Why is FAANG laying off people? Literally seeing tons of people getting laid off jobs in the past 24 hours. Is Big 4 gonna be next?

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No, Big 4 doesn’t have enough people as it is.

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There is a shortage of seniors and managers. Too many associates, so wouldn’t be surprised if there is some PIP at that level.

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We're in a recession homie

likesmart

Have you been living under a rock??

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Because Big Tech salaries are absurd. Engineers or Devs with 3 years of experience can make $200k or more especially with stock options. And, in some cases, they work fewer hours than PA.

So, would you rather pay 3 people $600k to work 120 hours a week or pay 2 people $400k to work 100 hours a week.

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A lot of these people were not working close to 40 hours a week. I have friends who work in se for big tech that work 15-25 hours a week. So pretty easy call to get rid of some and have the rest pick up the slack

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Cuz they got used to free money from the feds as well as insane growth fueled by everyone being cooped inside during covid lockdowns. Both things are gone now.

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Some of these tech companies went on huge hiring sprees over the last 1+ years. Even with all the people they have laid off some still have close to the same amount of employees as 1 year ago. Their real problem is they over hired and now it is coming back to bit them.

Additionally some companies have too many employees to beging with. Their full time job should really be a part time job and the employers are finally making an adjustment to reality.

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Agree

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Now is a great time to tell your friends to come join PA. Start recruiting folks

They will find another firm

Big four sells a definable service.

Why would the big4, non public, anchored by govt mandated demand for audit and tax services, be laying off you, an audit associate? Because big tech firms getting their multiples decimated by rising rates (remember cash flow / (1 + r)^t ?) suddenly realized making a profit eventually might be important? The only caveat to this might be consulting at the b4.

It's not crazy. If clients go out of business, or start trying to be more prive sensitive, accounting firms will lose business.

That being said, it's much more steady than tech, and there is such a shortage that this won't be a problem.

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Hi Fishes,

Need advice,

I recently got laid off by PS and my notice period just got over,

I have offers from:

PineLabs,

HealthKart,

Recro,

Rojo Consultancy

All are offering almost same ctc around 19-22 LPA,

I have 3 years of experience as a backend developer,

working on Spring Boot, REST API, Java 8.

Any help is really appreciated,

Thanks in Advance 😅



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