During the last two years of corporate boom, tech workers have a newfound power. Even companies like Meta and Google may be losing their strength as the economic turnaround rattles. Tech workers can face lower compensation packages if they change jobs, take pay cuts, or even be laid off.
Tech workers became some of the most sought-after workers early in the pandemic. Now they are running out of power.
Recruiters at Facebook, Google, Microsoft, Amazon, and Twitter have struggled over the past two years to hire enough workers to keep up with demand for their online products as the pandemic kept people from home. did. Explosion of his Web3 products, including cryptocurrencies and non-fungible tokens. Even entry-level technical workers were basically able to set terms of employment, such as high pay, flexible work schedules, and the freedom to work from home or anywhere.
It came to an abrupt end. Over the past three months, tech companies from Google to Twitter have significantly slowed or frozen adoption altogether. Dozens have been laid off, and companies like TikTok and Oracle have lost 30,000 tech jobs this year, according to insider tallies. According to external tracker Layoffs.FYI, this year’s industry tech layoffs he has exceeded 60,000.
For the average tech worker, this means the good days of multiple offers, large grants of restricted stock units, generous merit raises, and retention bonuses are over. A new report from Foote Partners shows that more than half of the industry’s most common skills have seen their pay decline in the last three months.
Even Facebook, now going by the name of Meta, is widely expected to start cutting workers based on new job expectations after actively hiring and offering generous salary packages throughout the pandemic.
“The pendulum has certainly swung in the opposite direction,” said Aalap Shah, managing director at Pearl Meyer, which advises tech companies on compensation strategies, of the tech worker market these days. He said last year companies have increased the need for workers, even hiring people with less experience and knowledge than needed roles, hoping those employees will grow into their roles. I added that there is.
“Now there is austerity everywhere and companies are trying to focus on the best talent,” Shah said.
pay cuts may come
Employment contracts for technology workers sometimes do not include the promise of equity grants. And boards are starting to cool down on big offers and bonus ideas to retain high-level talent. Job-seeking workers shouldn’t expect salary packages on the scale of the past two years, Shah said.
“So many companies are seriously looking at their salary structures and equity structures and how they can be rebalanced,” Shah said.
Meanwhile, workers who stayed on the job saw their stock options and restricted stock units lose value due to the sudden decline in technology stocks, reducing their total compensation.
Some even speculate that pay cuts may be coming. Media entrepreneur and tech investor Jason Calacanis, best known for his early bets on Uber and Robinhood, recently said on the podcast “Odd Lots” that pay cuts are next, given the clear pattern of companies slowing down or freezing. He said he expects “100%”. Hiring, Withdrawal of Offers and Termination of Employees. Meta, Amazon, Apple, Netflix, Alphabet, aka FAANGs, and even other seemingly intractable tech companies could be affected, he said.
To avoid traditional layoffs, such companies will take steps such as ending remote work and requiring employees to return to the office. If an employee fights, the company might say, “OK, I don’t want to work here anymore,” Karakanis said.
“They’re laying off a lot of people, taking pay cuts and rehiring them,” Karakanis said on the podcast. “It’s effectively a pay cut.”
Are you a tech employee or have an insight to share? Contact Kali Hays at [email protected] or use the secure messaging app Signal at 949-280-0267 or Get in touch via DM on Twitter at @hayskali.
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