What’s going to happen to Big Tech’s laid off workers?

Technology is part of our everyday lives and necessary for most societies to function. This increasing dependency has led to massive growth in the tech sector and, with it, a proliferation of high paying jobs.

Following the industry’s recent struggles, those exorbitant salaries are now being scrutinized like never before.

“What has happened in the last three to four years is the pay for the other non-Big Tech companies have gone up, and many of the startups are really upset because they can’t burn cash at those rates,” Ben Leong, a professor of computer science at the National University of Singapore, told CNBC.

“The Big Tech companies will continue to pay what they used to pay – they always pay a lot,” he added.

“I suspect the growth in the median pay will either stagnate or may even drop a little bit.”

So, is the bubble bursting for tech workers? Watch the video above to find out more.

#CNBC #Tech #TechJobs #LayOffs #FAANG #BigTech

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[kayflip]

I have a system where I leave every 3-5 years on average in my tech consulting career. Been working for 20 years and have gotten steady 20% increases after jumping like that and avoided all layoffs. I've never had an employment gap in 20 years. If I get promoted I will tend to stay a bit longer. But leaving every 3-5 years ensures that you stay fresh and are joining when the company has demand and that you don't get too stale. I just learn new skills and certifications at each new stint and then sell those skills for more money every few years. It has worked well for my career. At the end of the day we all work for ourselves and have to constantly be keeping our pipeline lined up with leads just like any other independent business. You're not always going to have the same client that needs your services forever.

[willipad]

I volunteered to get laid off. 6 months pay is great and I found a new job in a week. Best financial decision of my life

[blackvikingeire]

Silly Question. Never seen anyone asking "are lawyers wages too high?" Or "are financial services salaries to high?" Or even "are CEOs salaries too high?". Tech is going no where.

[TomNook.]

No, it's just a mental conditioning that people have got used to over the decades, that non tech industries pay their staff several times less (50x+) as their CEOs.

[irvingceron]

You will never see a video titled "are CEO salaries too high?"

I wonder why.

[Louisianish]

These laid off Google, Facebook, etc. engineers won’t have much trouble finding a job. But now, new developers like me have to try and compete with people who have these tech giants on their resumé. I’m still not too worried about eventually getting a job in the industry, because there’s still a lot of demand out there, but the competition is still stiff.

[mangowarrior]

To qualify for a loan to get a house these days, a person needs to make a least 100k. Now they're saying the salaries are too high?!? Corporate and shareholder greed is destroying America.

[michael-jones]

Executive salaries are a problem. It's disheartening to see tech executives receiving exorbitant salaries. I’m not too worried about tech workers

[minniemi]

As a boot camp grad, you can't pay me to believe 80% of boot camp grads find work in the field in less than a year. Most jobs only want a bachelor's degree and/or experience and you often can't get experience because you don't qualify for most internship programs without being enrolled in a bachelor's program. It's so bad that many recruiters are so slow they put that you even need a bachelor's degree in UI/UX design in some of the job qualifications sections when the certificate program is less than a year to complete. 🥴

[parsahasselhoff]

Software is like finance. It exists to streamline and optimize the rest of the economy. When it becomes a goal in itself, you know the entire sector is in a bubble.

[sjurner]

Economy looks uncertain so let me lay off 150k employees to spark a recession so that we can be certain that the economy goes down this year.

[swiggyhunter]

I can't imagine that they're too high as long as the CEOs are making more than one hundred times their employees' salaries...

[tidy]

When people lose their job they spend less money. For example, no dining out, cut out unnecessary spending, no vacations etc. This trickles down threw the economy and impacts other businesses.

[anirprasadd]

But nobody is going to ask about the salaries of senior executives. While the salary of rank-and-file employees is scrutinized, the top brass live in their bubble of excess

[FacePlant]

I think most companies severely underpay workers, even tech workers some. They give all their earning back to ceos, president, vice presidents and other positions like that. They rarly trickle down. 100k in a lot of those areas where tech workers work are incredibly expensive and you bearly make enough to live comfortably. Like in Seattle for example, the average apartment cost for 1 bed is around 2k to afford that you need to make min 80k a year that would probably be rough to if you would kids try to start a life you like the American dream you would need to make way more that that. Software engineers also make more than most tech sector works do

[swagatochatterjee]

A company literally makes 6-8x times what they pay a software dev, and our pays are high? Excuse me! Like we don't have a seat at the board, nor do we make business decisions! If business takes a hit, then the executives should sacrifice their salary and stocks!

[anilxto]

Journalists are so out of touch. The salaries mentioned here are less than 50% of the compensation. Bonuses and stocks make up more than half. Median compensation at Google is 300k. Mid career software engineer at Google in CA makes $350K+

[BIGsimify]

Let’s honest, the companies are just trying to increase their profit margins. Stand together and don’t take less pay for highly skilled tech work. They will pay because they have no choice. The cybersecurity sector is an area that needs thousands of more workers but it time and multiple certifications to make one. So as I seen companies lower there wages they just cut themselves out of the cybersecurity pool of workers because after all my certifications and experience I would be a fool to take a job for less pay.

[spacecoyote]

By the time that sector recovers and they are needed again, many of them will have moved into other lines of work

[dula]

Developer job in general is really stressful. We got multiple projects, each of them take us 6 months to couple years to develop. A lot of testing, architectures, documentation, and troubleshooting. On top of that, supporting systems, sustain software, and provide user assistant.