Big Tech Companies vs. Software Developers | Tech Layoffs In 2024

Summary

Tech layoffs have been in the news, with profitable companies firing developers who contribute to their success. This video by Trisha G on the Continuous Delivery Channel discusses the cyclical nature of layoffs, the motivations behind them, and how developers can protect their careers. Key advice includes keeping resumes updated, being active in the tech community, building a strong portfolio, and carefully choosing jobs that align with personal goals. The focus is on self-empowerment and career control in uncertain times.

Takeaways

• 🔄 Tech layoffs are cyclical, with previous waves seen around 2000 (dot-com crash) and 2007-2008 (credit crunch).
• 💼 Recent layoffs are occurring in large, profitable tech firms, which raises questions about their necessity.
• 🤑 Leaders and founders of these companies are extremely wealthy, making layoffs seem less about cost-cutting.
• 📉 Some companies not making layoffs still see stock price drops, suggesting layoffs are about appeasing investors.
• 😔 Layoffs indicate that developers are seen as replaceable, regardless of their contributions.
• 📈 Evidence shows that job security is not guaranteed by meeting objectives or delivering business value.
• 💪 Developers must take control of their own career growth, as companies won't prioritize it.
• 📝 Keeping your resume updated is crucial for career preparedness and self-assessment.
• 👥 Engaging in the technical community, such as user groups, can provide networking and learning opportunities.
• 📂 Maintaining a portfolio, like a GitHub profile or blog, is important for showcasing skills and experience.
• 🤔 When choosing a new job, consider your personal values and needs, such as stability or excitement.

Q & A

What is the main topic discussed in the video script?

The main topic discussed in the video script is the issue of tech layoffs, particularly focusing on the layoffs in large, profitable technology firms and the implications for developers.

Why does the speaker believe that the current round of tech layoffs is different from previous ones?

The speaker believes the current round of tech layoffs is different because it involves large, profitable firms laying off the very staff who generated those profits, which was not the case in previous layoffs.

What does the speaker suggest is the real reason behind the tech layoffs?

The speaker suggests that the real reason behind the tech layoffs is not cost-cutting but rather a message to investors and shareholders that the companies are willing to do whatever it takes to be profitable, including firing their best people.

What is the speaker's opinion on the effectiveness of the layoffs as a cost-cutting measure?

The speaker's opinion is that the layoffs are an ineffective cost-cutting exercise, as they have seen developers being fired and then rehired at a lower salary, which does not seem to be a genuine cost-saving strategy.

Why does the speaker think tech organizations that are not making layoffs might be facing a drop in their stock price?

The speaker theorizes that tech organizations not making layoffs might face a drop in their stock price because they are not signaling to investors that they are willing to make drastic changes, such as layoffs, to maintain profitability.

What advice does the speaker give to developers regarding their career and job security?

The speaker advises developers to take control of their own careers, to ensure their resumes are up to date, to be active in the technical community, to build a portfolio, and to carefully consider what they want in a job, especially in the current economic climate.

What role do user groups play in a developer's career according to the speaker?

According to the speaker, user groups play a significant role in a developer's career by providing a safe environment to try new things, meet great people, receive advice, and potentially discover job opportunities.

Why is it important for developers to have an updated resume or CV?

It is important for developers to have an updated resume or CV not only for job applications but also as a way to reflect on their learning and skills development over time, which can help them identify if their current job meets their needs.

What is the significance of having a portfolio for a developer's career?

Having a portfolio, such as a GitHub profile or a blog, is significant for a developer's career as it provides a more comprehensive representation of their skills and experiences beyond what can be conveyed in a traditional resume.

What factors should a developer consider when choosing a new job?

A developer should consider factors such as job stability, the company's culture, the match with their career goals, and the potential for growth and learning opportunities when choosing a new job.

How does the speaker feel about the support developers receive from their companies during layoffs?

The speaker feels that companies do not genuinely care about their developers during layoffs and are not supportive of their career growth, emphasizing that developers must be their own champions.

