Tech industry sees massive layoffs after pandemic hiring
During their last “My Take”, Varney & Co. host Stuart Varney discusses the changing employer-employee relationship in the tech industry, arguing that bosses are “now exercising power” as companies change the work landscape amid massive layoffs.
STUART VARNEY: Not so long ago, working at Big Tech was considered the best job in the world. Times change.
Virtually every tech company has announced layoffs.
Hundreds of thousands of predominantly young techies were pink.–slipped. This is a real turnaround for those people who, a year ago, thought that so many people would be fired.
And if you’re still in tech, a lot of the perks go, go, go.
SOME COMPANIES HAVE A PERK CESSION
Fascinating Wall Street Journal article on the disappearance of the perks that attracted workers to big tech in the first place.
Facebook has stopped free laundry and dry cleaning. There are no more takeaway containers, so employees can’t take home free food.
Salesforce: No more fancy baristas in the office and trips to the wellness center for yoga and hiking.
Twilio, the online real estate specialists, have waived monthly paid holidays for some employees.
Everywhere free food, massage, day off for birthdays, on the street.
And those bars and game rooms that some employers used to lure workers back to the office have largely disappeared.
SALESFORCE INTRODUCES CHATGPT FOR SLACK
There is a revolution in the relationship between employer and employee. Boss now shows power. It’s unavoidable.
If profits stagnate and you hire too many people, you cut people and benefits.
The next battle being fought right now is the status of remote work. Most bosses, not all but most, want them back in the office. And this is another thing that will frustrate many young techies.
This is a very fast turnaround in employment. It’s a pandemic and pressure on big tech, that’s all.
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Credit: www.foxbusiness.com /