“We are hiring!” A sign will appear on Starbucks
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Last week, Senior Product Manager at Coinbase David Hong I have written On LinkedIn, he was awake at 4am to prepare for a meeting when his company’s MacBook suddenly shut down.He will later Part of Almost 20% of the company was fired from what the company’s CEO called the impending recession.
“When I joined Coinbase, I admitted that working in this industry was dangerous, but on the other hand, I never donated any more to the company and I was relieved like last week. I / My team was safe. “
When Coinbase announced a layoff, it sent a wave of worries to the wider tech world beyond just the crypto industry.
However, recruiters did not waste time commenting on Hong’s posts and others’ posts by taking advantage of the company’s recruitment opportunities.
Coinbase was one of several companies that announced layoffs in the last few weeks, but recruiters and other companies involved in technology recruitment have told CNBC that they are outliers than the rules. .. Even after months of stock prices and inflation in the broader US economy, companies across the industry are still hungry for talent.
MicrosoftFacebook parents Meta, NvidiaWhen snap Announced all plans in the last few weeks Don’t hire too vigorouslyAs inflation War in Ukraine, And the continued impact of Covid-19 around the world has weakened the outlook for the rest of the year.Venture capitalist Warn their portfolio companies To prepare for the dark times, and some start-ups Dismiss people Or closed.
But experts said the reductions have been isolated so far.
“Layoffs seem to be unique to companies in more vulnerable financial situations, such as low profitability and depletion of funds, or lack of a runway to continue business without additional funding.” Daniel Jao said. Senior Economist at Glassdoor, the site used by job seekers to evaluate future employers.
Zhao added that, in contrast to the need, some companies are “reading economical tea leaves and regaining uncertainty.”
Netflix attention DismissalThe company took action after reporting Subscriber loss for the first time in 10 years. Most of the affected roles are not technical and are based in Los Angeles. Most are managers or “coordinators,” according to California documents viewed by CNBC. The company also publishes job listings on a regular weekly basis.
But for most of the industry, it’s a business as usual, experts said. They are still hiring and are still in short supply.
Megan Slabinski, District President of Human Resources Consultant Robert Half, said: “I don’t think demand for tech positions will be affected for the time being.”
Valerie Frederickson, founder of Frederickson Partners, an executive search firm in the insurance and risk division, said: Management company Gallagher. “When VC wrote the letter,’Boys and girls, time to delay the purchase of foodsball tables, time to get serious here,’ it’s happening to that type of group. “
Experts also report Earlier this month, Reuters said Elon Musk wanted to cut 10% of employment in Tesla, citing “very bad feelings” about the economy.The announcement of Tesla’s layoff would only affect those around him and Musk later walked back on it. 3.5% of the total workforceThe actual amount is “not a super material”.
Laurenllovsky, a talent partner at Capital G, Alphabet’s growing venture capital arm, said:
Slabinsksi states that one in ten calls is associated with financial concerns, but most employers want to know if more talent will be available. increase. Experts say the candidate receives multiple offers at once.
“When the headline hits, the company calls me,” I think there’s this layoff. Is it time to access talent or seek qualifications more than a few months ago? ” Slavinsk said. “And my reaction is’nope’.”
According to a recent corporate report, 52% of tech workers are looking for a resignation or new opportunity within the next six months, according to Slabinkski.
“While the demand for technicians has receded slightly, it is well above pre-pandemic levels and companies are still desperate,” Zhao said.
The human resources sector of companies that come into contact with the technology ecosystem is also in high demand. “Many tech employers come to us and ask for 4-6 different HR searches at the same time, because they have huge needs,” Frederickson said.
“Workers still have the power to demand better arrangements, but instead office benefits like free lunches and ping-pong tables, technician employees want remote work and flexibility.” Zhao said.
“Now I’m talking a lot about the trade-offs of going to a public or private company,” said Lovsky of Capital G. “The most common theme is whether you go to Facebook, Meta, Apple, Netflix, etc. and know that you can take advantage of the falling stock prices and hopefully get back. They said,” I’m a private company. Should I go? “
Experts say they are also using their power to bring employers’ feet closer to the fire.
“Candidates are asking really difficult questions that the founders haven’t had to answer in the last few years,” llovsky said. “Are you planning to raise the down round?” “Are you on track to achieve the board’s plans?” Or “Are you ready to deal with market headwinds?” “
However, some companies are suspending or reassessing what they need.
Mr. Ilovsky said he noticed that he advised the employees involved to “beat” before taking action. She said the company is doing the same, though not on a large scale.
“When things started to turn sideways, it wasn’t” oh s —! “. “The moment they are still on an upward track,” Lovsky said. Alternatively, one company says, “We will focus on our core products rather than investing all our energy in our products in 2026.”
But generally speaking, they are afraid to make big moves, fearing they can’t hire employees when they need them. “They think this will be like Covid and some companies will have to delay hiring and then catch up, which will put them behind the ball,” Frederickson said.
“Memory of their recent history-they don’t want to return to the 2021 employment market,” Zhao said of the company. Immediately, “said Ilovsky.
Some experts have said that extra pauses are ultimately good for the industry, which has surged in recent years.
“I want to be a little slower, so it’s easier for CEOs and boards to hire good HR leaders without a lot of offers, but unfortunately that wasn’t seen at all,” Frederickson said. I am saying.