SaasSlingin

Sr AE

Tech Layoffs

obviously we see a new company every other day laying off 5-10% + of their workforce and it's no less shitty each time.

I read a stat that so far it only accounts for just 1% of the tech workforce. One source said 50k total, another said 60k. anyway, it's not as big of a portion as one might guess- this gets me to think LinkedIn, or the overall surge in tech in recent teaes has magnified all of this?

what are your theories? Or is that 1% is 1% more than it should be.

☂️ Layoffs

☁️ Software Tech

16 comments

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Kosta_Konfucius

Politicker

Sales Rep

Even if its "just" 50k-60k. That amount of people losing their jobs is huge, especially with the % of people who live paycheck to paycheck.

To quote the Big Short "Every one percent unemployment goes up, 40,000 people die". It just a movie, however there is some truth to it

TennisandSales

Politicker

Head Of Sales

Killer fucking quote.

SaasSlingin

Politicker

Sr AE

Hits different when you put it like that.
Great movie btw

Kosta_Konfucius

Politicker

Sales Rep

You can also think of the hiring freeze impacting even more. People trying to leave a shitty role or cant get promoted from SDR to AE etc

Diablo

Politicker

Sr. AE

Impactful

Pachacuti

Politicker

They call me Daddy, Sales Daddy

"Its a recession when it happens to someone else, its a depression when it happens to you". This feels applicable here.

SaasSlingin

Politicker

Sr AE

Agreed, similiar to “a recession is when your neighbor loses their job and a depression is when you and your neighbor lose your jobs”

Pachacuti

Politicker

They call me Daddy, Sales Daddy

I paraphrase to suit my needs.

SaasSlingin

Politicker

Sr AE

Lol shouldve figured

butwhy

Politicker

Solutions Engineer

It's not just the layoffs - it's that those employees are all now in the market where a majority of companies are in a hiring freeze. Also would not be surprised to see more rounds of layoffs in January.

Coastal_crusher

Politicker

Sales Director

Well yeah the news/your feed is going to distort your perception (not saying it’s intentional but that’s another topic).

If you zoom out at the bigger picture then yeah, people being let go are only a fraction and this is normal in an economic cycle. One would argue it’s overdue and we only got here from years of cheap debt. Labour market outside of tech is still tight AF from what I know

Just my 2c

SaasSlingin

Politicker

Sr AE

Appreciate your 2c ;)

Sunbunny31

Politicker

Sr Sales Executive 🐰

There was also overhiring, and I believe this is a correction.

Still sucks when it happens to you.

Diablo

Politicker

Sr. AE

Don’t know if the numbers are accurate but I know it’s affecting a lot of population including all the dependents of the fires employees.

ChumpChange

Politicker

Channel Manager

No idea what the industry as a whole would be as far as % of the workforce impacted by the layoffs. From what I've been reading... the majority of companies are going back to their pre-pandemic staffing which was around 10%-15% less than post-pandemic.

IYNFYL

Politicker

Enterprise SaaS AE

I think it’s just more relevant because bigger companies are doing it so it’s being broadcasted. I feel it’s like normal times but it’s just more upfront to us now on LI and the internet unfortunately.

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