet economy in 2022 and 2023 was overestimated, he said. The corporation permitted operating costs to increase and inefficiencies to arise even though “a changed economic situation” started in 2022.
Stripe was valued at US$95 billion in 2021, but in July, it reportedly fell to US$74 billion.
Shopee – about 180 Jobs
An online retailer based in Singapore Shopee started laying off employees in June 2022, citing growing losses and slow revenue growth. The president of the Shopee group, Chris Feng, said in a memo to staff on June 13 that “given the increasing uncertainty in the global economy, we believe that it is prudent to make certain painful but important adjustments to optimize our operational efficiency and focus our resources.”
Its Singaporean parent company, Sea Group, slashed more jobs in September as pressure to turn a profit grew. When Sea reported its second-quarter earnings in August, it discontinued projecting revenue for Shopee, which accounted for 60% of its entire sales in the prior quarter.
180 individuals, or 3% of the workforce, reportedly lost their jobs in Singapore, China, and Indonesia. Teams in marketing, engineering, regional operations, and human resources all suffered losses. Shopee shut off operations in Argentina, Chile, Colombia, and Mexico in September as well. The company lost the most jobs in June in its ShopeeFood and ShopeePay segments.
Shopify- 1000 jobs
The Canadian e-commerce behemoth Shopify announced in July that it had sacked 1,000 employees, or 10% of its worldwide staff, after a decrease in online spending. In a note to the staff, Chief Executive Officer Tobi Lutke acknowledged that he had miscalculated the length of the pandemic-driven e-commerce boom. Sales, support, and recruiting were the areas most affected by the reductions. Shopify got rid of all the organization’s unnecessary and specialized functions.
Shopify, which was founded in 2006, made its Singaporean debut in 2013. The unknown is how many workers were affected in this case.
GoTo- 1000 jobs
To strengthen its finances in the face of a weakening economy, rising interest rates, and rapid inflation, GoTo, Indonesia’s largest Internet company, reportedly announced on November 11 that it will lay off 1,000 employees.
The Singapore and Jakarta-based company, which is based in Vietnam, planned to notify its personnel of the layoffs in the following weeks. The size of the decrease may change as it consolidates its teams in ride-hailing, e-commerce, and fintech.
GoTo is anticipated to announce its quarterly earnings on November 21. It revealed in August that its second-quarter adjusted loss before interest, taxes, depreciation, and amortization was 4.14 trillion rupiahs (S$366.3 million), up from a pro forma loss of 3.9 trillion rupiahs a year earlier.
After the merger of the ride-hailing service Gojek and the e-commerce firm Tokopedia, GoTo, one of the largest initial public offerings of the year, was introduced in April. However, since that time, its share price has decreased by almost 40%. GoTo had 9,630 permanent employees as of the end of June.
Netflix- 450 jobs
Streaming juggernaut Netflix laid off 150 employees in May after experiencing its first drop in subscribers in ten years. At the end of June, it announced 300 further layoffs or 3% of its whole workforce. The majority of the laid-off workers were based in the United States, although some reductions occurred in Asia-Pacific, Latin America, Europe, the Middle East, and Africa. The unknown is how many Singaporean workers were affected.
In the third quarter, more than 2.4 million additional members were added, largely from outside the US. Currently, 223 million people around the world are Netflix users. It lost 200,000 customers in the first quarter, and close to a million in the next.
Microsoft -1,000 Jobs
Microsoft revealed in October that it has let go of almost 1,000 employees, or 1% of its whole global workforce, as a result of the slowest sales increase in more than five years in the most recent quarter. The internet behemoth announced an 11% gain in revenue for the three months ending in September, reaching $50.1 billion, but a 14% fall in profit, to US$17.6 billion, from the same period last year. Quarterly revenue increase typically ranges between 12% and 22%.
The cutbacks had an impact on the entire company, but the gambling and government services divisions took a big hit. The unknown is how many Singaporean workers were affected.
In other words, because they are being abruptly let go by their employers, many people are currently battling with their jobs. And many of them are working for pitiful wages just to survive in this world economy. People are severely affected by the economic slump.
edited and proofread by nikita sharma