A wave of layoffs hits tech

VC is tightening their belts, and instructing their founders to do the same. Unemployment is at VERY low levels (see chart). The easiest way to tighten? Reduce labor expenses (aka layoffs) to lengthen the runway. While this is never a welcome sight, it is part of a normal economic cycle. From Kenrick Cai: this might present some opportunities for young tech companies to poach some talent - https://lnkd.in/gjj4eHtK #layoffs #venturecapital #founders #economics #startup

In this week alone, at least 16 companies laid off more than 7,000 tech employees worldwide. As I was writing this story, we had to revise that count twice to keep pace with what felt at times like a cascade of layoff announcements. Layoffs are tough news to absorb even as an outsider—so how did leadership announce the decision to individuals who were losing their livelihoods? We took a look. https://lnkd.in/gvBWbbmw #layoffs #tech #hr

Sad to see the number of #layoffs happening this week at Klarna, Zapp, Bolt, Gorillas and many more - however this won't be the last. Finding a new role is a process, and the preparation is key. #nextplay Earlier this week, I met with one of my mentees who is looking for a new position - they asked how I went about looking for a new role when I moved to Hopin in 2020. I had 3 steps: ?? Step 1: Defined my criteria. Back in May 2020 I was looking for a Series A with impressive founders and good lead investors, less than 100 employees at that time and ideally UK founded. Note: "Covid proof" was also a factor for me then. ?? Step 2: Did my research. Used LinkedIn, Crunchbase, AngelList, YouTube videos, social media, news and my network. Note: finding news on Hopin in May 2020 was not that easy! ?? Step 3: Account Based Ranking. Created a spreadsheet with my criteria and stack-ranked based on my assessment of potential. This screenshot below hasn't been edited since July 2020 when I accepted Hopin's offer but crazy to see how out of the 10 companies I was considering in 2020 - 7 are already unicorns ?? in Hopin, Notion, Segment, Loom, Pipe, Deel and CaptivateIQ and 2 are not far off from joining them in Multiverse (formerly WhiteHat) and Instabase. The hours of preparation I put in before interviewing, was worth it! #linkedin #research #network #recruitment #interviewing

What an incredible response from the ecosystem. Over 200 companies have now stood up to support those from Klarna affected by the layoffs. Now it's only right to spread the word. It's been a rough week for those working in tech - PayPal, Gorillas, Getir, Bolt, Lacework, Latch, Zapp, Nuri, Hopin and many more letting staff go this week. So let's spread the word and help them get hired again.

Having recently gone through a layoff myself, it is quite alarming to see the number of tech layoffs popping up seemingly everyday. We are quickly shifting from the great resignation to the great termination... Wishing the best to those affected and if I can be of help in some way, please don't hesitate to reach out.? And with that terrible transition, hopefully I can specifically help one person with this role. We are opening up this head of comms role to lead and build out our comms team. Happy to share more details about this role on my team, or any role here at SmartNews. Please just hit me up.

Layoffs across companies making a loss, and dependent on VC investment have sped up INCREDIBLY. Just today: Bolt, Getir, Laceworks, Zapp. This week: Klarna, Gorillas, PayPal, Airlift Technologies (Pakistan), Nuri (finance/crypto, Berlin), Kontist (banking, Berlin). The number of people let go are high: Bolt: ~200 (around 30% of employees) Laceworks: ~300 (around 20%) Klarna: ~700 (~10%) Getir: more than 4,000 (~14%, this includes delivery people) Gorillas: more than 300 (I am hearing this could be far more - 50% of HQ and closing many offices) Most of these companies are laying off tech people, including software engineers. A sad day for everyone. Of the companies above, Bolt, Gorillas, Kotnist and Klarna employees organized a list with people laid off who want to be contacted by recruiters. I'm linking these in the first comment for hiring managers and recruiters still hiring. Please share those spreadsheets for more visibility and outreaches for people impacted. (In the image below: screenshot from Bolt's list of laid off people. Bolt laid off a large number of software engineers as well) I'm afraid this is not the worst of it, and across the tech industry we need to buckle up for more, as companies extend runways, and work towards profitability by cutting costs. #layoffs #bolt #klarna #getir --- Follow me for content on software engineering at Big Tech and startups. Subscribe to The Pragmatic Engineer for deep dives on these topics.

Dear Candidates who have been impacted by layoffs <3, I'm here for you. Reach out to me. I can connect you to different recruiters. I can connect you to different job opportunities. I can connect with you if you need tips. I can connect with you if you want to talk. Comment below and tell what kind of roles you're looking for. Recruiters, if you're hiring, comment below and link your career site. Notable 2022 U.S. tech layoffs PayPal Klarna Skillz Inc. Outside Colossus Netflix Picsart Zulily Vroom Latch Subspace Section4 Zwift DataRobot Carvana REEF MURAL On Deck Cameo Ideoclick, Inc. Vise Thrasio Noom Inc. Robinhood Clyde Blend Better Rad Power Bikes Automox Food52 Workrise Fast Gopuff ClickUp Bolt The Unicorn Recruiter ?? https://lnkd.in/dU3x9Y2W