Where Thousands Of Tech Workers Went After Mass Layoffs

Tech companies shed more than 386,000 jobs last year and in the first half of this year. And that number is climbing. But while layoffs have taxed workers, a booming artificial intelligence market is giving the industry a renewed sense of optimism. Generative AI startup deals announced or finalized In the first quarter of this year totaled more than $12 billion compared to about $4.5 billion invested in the space last year, according to PitchBook. Amazon, Alphabet and Microsoft have also made significant AI investments. So how have layoffs impacted tech workers and what will the AI boom mean for their future? Watch the video to learn more.

Chapters:
00:00 — Introduction
02:49 — Layoffs
06:23 — A.I. Boom
09:48 — What's next?

Produced by: Shawn Baldwin
Edited by: Nic Henry
Camera: Andrew Evers
Supervising Producer: Jeniece Pettitt
Graphics: Jason Reginato, Alex Wood, Christina Locopo

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Where Thousands Of Tech Workers Went After Mass Layoffs

[nmoyer]

I was a software engineer at a startup until I was laid off in February. My severance package was only 2 weeks of pay and I've been living off unemployment since then. Over the last 6 months, I've seen the job market just get worse. It doesn't help that the average hiring process just for one position takes a month or more in most cases. AI isn't going to save us because most people aren't going to take the time to understand how it works. 90% of the companies that claim to use AI in some revolutionary way are just using basic automation and job scheduling.

[nitroxide]

I've been in tech a long time... these companies have no loyalty to you, but they expect you to be loyal to them. Tech is inherently unstable, so remember that when you negotiate salaries with them.

[Steve_in_NJ]

I got terminated in 2019 and it was because of my age (60). I was taking longer to learn new tasks and do things than my millennial co-workers, plus I wouldn't go drinking and partying with them during and after hours (I have a family, they don't). Of course, after COVID hit, I couldn't find work (ageism is real in IT) so at 62, I officially retired and haven't looked back. Lost 40 pounds, got healthy, reduced 80% of my stress, and finally feel free!

[PeterEhik]

Im a senior engineer and I interview a lot of good people and my company makes up reasons not to hire them. so I definitely understand how hard it is to find a job right now. Good luck out there folks! We’re definitely in a recession and no one wants to announce it

[MAchannel]

After being laid off 4 times in a 20 year span in tech, I said F that and started my own non tech company. Couldn’t be happier. Tech lures you with higher salaries, but you are simply a commodity, not a human

[scottdieselgarage]

10 year engineer here: AI in most companies is nonsense currently. Companies are scaling back because they all way over-hired, expecting way more growth from the pandemic. Summary of this video.

[philknight]

What will save the tech industry is the hiring managers, hr, and talent acquisition personnel stop trying to find unicorns for roles and hire personnel that’s willing continue to learn and develop new skills. Companies need to continue supporting their employees

[Dannyholt]

There was a time when we " made it here", we had jobs for everyone and the products were of high quality, then the 1% wanted everything. Now Inflation drives prices up and if Inflation is high and jobs disappear by the millions we are in a recession and maybe headed for a Depression…So be careful with your money. It may take decades to get back on pay again. Luck to all..

[sneakyquick]

I was fired from three software dev jobs over my career because I had a side used car business and the employers found out and did not like it. I always had good reviews and it did not affect my work. 15 years later after alot of hard work, I have a six figure job and now also make almost six figures off of my side business. All three of the companies where I was fired have either went completely under or had massive layoffs where I would have lost my job anyways. Work for yourself on the side somehow, and always have multiple streams of income.

[kak]

Graduated with a master's degree in Communication in April (tech was my primary study focus) and let me tell you this is the worst time to find a job since 2008. Submitted 125 applications. 4 interviews. One 2nd round interview for a job I didn't get. If you have a job right now do whatever you can to keep it.

[NK-iwrq]

I was one of the people who moved from NY to CA for a job opportunity as a software engineer. After spending a great deal of resources and time to move, I was told one week before that my offer would be rescinded.

The company ultimately paid for all expenses for my move back, but the stress and anxiety I felt made me never want to move somewhere for a job opportunity ever again.

Ive been unemployed since and struggling to find work, seems the places I am applying to are only taking the younger developers fresh out of college willing to work for more entry level salaries.

Since then ive had to sell my car, push back my goal of purchasing a home and limit how much I eat out.

I feel for all my fellow job seekers who are struggling right now. There will be brighter days ahead. Until then, keep applying and keep building up your skills to stay relevant in the field.

[cameron]

My issue with this whole situation is that these tech companies didn't even have the decency to let folks know that they are out of a job - some got an email that they were let go, others didn't find out until they got to work and their badges didn't work and there was a sign on the door.... that has got to be one of the most COWARDLY things I have ever seen/heard! Folks want titles attached to their name (e.g., GM, CEO, Director, etc.) and so they should be able to do the *GOOD* and the *BAD* that comes with said title and be able to stand in their sh*t!!

[Reid]

AI is an overpromise and underdeliver. It will be a useful tool but people need to moderate their expectations of exactly how much can be automated by it.

[jelef]

video didn't answer the questions -- WHERE DID THEY GO?

[CJ-fhxq]

Maybe one day I won't have to do an 8hr take home assignment just to get a chance of an interview.

[Erikkurilla]

In the previous year, over 140, 000 jobs were eliminated from both public and private technology companies as they grappled with the challenges of increasing inflation and a volatile stock market.

[youtuber]

This is how screwed up the corporate America is. Employees help company grow business and build tremendous value, but treated as a risk and a disposable asset. Meanwhile, executives are getting compensated exponentially more every year, like 200x more, even with a recession in the making 🤷‍♂️

[heyaisdabomb]

No one talks about how the industry is not willing to hire new grads. It's so hard to get a start in the tech industry today for the exact reason that co-founder mentioned. Thousands of people applying for 10 positions. There's 10x more new grads every year than jobs for them.

[nyxehxt]

Retirement for some people becomes their bondage in poverty because they failed to invest with the little they have on their active years of working, this is an error we need to start working on now, I’ll advise that while you still can work and earn also take some money aside and invest in your future after retirement so this classification won’t have to be yours

[LordSesshaku]

1º Get laid off because of a bubble bursting
2º: Get hired at the start of the AI bubble
3º: Get fired because the AI replaced you.