Is big tech’s red-hot jobs market about to cool?
source link: https://www.economist.com/business/2022/06/02/is-big-techs-red-hot-jobs-market-about-to-cool
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Is big tech’s red-hot jobs market about to cool?
The industry’s giants are slowing their hiring
“Can i keep the monitor and mouse?” a fired tech worker recently asked on Blind, an anonymous social-media platform where techies go to compare notes on employers. The questions used to be about how much Meta was paying or what perks Apple offered. As America’s technology giants contend with supply-chain uncertainties, a looming recession and sliding share prices, many users are instead asking if the sizzling market for tech jobs is cooling.
The first sign of trouble came on April 28th. In a quarterly earnings call Brian Olsavsky, Amazon’s chief financial officer, said that the e-commerce titan’s warehouses were overstaffed, costing about $2bn (9% of operating profit) in the past year. A memo leaked a week later from Meta, Facebook’s parent company, said the firm was putting a freeze on new hires in most teams. Other big tech names, including Microsoft, Nvidia, Snap and Uber, have made similar noises. So far this year listed tech firms worth a combined $3.4trn have announced hiring freezes or firings.
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