I want to highlight my own experience and my observations on tech worker displacement by Said El Mansour Cherkaoui, Ph.D.
Today Paul Anka ” I did it my Way”
Flirting with and by the Recession the state and status of the High Tech since the Dot.com and Dot.gone Era
The tech industry increased its layoffs by 649% in 2022, which is the highest since the dot-com bubble more than a few decades ago, according to “The Challenger Report.” More tech employees were laid off in 2022 than in 2020 and 2021 combined.
“Yesterday” by the Beatles: Dot.com and Dot.gone
There are at least 3.97 million tech jobs available in the US as of 2022. And this number continues to grow. In 2021 roughly 245,000 new tech jobs were added to that number, and by the end of 2022 there will be another 178,000 added.
The dramatic drop in Software Development job postings continues, with the index coming in below 100 for the past two weeks.— Nick Bunker (@nick_bunker) April 18, 2023
Prior to late March of this year, the last reading below the pre-pandemic level was in February 2021.
Dalida Paroles Paroles
It’s strange, I don’t know what’s happening to the High Tech Jobs tonight and today
I look at you like for the first time, jobless not like before
More words always words, the same words
I don’t know how to tell you anymore
But you are these numbers, statistics and stories that I will never stop reading and not finding in our real world: It is always a fiction with pills to kill the pain for the jobless and suffering laid offs.
Translated and rearranged by Said El Mansour Cherkaoui, Ph.D.
“You should be skeptical about predictions of any new technology causing massive job losses within just a few years of its arrival.” by Guy Berger, Ph.D. – Principal Economist and Head of Macroeconomics at LinkedIn
I mean, I think there’s definitely a possibility this will be disruptive to the global labor market – some jobs will disappear, others will be created, and many will change in terms of the skills required. But this is something that will play out over a decade or more, not the next few years.
“But this is something that will play out over a decade or more, not the next few years.” Guy Berger, Ph.D.
“But this long run is a misleading guide to current affairs. In the long run we are all dead.”
John Maynard Keynes in his 1923 publication, The Tract on Monetary Reform.
101 Non Skeptical Economics Made in the USA
LEGEND OF THE PICTURE : HIRING NEW WORKERS
John Maynard Keynes:
“Capitalism is the astounding belief that the most wickedest of men will do the most wickedest of things for the greatest good of everyone.”
Zooming American Layoff Cascades by Pastor of Economics
We should be skeptical at the first place about your attempt massaging economics and economic history to justify your statement:
Since the Guild Time to the introduction of machine, the throwing of “Sabots” by the paysans transformed in workers in the manufacturing machines [which gave us the term “Sabotage”] to the changes of the production process by Taylor and Ford and up to the total quality management and the present innovation by AI, we have and we know that professions, artisans and industrial jobs as well as services have disappeared for good without any return or revival.
In fact, if you have study the industrial revolution in Europe, such implementation of new technologies have pushed and imposed the drive of immigration towards North and South America and “justified” the colonialism in the Southern countries of our world under the paradoxical banner of Modernisation of the means of production in these “uncivilized lands”
In our time, the rivalry emerging between the Western Societies and China and Russia, India and other emerging countries from the old “Third World” has many of its roots in the continual changes taking place within the production and within the chain of supply of energy and other essentials primary goods that are needed by the introduction of new means and ways of productions and products. China has anticipated such a drive in its expansion in Africa while erasing poverty while the U.S. and western European countries are invaded by waves of new immigrants, poverty and homelessness as well as layoffs and joblessness along rise in petty crimes, robberies and shoplifting which is becoming rampant.
In addition, it does not matter what you have or have implemented more efficient, more innovative ways and tools of production even the most sophisticated ones, when it comes to be the laying-off, it is laying-off and the excuses advanced by the heads of the corporate world can vary or can be all along the industries the same chorale and the same symphony played in unison without consideration with the outcome:
META JOB CUTS REACHING NEW HIGH IN THE HIGH TECH INDUSTRY
4/20/2023 – As a result, the social-media stalwart cut 21,000 jobs from last November through mid-March. First came a wave of 11,000 cuts on Nov. 9, followed in mid-March by another 10,000.
