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Software Engineers, stop worrying about layoffs.
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- čas přidán 7. 08. 2024
- Please stop worrying about tech layoffs. In the end, there is really no point to it. Let me explain.
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⏱ TIMESTAMPS
00:00 Intro
02:15 Why do layoffs happen?
05:30 Why it should not matter
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I’m not worried about layoffs because I’m unemployed
Oh dang 🙏🏻
@@emilyau8023 😂😂
Nobody's safe from layoffs.
The janitor is
@@sp4cejock3y23not even the janitor. If the company collapses the janitor is gone too.
But like with any other profession, you just get a new job after that.
Nurses and Doctors are safe.
Such a great healthy big brother-esque advise Utsav. Very well put and kudos on highlighting the right mindset.
Also, great job getting in shape over an year :)
And what if you’ve been already laid off for a year?
Have to find other ways to get income.
There's lots of contracting jobs out there, if you can stomach it. Rough time to start anything more than a side hustle right now.
I think you missed two very impactful reasons for the unusual number of layoffs: 1) Interest rates shot up very quickly from nearly zero to over 6.5%. This caused a shock to the companies that utilize debt to finance their operations. 2) IRS Section 174 tax law changes went into effect, which forces companies to amortize the expense of software developer salaries over 5 to 15 years instead of the tax year in which they occur. Section 174 is particularly nasty because it can cause companies to pay more in taxes than they earn, which can quickly lead to bankruptcy unless the company fires a bunch of software engineers. Worse still, they may need to keep firing SE staff every year for the next few years until the amortization levels off.
Wow on number 2. Why is this the 1st mention I've seen on this. Must learn more
And don't forget that companies have noticed an uptick in their stock value when they lay off people.
Thank you so much sir for making this video! I think that you made an excellent point about how excessive worrying in this economy does nothing other than making your life miserable. As a student currently studying CS at UW, it’s sometimes overwhelming how hard is it to find internship nowadays and how AI may change or replace future tech jobs, but I feel less timid about the situation after watching this video.
Students in Computer science should have a group to talk about how we should cop up with the coming technology which is about to wipe compute science course
+1 sub!
Very interested in the topics you mentioned.
Great video. Thank you!
Yes, video on financial independence would be interesting.
Yes please!
How does make it great?
Thanks for the video, lot of great points, especially about being too good at negotiating salary.
But I personally disagree with not worrying about it. It's more important than ever for everyone to learn from the culture, hiring practices, and financials that led to such irresponsible mass layoffs. We worked hard and had great wage growth, but it's still not enough to buy a house, and now I'm trying to figure out if I should down level myself and/or take a 15%+ pay cut so I can match expectations with these lame/stable/responsible companies. I've been laid of 3 times in the last 5 years, 2 of them due to COVID. Tired of hopping, I just want some semblance of stability and my boring job back. Anyone in the same boat? Suggestions?
Utsav dai. Really informative video. Thanks for this content. Keep going.. 🇳🇵🇳🇵
to pay for Clevel vacations. Also there were 3.5 million jobs available when they were fired anyways. Not like there is a shortage of jobs
I got laid off twice last year once at the beginning of the year and another at the end of the year; two different companies
nice video mate !!good insights ...loved the information
what's the best way to contact you about business?
Was just laid off this week. Been feeling cynical and fearful about the market but I really appreciate your mindset on this. If it’s not something most of us are in control of anyway then shift energy to what we can control which is our own skill set dev. Thanks for the perspective.
Sorry to hear about the layoff. Yes, focus on what you can do to land back on your feet and don’t worry about the rest. Good luck!
you should do a video on the emergence of “AI Engineer” as a new substack, like cloud engineer and mobile engineer before it. So beyond just prompting, but from an app dev perspective not an ML/data perspective.
Bro I am currently 16 years old and want to be in robotics and ai and ml
But I am worried that by the time I graduate college there willn't be need for engineers because of AGI or AI. Any tips
I’ve heard about this so many times, it’s crazy
"Software Engineers, stop worrying about layoffs".
Because the next project with the new set of tools will be taken by another programmer.
New technology means brand new people are on board.
It’s pretty rare that a company will change their tools/technology so extremely that they would have to ditch the old staff hire new staff.
Thank you😊
Thanks
I am performing exceptionally good as a software engineer, but it seems the my seniors (assoc directors) in general don’t support me. They praise some girls and junior engineers who just run a pipeline by doing some configuration and eat all credit. While we built alll the patterns, API, application code get totally taken for granted. Any thoughts how make an impression ?
switch!!!! duh!!!
If someone has a good amount for an emergency fund and enough money for retirement to basically coast, layoffs aren't the end of the world as long as the person has a high demand job. Having a second side gig pads that fear too if a person is willing to do that. While there are no recession proof jobs, there are jobs that decrease the likelihood of getting laid off like joining the government.
Tech has always been a career path that is involved in more continuous learning in order to remain competitive, so if that's not the future a person wants for themselves they might want to pivot to a career that is less reliant on that.
Spitting facts!!!
Sadly just this morning my manager told.me.I have the highest salary in my team and then started a performance review on me. Timely this video 😊
Isn't layoffs are happening?
Work in Cloud Domain raher than Coding Only Coding will not be beneficial
Since two years I have not found job
Man, you look like tiago brunet, check it out !!!
Love from portugal 🇵🇹👍🙏
Where is all the innovation you people promised?
Utsav gives wise advice in this video.
is learning code worth ?
Problem solving is the key skill in most situations and industries.
@@AdamFiregatelame answer
Coding is a problem solving philosophy. If you look at coding as just coding and then prepared to get layoffed!
No
learn coding but also learn how to serve food and turn bolts & nuts. theres more than ways to make some.money
software engineers are too.expensive
Thats why
Then hire cheap developers and see what that brings you.
@@EdwinMartin good point tbh.
They’re only too expensive because the industry made it that way.
Software engineers didn’t just start demanding huge salaries out of nowhere, the competition for high quality engineers meant that some companies paid huge salaries and then it trickled down, I guess because of supply and demand of engineers, to the point where I’ve seen some very incompetent people getting paid very high salaries.
It’s harder to go back now and reduce salaries.
In my country it has happened a bit, with salaries seeming to have gone down a bit overall in the last 12 months or so, but they’re still pretty good. (I see less extremely high paying roles advertised anyway.)
It would have to take industry wide reduction at the same time to really take hold, and that seems unlikely when the private sector wants to incentivise the best engineers and governments pay lots of contractors because they have to compete with the private sector when they need quality engineers.
Yep I was laid off due to the company going with a cheaper company from India, after we trained them… we need to do something about that, increase regulation on shipping us jobs over seas and restrict the amount of h1b’s - so many Americans are in stem but face an inflated market with strangled pay because of American companies cheating the tax payer
🔥🔥🔥🔥🔥