Outlines

00:00

💼 Tech Layoffs and Developer Self-Advocacy

The script addresses the issue of tech layoffs, particularly focusing on the paradox of profitable companies letting go of the very developers who generate their income. It discusses the cyclical nature of such events, referencing past economic downturns like the dot-com crash and the 2007-2008 credit crunch. The speaker, Trisha G, expresses her opinion that the current wave of layoffs is different, as it involves wealthy tech leaders who seemingly have the means to retain their staff. She criticizes the practice of rehiring previously laid-off developers at lower salaries, calling it an ineffective cost-cutting measure. Trisha also theorizes that the layoffs might be a signal to investors and shareholders about a company's commitment to profitability at any cost, including sacrificing valuable employees. She suggests that developers should consider discussing their value and contributions more openly with their employers.

05:01

🛠 Empowering Developers to Control Their Careers

In this paragraph, Trisha emphasizes the importance of developers taking control of their careers in the face of unpredictable job security. She advises updating one's resume regularly to reflect new skills and experiences, which can also serve as a self-assessment tool to identify career gaps or desires for change. Trisha also highlights the value of being an active member of the technical community, such as participating in user groups, which can provide networking opportunities, advice, and a platform to try new things. She discusses the importance of having a portfolio that showcases one's work beyond the limitations of a traditional resume, suggesting platforms like GitHub, Stack Overflow, or blogging as potential avenues. Lastly, Trisha touches on the considerations developers should make when seeking new job opportunities, such as prioritizing stability or excitement, and the importance of being prepared for a dynamic job market.

Keywords

💡Tech layoffs

Tech layoffs refer to the recent trend of technology companies firing their employees, including developers who contribute to their profits. The video discusses how large, profitable tech firms are laying off staff, raising questions about the fairness and motivations behind these layoffs.

💡Dot-com crash

The dot-com crash, also known as the dot-com bubble burst, occurred around 2000 when many internet-based companies failed, leading to widespread job losses in the tech industry. The speaker references this historical event to illustrate that tech layoffs are cyclical and have happened before.

💡Credit crunch

The credit crunch refers to the financial crisis of 2007-2008, which led to significant economic downturns and job losses across various industries, including tech. The speaker mentions this period to highlight another instance of economic challenges affecting tech employment.

💡Cost cutting

Cost cutting is the practice of reducing expenses to improve profitability. The video argues that recent tech layoffs are not truly about cost cutting but rather about signaling to investors that companies are willing to make tough decisions to appear profitable.

💡Developers

Developers are the professionals who write and maintain software code. The video emphasizes the irony of laying off developers, who are crucial to a tech company's success, and discusses the impact of these layoffs on their careers and livelihoods.

💡Investors and shareholders

Investors and shareholders are individuals or entities that own shares in a company and are interested in its profitability. The video suggests that tech layoffs are partly aimed at reassuring these stakeholders that the company is taking measures to remain profitable.

💡Resume or CV

A resume or CV (curriculum vitae) is a document that summarizes a person's professional experience, skills, and education. The speaker advises developers to keep their resumes updated to be prepared for job searches in case of layoffs.

💡Technical community

The technical community consists of professionals who share knowledge and collaborate on technological advancements. The video encourages developers to actively participate in this community, such as through user groups, to build networks and gain support.

💡Portfolio

A portfolio showcases a person's work and skills through platforms like GitHub, Stack Overflow, or personal blogs. The speaker advises developers to maintain a portfolio to better represent their abilities and enhance their job prospects.

💡Career control

Career control refers to the ability of individuals to manage and steer their own professional paths. The video emphasizes that developers should take charge of their careers, continuously update their skills, and be proactive in seeking opportunities that align with their goals and values.

Highlights

Tech layoffs have been in the news, with profitable companies firing the developers who made them money, raising questions about fairness.

Layoffs are cyclical in the tech industry, with previous downturns occurring around the turn of the century and during the 2007-2008 credit crunch.