And the bloodbath is not over, according to the latest reports. Meta plans to eliminate thousands more jobs. According to Bloomberg News, an internal memo has been sent to managers, asking them to prepare for tough new announcements.
The job cuts, which total 4,000, are expected to affect Facebook, WhatsApp and Instagram.
Meta has begun laying off staff in some technical roles as part of its latest round of job cuts, the company confirms. Employees in fields like software engineering, graphics programming and gameplay development were among those affected Wednesday, according to LinkedIn posts. Some workers in business-facing roles like finance and HR are also likely to face cuts beginning in May, anonymous sources
They would also affect Reality Labs, the division that houses the group’s metaverse projects — Quest virtual-reality headsets. In 2021 and 2022, Reality Labs, which is supposed to build the company’s next big thing, recorded a cumulative loss of nearly $24 billion, including $13.7 billion just last year.
Meta (META) had 86,482 employees as of December 2022.
Facebook parent Meta Platforms will lay off roughly 10,000 employees over the next couple of months and close off a further 5,000 open jobs, the company announced in a blog post. The move marks the social media giant’s second major round of job cuts in recent months after it laid off 11,000 workers, or 13% of its staff, in November.
Chief Executive Mark Zuckerberg said Meta — which owns Instagram and WhatsApp — is looking to “make its organization flatter” by removing multiple layers of management and cutting certain projects, as part of “the year of efficiency.”
EY NO MORE SEPARATION OF THE E FROM Y BUT EMPLOYEES LAYOFF YES
EY pulled the plug on their breakup plan after spending so much money and effort on it! The solution EY found is turning the table on their employees and make them to bear the blame of the lack of business and the reason that all the Corporate America is using as excuse: “Overvapacity”. The news comes less than a week after the unit’s objection torpedoed the global accounting giant’s plan to break up its audit and consulting units.
Ernst & Young will eliminate 3,000 positions in the United States — about 5% of its American workforce — as it addresses “overcapacity” in parts of the company. The decision was taken after assessing the impact of current economic conditions, strong employee retention rate and ‘overcapacity’ in parts of the company, the company said.
The Poor Jockeys Lost their Jobs to the Robots Racing Camel Dubai
Artificially Intelligent Dogs will Sell to you or Rent to you Appartments and Homes
“Musk warned employees in an internal memo this week, “This has been a very tough quarter … So we need to rally hard to recover!”
Tesla employees have taken to LinkedIn to discuss being laid off, something CEO Elon Musk … Continue reading
Silly Gosse Cons at the Valley Bank: What is Next ? USA: Economic Melting Pot, … Continue reading
Walmart warns of shoplifting crisis The Curse of the Dollar as Name for a Store … Continue reading
The sum is closing and job deprivation and return of the boomerang that sent back with supersonic speed energized by the inflation surge and continual rise in all the sectors and domains of life.
by Said El Mansour Cherkaoui – firstname.lastname@example.org Dear Readers and Friends It is our pleasure to … Continue reading Redefining Banking Globalization
Compilation by Said El Mansour Cherkaoui like they do it at Linkedin and this is … Continue reading
Technology Oriented Sectors, Products and Services
Deluge of Layoffs, Where is the Creation of Jobs by such Added Value Technologies?
Latest layoffs: Airbnb, Citi and more
We Share with you here the listing of the continuous waves of layoffs sweeping the coast of American companies of all size, all dimensions and all over America.
