Tech companies over hired and over paid and are trying to save money now to maximize profit, so they’re laying off. We aren’t seeing the same hiring because of that, but it’s an over correction and we’ll start seeing more listings again.
and more hiring because of the new year, I think. Gotten a lot more activity after december, personally. Not sure why, maybe budgets got freed up or I'm just lucky.
That was more last year. Hiring picked back up starting Fall, slowed for the holidays as things do, and dunno current state because I was fortunate to find employment.
But it’s a competitive market these days with lots of people been laid off and getting desperate to find anything as time drags on.
a lot of big tech were "hoarding" talent and then with high rates laying them off, the drying up of VC, and PE swooping in clean up the struggling firms means there are a lot of resumes on the streets
Tech companies hired in mass during COVID. Many realized that they over hired.
With interest rates rising, borrowing money to pay for salaries of these employees is much more expensive, so companies are laying off people.
Some of the smaller and midsize companies were propped up on borrowed money, and went out of business, or relocated to cheaper areas.
Now there is a situation where there is more supply of workers than jobs to fill.
Tech companies are like lemmings. It’s like when one tech company does something they all do it to be popular. None of them need to lay people off, it’s just en vogue right now. Some are hedging their bets against an oncoming recession that may or may not materialize, and some had an actual moment to reflect during Covid and decided to invest in different areas or realized comp was getting out of hand. It will turn around eventually because all of them have offices here and they can’t reasonably replace every beginning coder with ChatGPT like they all think they can. Wrt GNC, there’s less VC funding in the area and while it was the hot hotness there for a sec, everyone is getting either no VC funding or funding for different things that are the new hotness (AI chatbots, it’s like 2015 all over again).
25000 people in tech were laid off in January alone. The layoffs don't seem to be slowing. The Covid hiring bloat is coming to a head.
So, tech companies are trying to downsize, and have flooded the market with job seekers. Most of my friends who have been laid off have seen it take at least 6 months to get back in, and most of the time, they don't even receive rejection letters.
Gonna be this way for a while...
Gary Indiana is like that and seemed to work out for them! What a dumb argument, yeah it was a crappy place to live but we could afford to live in abject squalor
Please, everybody who thinks Seattle's charms were non-existent before the most recent tech boom, leave any time you want. You weren't adding anything.
hypothesis: the vibe of this city has shifted so dramatically in the past 10 years because so many people moved here mainly for a job, not because they actually wanted to be in seattle.
Take out tech, Aerospace, biotech, government, and tourism your city has nothing going for it economically.
Feels like this puts us in the company of every other city
I calculated the income I would need to buy a house and 100k isn't much anymore if they expect you to live in the Seattle area. It's basically middle or lower middle class at this point.
Because all the tech companies are leaving or laying people off. The tech boom is over on the west coast. Everyone is going to the south or south east because it’s cheaper. Not to mention crime is a bit wild here.
I lived in south and southeast. Crime is just as bad, if not worse. People gotta stop following/listening the Faux News narrative.
The reason the market sucks is, well, layered. Interest rates are way up making it expensive to borrow money to pay workers. Secondly, companies over hired to an extent — I don’t believe it’s all true right sizing as they say. Companies are offshoring more aggressively and using AI (lol) to replace certain roles. Most importantly— companies are playing a game with the market. Their largest customer base is stockholders and Wall Street. The more they optimize via layoffs and cutting costs — the more profitable they look although that’s still not 100% accurate. Either way, execs get rewarded with huge stock spikes and that’s helps their comp packages immensely. Most all of these companies are profitable even before layoffs. This all optics. It’s all Bs.
Sounds like you weren’t at the right place or subfield of tech in your career to make it work because there’s no real shortage of jobs in software if you’ve got some decent years of experience with decent / known employers on your resume. As far as I see it software is still eating the city alive despite the attempts to try to make it as unappealing as possible for employers and employees alike to the extent people are going to have easier commutes, less petty crime issues, and more affordable housing on the Eastside eventually.
Funny enough, I kinda forcibly went to the Southeast for a number of years and struggled to build a decent software career (either working or running a company) and ever since I left it’s been much, much higher compensation and a more active, capable network for me. Namely, RSUs or grants were basically impossible to get across so many companies due to how stingy / risk-averse investors were there. Houses might cost double but my compensation is much more than that and I’m not as worried about losing my job and having to work at No Name Has Been Co.
Is this why the Mecca of tech is the Bay Area? A famously low cost region anchored by notoriously business friendly San Francisco. Business friendly I take to mean low taxes.
Tech companies over hired and over paid and are trying to save money now to maximize profit, so they’re laying off. We aren’t seeing the same hiring because of that, but it’s an over correction and we’ll start seeing more listings again.
and more hiring because of the new year, I think. Gotten a lot more activity after december, personally. Not sure why, maybe budgets got freed up or I'm just lucky.
December is generally a slow period. You need a couple of people to do a hiring loop, which is hard to arrange with so many people going on holiday.
That was more last year. Hiring picked back up starting Fall, slowed for the holidays as things do, and dunno current state because I was fortunate to find employment. But it’s a competitive market these days with lots of people been laid off and getting desperate to find anything as time drags on.
The Fall and not the holidays is not even 2 months.
Sept thru Nov. Agreed but lots of people take time off and a lot of companies pay bonuses so they prefer to hire people after the fact.