This round of layoffs is different, as it involves large, profitable firms letting go of staff who generated their profits.

Leaders and founders of these organizations are among the wealthiest, yet they are laying off staff, which seems counterintuitive to cost-cutting.

Developers have been rehired at lower salaries after being laid off, suggesting a flawed cost-cutting approach.

The stock price of tech firms plummets even when they meet financial targets and avoid layoffs, indicating a possible market expectation of layoffs.

Layoffs may be a signal to investors that companies are willing to do whatever it takes to be profitable, including firing top talent.

Developers are often considered replaceable, which can be a wake-up call to reassess one's value and role in the industry.

The speaker suggests that having a conversation about value addition might be a better approach than mass layoffs.

Individuals cannot control company layoffs but can take steps to control their career trajectory.

Maintaining an up-to-date resume is crucial for job applications and self-assessment of skills and experiences.

Being an active part of the technical community, such as user groups, can accelerate one's career and provide networking opportunities.

A portfolio, such as GitHub profiles or a blog, is essential for showcasing one's abilities beyond a traditional resume.

When selecting a new job, it's important to consider what one values, such as stability or excitement, in the current economic climate.

Owning one's career and being prepared to adapt is key to navigating the uncertainties of the job market.

The video concludes with a call to action for viewers to support the channel on Patreon.

Transcripts

for the last year or so Tech layoffs

have been in the news large money-making

organizations firing the very developers

who make them that money is it fair and

what can we as developers do about

[Music]