First let’s Zoom on the top and sudden layoff of Zoom President, who was just hired and started his job on June 2022,
Zoom suddenly fires its president
Updated 2 hours ago
Zoom has “abruptly” fired its president, reported Bloomberg, with effect from Friday. According to a regulatory filing, former Google exec Greg Tomb, who only joined Zoom Video Communications in June, will receive severance benefits following his “termination without cause.” Tomb was on a $400,000 annual salary and had been granted $45 million in stock that would vest over four years, per Bloomberg. Earlier this week, the video-conferencing firm announced better-than-expected earnings, as well as a 27% year-over-year jump in large enterprise customers.
Zoom laid off about 1,300 employees as part of a 15% workforce reduction in February, while CEO Eric Yuan reduced his own salary by 98% for the fiscal year and is forgoing his 2023 bonus.
Updated 1 hour ago
After several months during which both mass layoffs and hiring have neared record levels, private-sector data points to a labor market that could be starting to normalize. Companies that have been plagued by staff shortages are having an easier time hiring, The Financial Times reports, even as other sectors remain under pressure to prune costs. The LinkedIn News team continues to have an eye on industries that are hiring, as well as on the latest job cuts below. If you’ve been impacted by a layoff, find our best tips here.
Layoffs making headlines this past week:
On the heels of its first profitable year in 2022, Airbnb laid off 30% of its recruiting staff (0.4% of its total headcount of 6,800).
Zscaler, a provider of cybersecurity tools that has doubled its headcount over the past 18 months, says it will restructure and cut 177 jobs — about 3% of its 5,900 employees.
Citigroup is laying off hundreds of staffers across its investment banking, operations, IT and mortgage teams, Bloomberg reports, citing anonymous sources. The cuts affect less than 1% of Citi’s staff of 240,000.
Qurate, which owns QVC and HSN, let go of 400 people employed by the television-shopping networks.
About a dozen people, including longtime staffers, have been let go from CNET.
New leadership at Bridgewater reportedly intends to cut 100 jobs as part of a hedge fund-wide reorganization.
Wheels Up said it hopes to save $30 million via cost-cutting efforts and layoffs, though the aviation company has not yet said how many will lose their jobs.
Two months after being acquired by Bending Spoons, note-taking app Evernote is losing 129 employees to layoffs.
Instead of adding 1,000 workers in 2022 as planned, Yellow.ai has now conducted its second round of layoffs in six months, leaving the conversational startup 15% smaller than it was six months ago.
Sonder, which once had a valuation of $2 billion, has let go of 100 people, or 14% of its headcount. The short-term rentals startup previously shed 21% of corporate staff and 7% of frontline staff last June.
In a second round of 2023 job cuts, Alphabet’s Waymo has laid off 137 employees, bringing its personnel losses for the calendar year to 8%.
Everyday Robots, another subsidiary of Google’s parent company, was shut down. It’s not known how many of the unit’s 200-plus staff members were laid off — only that both humans and robots lost their jobs.
MeridianLink, which creates lending software for financial institutions, is shrinking the size of its team by 9%.
Gaming company Electronic Arts is said to have let go of more than 200 quality testers in its Baton Rouge, Louisiana office.
Farm tech startup Indigo Ag eliminated 150 jobs in Memphis, Boston and North Carolina.
Layoffs at Micron, which got underway in February, will be much larger than anticipated. The Boise-based chipmaker and Idaho’s largest for-profit employer is cutting 15% of its 49,000-person workforce — more than 7,200 people — after previously saying 10%.
See which companies cut jobs in February Right Here Next.
Companies that cut jobs in February
Updated 2 days ago
The U.S. economy obliterated forecasts by adding more than 500,000 jobs in January. However, private-sector data from leading recruiting companies suggests that the number of job postings is declining, even if Labor Department reports have yet to reflect that. (February hiring figures will be released next week.) The LinkedIn News team continues to monitor the state of the labor market, with the latest job cuts below. If you’ve been impacted by a layoff, find our best tips here.
