Tech workers hit with layoffs and decreasing salaries

Women Impact Tech CEO Paula Bratcher Ratliff joins Wealth! to break down the situation for tech workers, highlighting heightened volatility in tech's segment of the US labor market.
On a more positive note, Ratliff claims: "We're seeing about 20% increase over prior years trajectory in hiring for tech workers, and a lot of that has been powered by AI. There's always been this concern, 'will AI cause us to lose more tech workers?' and we're seeing the opposite effect. AI, and other innovations are driving more tech need for organizations and we're seeing improved hiring, and improved hiring in the human capital space for tech because of AI and the impacts of resumes and resume writing."

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[Omikoshi]

As someone in AI, this consultant lady’s “analysis” is as good as a hallucinating chatbot. In short, worthless.

[jakeleone]

So there were 470, 000 applications for H-1b visas, most of those will be for IT workers? Why is that. Why are there 470, 000 jobs for people, mostly from India? The reason is because of massive discrimination against local tech workers. And this is proven in DOJ vs Facebook 2020, and Apple 2023. Unfortunately, people from a India, only hire workers of Indian nationality. And that massive bigoted discrimination against better qualified local engineers has to be stopped.

[shekarsubramanian]

Wtf. I came here to get sense of change in salaries across tech sector and all I got is 'women in tech'. What nonsense

[thanatu]

Ins’t this story about tech layoffs, so why are discussing best cities for working women in tech?

[fte]

Please post qualifications, years of experience, position and number of hours worked before pushing debunked myths such as gender based wage gap.

[PorterPickUp]

Houston Tech sector is absolutely awful. The only jobs available are bad contracts.

[davidallen]

House prices not dropping much, car prices stubbornly high (except EVS at the moment), rents stubbornly high, why should we settle for base salary drop far more than housing, food, transportation?

[tracyjones]

As quiet as it’s kept the real reason behind this decrease is because AI is replacing these workers this has always been in place in big corporations plans 🤦🏾‍♀️

[krjourneyfan]

Well, the White House spokesperson will tell you that the economy is doing great. “New jobs” are second and third jobs people are forced to get, along with the tax draining addition of government jobs, ie the IRS. Government jobs are an expense paid by taxpayers and is NOT reflective of economic growth. Good paying private industry jobs, the true economic indicator, are disappearing.

[DC_daze]

Workers are getting canned. Are companies charging less or selling less services? if not, corporate profits are going up and to the top

[shantanubapat]

It should be made clear what is meant by tech workers here? Software engineers are still in demand and no big salary drop. But, if you are in a non tech role in a tech field then yes there is very decreased demand.

[travmanbrett]

At least in California they will have the option of taking a high paying fast food job.

[Dxeus]

Silicon Valley is struggling with job losses; 20, 000 were laid off in April 2024.

[tamanousJP]

Women tend to be in less technical roles so get paid less. Fairly simple. Women engineers do just fine.

[drcharles]

The AI revolution is creating structural unemployment in the tech industry. We will see permanent unemployment and segregation of tech jobs. The new book, The Bubble That Broke The Bank argues that long-term unemployment will be the norm for tech workers.

[jakeleone]

There were 110, 000 OPT student visas last year. Mostly from India. OPT gives a 15% discount to hire a foreign student over a local worker. And STEM OPT (programming for example) can last for 27 months. Instead of have an OPT, only for foreign workers. We should extend the OPT to all students and the unemployed. This could be part of an apprenticeship program, that lasts up to 3 years. If the worker leaves early, they pay back the tax break. This would incentivize employer training.

[droidgunner]

I remember watching 19 in 1995 I was 20 years old I was watching the news how all these college kids had recruiters show up to their college offer them $50, 000 signing bonus and 100K a year jobs

[LoneBagels]

Women don't make 16% or less. From my experience, Women tend to accept any low-ball offer thrown at them. If you ask too much, Tech orgs will hire whoever is willing to do the same work for less; your gender/face/accent, none of those matter.

[guserusa]

Did employees actually think their tech salary gravy train would last indefinitely? They should have at least tried to save money in case it didn't last. I heard that some tech companies hired skilled extra employees to sit around doing nothing just so rival companies couldn't hire them. Anyway, there's never any guarantee that an employee won't ever get laid off unless they've signed a contract that says they can't be laid off. If a tech worker has good enough skills he or she will likely get another decent job with a similar salary. I doubt they'll end up behind a fast-food counter and even if they do, it's an honest living with a chance to be promoted.

[kyrey]

I'm so happy I am in the public accounting field. My salary has gone up over 30% since the start of COVID and there is a huge demand for public accountants right now.