Iâm amazed they havenât already reduced to the buses.
There arenât many jobs for bus drivers in the metaverse.
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The Fed is getting itâs wish. Itâll be interesting what this means for unemployment numbers, and how quickly impacted people find new jobs. I think this means rate increases pause quicker than expected.
6% unemployment is what should be the target Iâm hearing according to some. Weâll see how much political stomach/pushback is there for that number.
Maybe I told this story already but one company I worked for in the 90âs did a mass layoff. A couple HR people went around and told everyone there was a snap meeting. The laid off people went to one room; the keepers went to another for the usual âweâre not really in trouble; we have a planâ pep talk. I was the only employee in the bathroom at the time so I got missed.
It was strange walking back to my desk as I passed empty offices and went through empty halls. I had the inside track on what was going to happen but didnât know exactly when it would all go down. I knew my job was safe. After a while I got up and wandered around. I could hear the conversations in each room but couldnât make out the words. I thought of slinking into one room but what if it was the wrong one and I got noticed? What do I say? âOops, wrong roomâŚuhâŚsorry guys.â So I just slunk back to my desk.
Tech isnât that big of an employer outside of a few select metros like the Bay Area. It simply doesnât move the needle that much.
The bloodthirsty Fed wants to see regular Joes and Janes lose their manufacturing and service jobs. They donât care much about tech elites pulling down 200K salary. They like to see people who make 40K suffer. Lots and lots of them.
What a stupid commentary. Low earning folks will do perfectly fine. In fact there are record vacancies for service and manufacturing jobs. Itâs the high earners who will get affected the most as well as the rich asset holders. Thatâs exactly what Fed wants.
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Thatâs my interpretation too. You can see that clearly during FOMC, the moment the stock market rally, JPow talks very hawkish.
Itâs always the little guys and gals who lose. Tally up all the tech layoffs and itâs a rounding error to the nationwide employment numbers.
Also, please keep the tone of discussion civil.
Thatâs true but they will lose less in this crash compared to the past when printing press was on and rates were artificially suppressed.
I was on PTO on the day the company did massive layoff. I got the phone call from my manager later on that day about what happened and how lucky I was on a day off. According to him it was quite emotional process and he didnât know itâs coming either.
Shortly after, I left the company and the whole company shut down except one small division. All of this happened as a result of aquisition.
The good news is that most of people who got laid off on that day got a better job and are still working happily. As a matter of fact, those who got laid off at the first round took the best job openings in the similar field because they applied ahead of others who escaped the first round of lay-off.
What is the compensation for laid off?
I have worked over 20 years in the semi industry and have never been laid off (fingers crossed).
My daughter graduated college last December, started looking for a job and found one, and within 3 months she was laid off (startup tightening belt). She took it well and started looking again, and a couple of months later she started working again. Recently the first company she worked for did a second round of layoffs. I told her that it was a good thing that she was laid off early in this cycle as there were plenty of opportunities at that time and she got a lot of interviews (way more than before her first job, 3 months of working made a big difference). I donât know the job prospects now for candidates like her but I can imagine that itâs probably not as good as a few months ago.
I think itâs usually 2-3 months salary.
Sometimes itâs super generous like 6 months of salary and accelerated vesting of RSUâs. But obviously Elon is not going to be generous.