Companies that cut jobs in February:
Stytch, a San Francisco startup aiming to rid the world of passwords, has let go of 19 employees — a move that reduces its workforce by 25%.
The American Car Center in Memphis abruptly announced that it was closing its doors and that “the employment of all employees of the company,” 288 people, would be terminated by the end of the business day on Feb. 24.
Perkins Coie, which ranks 42nd on American Lawyer’s list of the 100 highest-grossing law firms in the U.S., has laid off 58 “business professionals.” The firm is one of several in the legal field to recently downsize.
Cerebral parted ways with 285 employees in the third round of layoffs at the mental health startup within the past year, Business Insider reports.
Twitter has reportedly laid off more than 200 employees, or roughly 10% of a workforce that once was as large as 7,500 but now consists of about 2,000 workers.
Outreach, a sales startup based in Seattle, cut 70 jobs after failing to meet revenue targets.
Data analytics company Palantir Technologies is laying off less than 2% of its staff, the company announced. About 75 employees were affected by the cuts, CNBC estimates based on a recent company filing.
Fashion marketplace Poshmark laid off 2% of its staff, in a month that has also seen layoffs from rivals eBay and The RealReal.
Cincinnati-based media company E.W. Scripps intends to eliminate 300 positions over the next year, affecting 5% of its 5,600 employees.
Eat Just, a maker of plant-based foods, is cutting approximately 40 jobs, or about 18% of its “egg” division.
Merative, which was formerly known as IBM Watson Health, reportedly laid off 150 to 200 employees.
EVgo, a network for fast-charging electric vehicle stations, is reducing its headcount by 40 roles.
Driverless truck startup Locomation will reportedly cease operations and lay off about 80 people.
Unable to find the buyer it’s been seeking since 2022, generics maker Akorn Pharmaceuticals is filing for bankruptcy and abruptly letting go of all its employees, who will receive no severance pay and lose their health benefits by month’s end.
After predicting a $30 million deficit for the year, NPR will eliminate at least 100 positions, or approximately 10% of its staff, Bloomberg reports, citing an internal memo.
Consulting giant McKinsey & Co. is redesigning its non-client-facing teams in a move that could see 2,000 support staffers laid off, Bloomberg reports, citing anonymous sources.
Cutbacks in the crypto industry include layoffs at Messari (15% of staff), Fireblocks (30 people), Polygon (20% of staff; 100 people), Magic Eden (22 people), Protocol Labs (21% of staff; 89 people), Bittrex (83 people), Chainalysis (4.8% of staff; 44 people), Prime Trust (one third of staff) and CoinTracker (19 people).
The Bay Area saw several layoffs in late February, with Velodyne Lidar shedding 220 jobs, Medallia letting go of 59 people, Upstart Network cutting 102 roles, and Lucira Health reducing its staff size by 26.
Stax, a financial technology company that reached unicorn status about a year ago, has cut nearly two dozen employees.
Thirteen percent of staffers at the data tech startup Vibrent Health were let go.
PeerStreet, a real estate financing company, will lay off a “significant number” of employees by mid-April.
Biotech and pharmaceutical firms are busy handing out pink slips, with workforce reductions at Jounce Therapeutics (57% of staff), Impel Pharmaceuticals (16% of staff), Graphite Bio (50% of staff) and Cybin (15% of staff). Arch Oncology laid off all employees and will wind down operations.
Credentials platform StrongDM laid off 40 of its team members.
Seattle-area software maker Smartsheet is reportedly letting go of 85 employees, or less than 3% of its staff.
Beam Benefits, a digital HR provider based in Ohio, has reduced its workforce by 8%.
JPMorgan Chase, which reportedly cut hundreds of employees from its ailing mortgage business earlier this month, has laid off about 30 investment bankers in the Asia-Pacific region. It’s one of the biggest reductions to Hong Kong and China-based banking staff in years.
Outsourcing company TaskUs is letting go of 186 workers, primarily sales personnel.
