I just accepted a new tech job with a FAANG company, but I’m really nervous of this recession we are entering and the potential layoffs. Also, Some friends recently got laid off last week due to the tanking economy. Usually new hires are the first to get the axe during layoffs. How should I feel about it all?

likehelpful
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Congratulations! If you’re worried, save the majority of your first few paychecks to build a cushion just in case. Once your emergency fund is built, back to business as usual

likesmart

I disagree that new hires are the first to get laid off. They are not going to invest in the recruiting, interviewing and onboarding just to let you go. Low performers, those on PIP or unprofitable business segments (not ones hiring, usually) are at higher risk.

likehelpful

I agree

FAANG rarely lays off (e.g. look at covid and exclude Netlfix) - its mostly slowing / stopping hiring so I wouldn’t worry.

And congrats!!!

likesmart

I’ve seen it all. Newbies and tenured workers get the boot during layoffs. There’s really no understanding it. My one friend got laid off and they were there for 3 months.

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FAANG has so much dry powder. At G even if a project is shelved ppl get time to find other jobs.

Thank you both so much for the well wishes! And this is sounds advice consultant 1. That’s exactly my plan when I get paid, to just stack and stack and be frugal with my spending. Thanks for the pep!

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That's it. You'll be fine.

Also at FAANG, there were likely hundred of ppl hired at the exact same time as you, and by the time you’re 2wks into your role, there’ll be hundred of more new employees who are “newer” than you. Don’t sweat it - your company may only make $99B instead of $100B this year

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Unfortunately it’s not just about this. It has a lot to do with stock price and position in the market. If a company lost $1B in a year, that’s a huge deal to shareholders. Granted, I don’t think layoffs would necessarily result in this case but you can guarantee a leadership shakeup

Would you say being liked in your company helps?

Absolutely not. I work for a fortune 100 tech company and they did not care who you were doing their 2020 layoffs

Who gets laid off varies widely. A lot of companies will look at teams who may require high budgets for low value products, or teams who work on products or featured that they can cancel without impacting their overall roadmap too much.

A lot of the layoffs happening in tech are companies who were overvalued during the past few years and now need to layoff to save money for the next few years. Or they’re startups that have a product five other startups have and their only distinguishing factor is a different UI design.

Typically recruiting, sales, and marketing are the first to go ime and then it’s the two examples I mentioned above. But layoffs can be an unknown so I would worry too much. Just save so you have at least a minimum of six months of living expenses in case something does happen.

Amazon, Google, and Apple I think won’t resort to layoffs. People will always shop on Amazon (and companies use AWS), buy iPhones, and search for stuff even if it means a bit less during a recession. These companies have huge moats. They have strong balance sheets as well.

Meta is in trouble IMO with stalling growth and declines in some core products. They still print $$$ but will be under high pressure.

Same with Netflix except probably worse since there’s literally no moat.

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Covered a managers meeting for her yesterday, was with some senior members of the marketing team. A director opens the call with “we are so sorry about the impacts the layoffs have had on your teams today…” then noticed I was in the call and said “we are still notifying others so best to keep it under the radar” …25% of my team was let go three hours later with no warning😬

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