it hello I'm Trisha G welcome to the

continuous delivery Channel where we

have opinions on technology if you want

to hear more opinions please subscribe

and if you like this particular opinion

please hit like layoffs do happen we

have seen this before back in 2000

around the turn of the century there was

the dot crash I was graduating from

University at the time and trying to

find a job in Tech was

challenging then around about 2007 2008

the credit crunch happened just as I was

moving back from New York to London

trying to get a job in a bank or fintech

doing development people have been in

the industry long enough will tell you

this is cyclical there's boom and bust

sometimes you have layoffs and sometimes

times are good for

developers however this round of layoffs

is a little bit different in this case

it's large profitable technology firms

who are laying off the staff who make

those profits this leads me to have

opinions on the

topic some of the leaders and founders

of these organizations are some of the

richest men in the world you would think

they would have a little bit of Pocket

Change l lying around to retain their

developers and pay them Fair salaries

these developers are the people who

helped them to make money in the first

place we've heard of developers being

fired from a particular job and then 2

months later being hired back on a

smaller salary this I don't think this

is cost cutting this is I don't think

I'm allowed to swear on this channel

this is an ineffective cost cutting

exercise I've also seen organizations

Tech organizations who are not making

layoff

who hit all their financial targets

meeting all their objectives and yet

their stock price plummets my theory is

because they're not making layoffs what

does this tell me this suggests to me

that the layoffs are not about cost

cutting they are about telling their

investors and their shareholders yes

we're willing to do whatever it takes to

be profitable even if that means firing

some of our very best people it's also a

way to tell us the developers you're not

really that important you are repl able

have there been times when we've been

overpaid and

underutilized it's possible but I don't

think that firing all of us is the right

way to teach us a lesson I think perhaps

having a conversation about value and

value ad might be a good place to start

however strongly I feel about these

layoffs I can't do anything about them

sadly and unless you are a leader of one

of these very large organizations you

probably can't either so I want to spend

the rest of this video telling you what

maybe you can do in order to control

control your career a little more before

I do that I want to take a second to

thank our sponsors equal experts transic

and semore these are companies that

produce services and products that are

well aligned with what we talk about in

The Continuous delivery Channel please

take a look and click on the links in

the description below so what have we

learned from these layoffs well I have

learned that these companies are not

here for you at all these companies are

here for them and they will drop you

like modern programming languages drop

the semi call on when it suits them can

you protect yourself from being laid off

if you work for one of these companies

or you think your job is at risk I mean

they will tell you as long as you meet

the objectives as long as you work hard

put in the hours deliver business value

as long as you play the game then you're

a little bit safer than you would have

been but I think evidence shows us from

2023 and 2024 that a little bit safer

doesn't mean anything whatsoever and if

a company decides to actx an entire

department or an entire organization no

matter how good your code is you're not

going to be safe from that these layoffs

are ultimately not about you at all it's

not about your ability to write good

code it's not about the amount of hours

that you put in it's about the company's

ability to Showcase that they're willing

to do whatever it takes to make more

money these companies never cared about

you they were never going to support

your career growth the only person who

can really support you throughout your

career development is you you're the

only person who's going to be there for

the whole time throughout your career

you're the only person who hopefully has

an inkling on what is good for you where

do you want to go what are the right

directions for you to take what steps

can you take well the first thing the

first most important step in my opinion

is to make sure that your resume or CV

is up toate obviously if your job goes

away you can now give that resumé to

someone else to perhaps apply for a new

job however it's also a useful exercise

in its own right it's always a good idea

to take a look at what you've done over

the last 12 months or 2 years or 10

years however long it is since you last

refreshed your resume and see what have

I learned since then what new skills and

abilities do I have what new things do I

get to put onto my CV to Showcase to

people what I'm good at you may find

during this exercise that not only do

you have a CV to give to someone if you

happen to need to apply for a new job

you might find that the job that you're

in is actually not meeting your own

needs and you can use that resume to

apply to somewhere which does meet your

needs another step you can take which I

think is really important is to be an

active part of the technical community

if you're subscribed to this channel

you're already well on the way to being

part of the technical community you are

learning and growing and actively

involving yourself in what's out there

I'm a big fan of user groups for me in

particular Java user groups these are

places where I have really helped

accelerate my career I've met a lot of

great people I've had a lot of great

advice and allow it has provided me a

safe environment to try new things to

level up if you have a local user group

in your city that local user group

allows you to meet people who are

working on the same sorts of things as

you in different organizations in your

city and you get to hear what are these

people working on what is it like to

work there are they hiring it's a good

way to get out there and see what else

is there another important thing to

consider is your portfolio your CV or

resume should be what two pages long

this is not a great way to represent

someone whether you've got 6 months

experience or 20 years experience a

two-page resume doesn't really give a

good idea of who you are a portfolio is

something like GitHub profiles or stack

Overflow profiles or part being part of

social media or being active on LinkedIn

or having blogs or whatever else we do

these days it doesn't have to be all of

those things pick one of those things

which plays to your strengths if you

write a lot of code in your spare time

by all means put it on GitHub if you

like to write about what you've been

doing then maybe start a blog I have a

lot of advice on this topic and a lot of

advice on how to create a portfolio and

like why and where and what it's for and

if you're interested in that click on

the links Below in the description

because I've got blog posts and

presentations on that topic the last

thing I want to talk about is when you

decide to take that step to select a new

job you have to think carefully about

what it is that you want now in these

interesting Economic Times you might not

be in a position to choose but if you

have any choice at all you should be

steering yourself towards something

which works for you for example do you

value stability in which case you're

going to apply to a particular type of

company with a particular type of job

and those are the things you're going to

say yes to if you want stability to

provide for your family or whatever it

is that you need a steady income for if

you want excitement and new things and a

changeable environment where you're

going to be doing lots of different

things then maybe you're going for

something like a startup where stability

might not be so much part of the of the

appeal of that that's fine too this is

more likely to appeal to people who

perhaps don't have dependents who rely

on their salary all of these things are

fine just be aware of the of the pros

and cons of both things obviously

stability comes with possibly stability

but as we're seeing with the layoffs

that's not guaranteed either and the new

and exciting and shiny maybe the job

won't be there next month but as long as

you're prepared to keep looking and keep

moving if necessary you should be in a

good position whatever you do so you own

your career you can be your own champion

and you can take control of that thanks

for watching if you liked this video

please consider supporting us on patreon

[Music]