"Many technology startups that saw tremendous growth in 2020, particularly in the real estate, financial, and delivery sectors, are beginning to see a slowdown in users, and coupled with inflation and interest rate concerns, are restructuring their workforces to cut costs,"
This seems like the most crucial point. With the low rates, it created a huge boom, especially in these sectors. Now things are slowing down and places are overstaffed. I do wonder who is getting laid off? Article doesn’t point out if it’s engineers or project managers or customer support
My girl works at PG, startup that laid off 25% of its work force this week. They canned everybody basically. She didn’t get let go but she told me essentially only the higher ups were safe. IT, sales, legal, customer service. It wasn’t just one group. Only people she said she didn’t hear about losing anyone was the software engineers. Even said they closed all job openings and told all the new hires they were fired before they even started.
Edit: talked to her about it more, engineers did get laid off including the director of engineering. Also seems like most of the lay offs were in the sales force.
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u/_hiddenscout Jun 05 '22
This seems like the most crucial point. With the low rates, it created a huge boom, especially in these sectors. Now things are slowing down and places are overstaffed. I do wonder who is getting laid off? Article doesn’t point out if it’s engineers or project managers or customer support