Software engineers in the last decade have generally been more protected than any other sector when mass layoffs are concerned. It was given that since software engineers are highly paid, companies hire only those absolutely necessary.
But, the pandemic changed the way we work and highlighted some shortcomings in the way hiring managers did their jobs. So, they hired engineers like crazy in the aftermath. When fear of recession hit, it led to 10%-30% layoffs. Twitter did the same in July.
But, when Musk, the world’s richest man, bought Twitter, no one outside (and within) Twitter expected the chaos that would ensue. Whatever madness occurred in the early meetings headed by Elon resulted in the firing of 50% of the workforce, including engineering.
This was shocking because 50% seemed more like a statement, from Elon to the world, than a necessity. Remember, Twitter is a private company now. So Goodbye to all the SEC filings from now on. We don’t even know if Twitter was in that much of a financial mess that warranted a 50% reduction. And he fired those people with barely any notice!!!
There are three things I want to quickly address:
- Employment in Fortune 100 companies
- Startups
- Job offers from 50%-layoff-companies
Bad Management Can Fire You at Any Time if they can Pay for It
Employment in Fortune 100 companies
As already said, Software engineers took our jobs in FAANG and other big companies for granted. We felt that we could never get laid off en masse. But, that is no longer true.
Therefore, if the salary is adequate and the product has a good market fit, a job in FAANG is the same as one in a startup. These days, startups are paying more instead of continuing to play the experience/equity game.
From the Twitter Saga, heavy management can fire you in an instant if they can pay for it. They won’t think of your mental health. Sure some CEOs wrote letters and supported those who are fired. But many didn’t.
Startups
Startups that hired too many people using investors’ money did the same thing that FAANG did. So be careful of them too. There is a silver lining, however. Most Startups heavily fired people from non-engineering streams. They did fire engineers but in fewer numbers when compared to others.
Do not trust job offers from 50% layoff companies
How do we protect ourselves? I do not have solutions. Would love to get from literally anyone.
I have a general idea. Basis for this is same as any job in any sector: A good compensation and a secure job)
- I will not trust Twitter if they give me a job offer. Risk will always be Elon’s next whim. (exceptions would be like sky scraper compensation or executive role. Dreams! 😁)
- This should go to any company that does 50% mass layoffs.
- Always read your contracts before signing them.
TLDR; Companies look out for profit and not you no matter how special you think you are.