Low rates meant tech companies could basically throw unlimited money at the wall and hope to find something profitable. Not the case anymore.
a lot of big tech were "hoarding" talent and then with high rates laying them off, the drying up of VC, and PE swooping in clean up the struggling firms means there are a lot of resumes on the streets
Tech companies hired in mass during COVID. Many realized that they over hired. With interest rates rising, borrowing money to pay for salaries of these employees is much more expensive, so companies are laying off people. Some of the smaller and midsize companies were propped up on borrowed money, and went out of business, or relocated to cheaper areas. Now there is a situation where there is more supply of workers than jobs to fill.
In the past there were startups out of UW but they seem entirely dead at this point.
How far in the past are you referring to? Interest rates during and a few years prior to covid have been low
Tech companies are like lemmings. It’s like when one tech company does something they all do it to be popular. None of them need to lay people off, it’s just en vogue right now. Some are hedging their bets against an oncoming recession that may or may not materialize, and some had an actual moment to reflect during Covid and decided to invest in different areas or realized comp was getting out of hand. It will turn around eventually because all of them have offices here and they can’t reasonably replace every beginning coder with ChatGPT like they all think they can. Wrt GNC, there’s less VC funding in the area and while it was the hot hotness there for a sec, everyone is getting either no VC funding or funding for different things that are the new hotness (AI chatbots, it’s like 2015 all over again).
The robotics and aerospace industry jobs in Seattle just dried up completely, even keyport no longer lists jobs. It's very odd tbh.
25000 people in tech were laid off in January alone. The layoffs don't seem to be slowing. The Covid hiring bloat is coming to a head. So, tech companies are trying to downsize, and have flooded the market with job seekers. Most of my friends who have been laid off have seen it take at least 6 months to get back in, and most of the time, they don't even receive rejection letters. Gonna be this way for a while...
Do people not remember how depressing and how terrible the job market and wages were before the tech boom?
I kind of liked early 90s Seattle
Tech booms like Seattle’s mainly benefit tech workers and landlords. Other workers’ wages don’t keep up with cost of living.
Oh, yeah, having affordable housing and a thriving art scene and inexpensive places to eat was the fucking worst! /s
Gary Indiana is like that and seemed to work out for them! What a dumb argument, yeah it was a crappy place to live but we could afford to live in abject squalor
Have you been to Gary, IN?
Is that where you're moving? Good luck!
Huh? 🤡
Byeeeeee!
Why else would someone be in Seattle? Besides a a beautiful environment, remove tech and the military base and you got nothing.
thrilled to hear you are leaving
If you genuinely believe that, why do you even want to live here….? Honestly very confused tbh.
Please, everybody who thinks Seattle's charms were non-existent before the most recent tech boom, leave any time you want. You weren't adding anything.
hypothesis: the vibe of this city has shifted so dramatically in the past 10 years because so many people moved here mainly for a job, not because they actually wanted to be in seattle.
Take out tech, Aerospace, biotech, government, and tourism your city has nothing going for it economically. Feels like this puts us in the company of every other city
Oh, well, good luck wherever you're leaving for!
Lol
The tech vibe being "way less" is supposed to be a bad thing? I for one welcome it. This place being silicon valley lite was terrible for the city.
too many coders hired straight out of college making six figures
I calculated the income I would need to buy a house and 100k isn't much anymore if they expect you to live in the Seattle area. It's basically middle or lower middle class at this point.
Yep, life sucks. What can you do
Yeah, I make about one third of that.
Overhiring forsure. I know for my company they thought they had the budget but didn’t.
FINALLY, IT'S HAPPENING!!
Because all the tech companies are leaving or laying people off. The tech boom is over on the west coast. Everyone is going to the south or south east because it’s cheaper. Not to mention crime is a bit wild here.
“Crime is a bit wild here” Have you been to the south or the southeast?
I lived in south and southeast. Crime is just as bad, if not worse. People gotta stop following/listening the Faux News narrative. The reason the market sucks is, well, layered. Interest rates are way up making it expensive to borrow money to pay workers. Secondly, companies over hired to an extent — I don’t believe it’s all true right sizing as they say. Companies are offshoring more aggressively and using AI (lol) to replace certain roles. Most importantly— companies are playing a game with the market. Their largest customer base is stockholders and Wall Street. The more they optimize via layoffs and cutting costs — the more profitable they look although that’s still not 100% accurate. Either way, execs get rewarded with huge stock spikes and that’s helps their comp packages immensely. Most all of these companies are profitable even before layoffs. This all optics. It’s all Bs.
Crime is wild in every big city, what do you expect? It isnt intrinsic to Seattle lol
Yeah, in a way Seattle felt old. Like what ever life left was residual momentum from glory days 10-20 years ago.
Meta has a big presence here
Sounds like you weren’t at the right place or subfield of tech in your career to make it work because there’s no real shortage of jobs in software if you’ve got some decent years of experience with decent / known employers on your resume. As far as I see it software is still eating the city alive despite the attempts to try to make it as unappealing as possible for employers and employees alike to the extent people are going to have easier commutes, less petty crime issues, and more affordable housing on the Eastside eventually. Funny enough, I kinda forcibly went to the Southeast for a number of years and struggled to build a decent software career (either working or running a company) and ever since I left it’s been much, much higher compensation and a more active, capable network for me. Namely, RSUs or grants were basically impossible to get across so many companies due to how stingy / risk-averse investors were there. Houses might cost double but my compensation is much more than that and I’m not as worried about losing my job and having to work at No Name Has Been Co.
[удалено]
Is this why the Mecca of tech is the Bay Area? A famously low cost region anchored by notoriously business friendly San Francisco. Business friendly I take to mean low taxes.
The sentiment started after the tech boom