Payments processor Chipper Cash is downsizing the company by one third, with layoffs affecting an estimated 100 people.
Convoy is embarking on its third round of cutbacks in less than a year, according to a LinkedIn post from the digital freight network’s CEO.
Tackle, a unicorn-status cloud marketplace, has reduced its staff size by 15%.
DocuSign, which shed 9% of its staff in September, has announced plans to lay off another 10%. CNBC estimates that roughly 680 people could be affected.
KPMG is letting go of nearly 700 people, or about 2% of its staff in the U.S., making it the first of the Big Four accounting companies to do so.
DIY-website platform Wix is downsizing by 6% and eliminating approximately 370 roles, mostly at U.S. customer service centers.
Medical diagnostics companies are taking a hit following decreasing demand for COVID-19 tests, with layoffs reported at Thermo Fisher Scientific (230 people), Baxter International (5% of staff; 3,000 people) and Quest Diagnostics (1.5% of staff).
Observe AI, which counts Zoom among its investors, has reportedly let go of an unspecified number of workers.
Momentive will reduce its workforce by 14%, the AI company announced in a filing with the Securities and Exchange Commission.
A cost-cutting push by designer reseller The RealReal includes eliminating about 230 roles, or 7% of its workforce.
Bank of America, which had been “reluctant” to implement layoffs, will cut about 200 jobs from its investment banking business, Bloomberg reports, citing anonymous sources.
PICO, a VR brand owned by TikTok parent company ByteDance, is reportedly laying off 400 employees, or 20% of its staff.
Iowa-based cloud service provider DigitalOcean is cutting 200 jobs, or 11% of its employees.
ServiceTitan, which sells software for home contractors, is reportedly reducing its workforce by 8%, or approximately 221 employees.
Sprinklr, which crafts customer shopping experiences, reportedly let go of 100 employees, which represent 4% of its global workforce.
Striving to stretch its funds for two years, robotic surgery company Vicarious Surgical is shrinking its headcount by 14%.
Robo-financial advisor Betterment is closing its Philadelphia office and terminating 28 positions.
Neiman Marcus Group is shaking up its leadership team and eliminating about 500 positions, 100 of which will affect corporate employees.
Udemy is reducing its headcount by 10%, the ed tech platform’s CEO announced.
IRobot, the maker of Roomba vacuums, announced in its Q4 earnings report it is laying off about 85 employees, or 7% of its workforce. The company is in the process of being acquired by Amazon.
LinkedIn has laid off an undisclosed number of staff from its talent acquisition team, according to a company spokesperson.
Showtime has let go of 120 employees prior to its merger with Paramount+, per The Hollywood Reporter.
Seventeen employees have been let go from the startup HackerEarth.
CommerceHub’s acquisition of Channel Advisor has resulted in more than 370 jobs being cut due to redundancies.
Layoffs at United Talent Agency are “said to be in the low single digits as a percentage of the company’s overall workforce,” Deadline writes.
Electric parted ways with “141 Electrons,” making the IT provider 25% smaller.
Spanish drugmaker Grifols says it will cut 2,000 U.S. jobs.
Collective Health has eliminated 54 roles, according to member posts on LinkedIn.
TripleLift, a programmatic ad platform, is reducing its workforce by 10%.
Rigetti Computing, which is in peril of being delisted from the Nasdaq over its low stock price, is replacing its CFO and CTO and laying off 28% of its workers.
BarkBox owner Bark is getting 12% smaller by cutting 126 jobs, in addition to curbing its use of contractors.
Olive AI, a health tech company with about 630 employees, has downsized by 35% and let go of 215 employees.
News Corp is cutting 1,250 positions, which is roughly 5% of its workforce, by end of year.
About 1,000 people have been laid off at Yahoo as the company restructures its digital ad business. The layoffs represent a workforce reduction of 12%; another 8% (600 more people) will be let go later in the year.
GitHub has announced cutbacks that will continue through the end of the fiscal year and affect 10% of its staff, Fortune reports. Like LinkedIn, GitHub is owned by Microsoft.
Disney will eliminate 7,000 positions as it restructures into distinct entertainment, ESPN and parks divisions.
A bursting buy-now, pay-later bubble has claimed 19% of Affirm employees.
Pharmacy start-up Medly will close its stores and let go of its remaining team members by the end of the month.
Gusto has let go of 126 people, who comprise about 5% of the payroll provider’s staff.
Zoom is laying off about 1,300 people as part of a 15% workforce reduction.
Vietnamese EV maker VinFast is cutting about 80 jobs in North America following a restructuring.
About 80 people have lost their jobs at Gong, a unicorn-status analytics company.
EBay says it will let go of 500 employees, a move that will shrink its workforce by 4%.
Secureworks, which is majority owned by Dell, has reduced its headcount by 9%. The layoffs are believed to affect more than 200 employees.
Truist Financial, which announced layoff plans in January, has reportedly let go of dozens of investment bankers.
Boeing said it expects to cut about 2,000 corporate jobs.
Dell Technologies reportedly plans to eliminate around 6,650 positions, or 5% of its global workforce.
Two unicorn-status tech firms in Silicon Valley have reportedly implemented layoffs, with Clari shedding about 20 roles after a prior round of cuts in August and Workato letting go of 90 employees.
There are reports of layoffs at several Boston-area companies, including the unicorn-status marketing firm Drift (59 people); health tech firm Kyruus (70 people) and 3-D printing firm Desktop Metal (180 people, 15% of workers).
Getir, one of several rapid delivery startups struggling to gain U.S. market share, reportedly laid off 100 corporate employees.
Ten percent of employees at the Seattle startup Highspot have reportedly lost their jobs.
Getaround, a peer-to-peer car-sharing company, has let go of 10% of its staff.
Autodesk has laid off approximately 250 employees, or less than 2% of its global workforce.
Games publisher Tilting Point is reducing its global headcount by 10%.
Boston-area health tech firm Athenahealth laid off 178 people, which amounts to roughly 3% of its global workforce.
The Agency, a Bravo-famous real estate brokerage, has reportedly laid off 4% of its staff.
LinkedIn members are posting about layoffs at the software firm Genesys, urban data firm Replica, gifting platform Sendoso (which also laid people off last year), e-learning developer Articulate, digital ad platform MediaMath, communications provider Dialpad, and the consumer tech company Tally.
Austin telehealth company Wheel is parting ways with 28% of its workers.
The D.C.-based cybersecurity firm Cyren has reduced its staff by 121 employees.
Okta, which makes identity and login verification software, will cut 300 jobs, or about 5% of its workforce.
Legal tech company Exterro has cut nearly two dozen jobs, mostly from its recently acquired competitor, Zapproved.
Software developer Miro is laying off 7% of its global workforce, or 119 employees.
REI’s HQ staff is getting 8% smaller. The outdoor retailer has laid off 167 employees.
In a rare move, FedEx is trimming its global management team and eliminating 10% of its officer- and director-level roles.
Sports betting giant DraftKings is cutting 140 jobs, or approximately 3.5% of its workforce, amid a reorganization.
As rivals slash prices on electric vehicles, EV-maker Rivian is reducing its global workforce by 6%.
Roughly 325 employees have been let go at Splunk, a software company.
Match Group — the Dallas-based company that owns Hinge, Tinder and OkCupid, in addition to Match.com — will lay off about 200 people, or 8% of its global workforce.
Bustle Digital Group is reducing its staff size by 8% and has cease publication of the recently rebooted website Gawker.
New York Community continues to downsize its mortgage-origination team, from 2,100 workers in 2021 to 800.
Wish laid off 150 employees, or 17% of its workforce, as part of the mobile shopping app’s “turnaround journey.”