Imagine one day you get your dream offer in tech
and after negotiation..you take it from 1x to 1.5x
and at the same time you quit your previous company
and 2 days before joining the new company.. You get call
So many engineers have to face this situation nowadays
why is it so
Why so many tech engineers
are being laid off
Lets talk in this video
Tech industry usually leads the way when it comes to growth
Lately though
Its been laying off people
at a much higher rate than the rest of the economy
Tech layoffs have literally been more than double
from just october to november
Over the last weeks and months about the layoffs in tech
Big tech companies are in big trouble
So hello everyone
First of all I am harnoor
I have seen tech recession in my life for two times
I graduated in 2020
I started my first job
I was very excited but
was very scared
my fear level was so high
and excitement for job was very low
because market was going like that in 2020
Because there was covid at that time..If you look at this data
Number of people getting laid off
in 2020
is very similar to the phone
right now
and if you want to see how many people are getting laid off
You can go to layoffs.fy
You canget India, US or International data
meta 110000
Amazon 10000
Indian companies like Byju's
Unacademy
Who layoff more than 10% of their workforce
Why is it happening
and even when I was in 2020
Situation was like
People had to extend their graduation
Whoever came to study..Undergrad or masters
They had to continue their education for six months
or even upto one year
Acc to some silicon valley engineers
They say it is like
getting our life completely destroyed because
many of them are H1B / Student visa
who have limited time to find a job
becaus if they lose their job
They have to find a new job
This is the scariest part of being an international person in US
before we talk about he reason behind these tech layoffs
Firstly lets talk about that
How it feels to get laidoff
It must be sounding easy to hear
10000 people got laid off
but how it feels
reality is that it feels so tense
First that market is down
Things are getting so much expensive
and at the same time when you
hear the newws that you lost your job
It is the most tense situation of your life
When I got my first offer
I had just one offer in 2020
I was scared if it didn't work out then what I will do
because it was difficult for me to even take interview calls
and at the same time
when you get to know that you're laid off
only few days before joining
So that much time is also not enough
So this is really tense
and lets talk about when you have layoff
Hows life after that
No.1 thing that you should know about is
For that I want to show you some offer letters
So for example if you
if you go to teamblind
there you can find severence pay of pretty much any company
Lets say you want o know the severnce pay of twitter
Twitter now eliminated 7500 or 50% workforce
If you see here..if you're fired or if you're safe
in that cases...First of all now
They will give you salary till feb 2 2023
which is pretty good
in that health insurance is also given
for six months
So for two three months
You're definitely covered
If you get lay off from twitter
If you want to see from meta
Or if you want to see for Amazon
or Microsoft, Google.. They are quite similar
SO this is the formula which is common for most of the companies
First of all you get a fixed pay
That could be one month salary
or 16 week salary
In some cases
Meta also gives you 16 week pay
Amazon also has 16 week pay
and some companies may have one month
Plus you get salary if you have worked for one year
then you get 2 weeks salary
working for six months gets you salary for one week
People have commented below also
That your one year work is equal to 2 week salary only
but its still good pay that they are giving you
You get six month health insurance
You get stock
Lets say yoi got x amount in stocks
which gets divided by 4 every year
After dividing you get on fixed date
If that is near six months
then you will get it
If not then no
Thats the rule
Now next is you get 3 month career counselling also
If you want help in finding a job
and at the same time you will get shocked
If lets say Meta is laying off
all the top comapnies are laying off
There are some teams in same company which are hiring as well
then step by step
when you're given time
What happens in some cases
If you're getting lay off today
You're pretty much eliminated from their system
You're eliminated from all their systems
You don't have any time to
to make connections or asking for referrals
to get it written on your linkedin
or for asking reference on your linkedin
You don't have much time
For that you always have to be ready
For that we have also launched
A course
You can check that also which will help you find connections
because if you lose your job today
then how many people know how to use resources on linkedin
How you can make connections on linkedin with the right mindset
With right approach you can reach out to people
There are so many features that you can explore with this course
Link in the description
So to join the course go to singhinusa.com
You will scroll.. This is our previous course
which is also in progress
If you want to join that
but currently this is about how to make a great linkedin profile
and how to network
which we have made with roshni
and this is not just for software engineers
this is for anyone in tech
It can be of any any field
who should know how to use linkedin
for now the early discount is over
but you can still get 30% discount
temporarily
if you use these codes
and its cheap in india...So definitely don't miss the oppurtunity
of using VPN if needed
This severence pay might seem exciting
You must be thinking that this 2-3 months salary is for free
But it is not enough
In 2-3 months when you get deadline that you have to find a job
It is the hardest time you have to go through
Specially for some international students
and H1b workers
Now before we talk about what you should do in this situation
Why these layoffs are happening
So story starts in 2020
when recession was going on
US started printing so many notes to beat recession
So that common man
can afford things in this recession
when jobs were gone
Umployment rate was max at 25-30%
to beat that US printed notes
So I will tell you reality
If I keep 100 notes of US in front of me
100 notes 100$ each
or of any amount..If I keep 100 notes
You won't believe that 40 of those notes were printed in 2020
and 2021
I mean 40% of US dollars
were printed in these years
What happened because of that
Common people got much money
They got beyond their need
At that time there was an article which was very famous
If you get stimulus cheque today
to beat recession
If your salary is less than x
at that time you were getting money for free
then where to invest it
Most of the people were investing in stock market
2020 was also the year
Majority of the people
landed in stock market and they started investing
and because of that
inflation started from there
Specially in stock market of some companies
For ex if I tell you that
but stock of any company
Amazon's
It got overpriced
because people invested suddenly
which was not expected
If x amount of people were investing in stock market
They added lot
So it became overvalued
and at the same time
when something gets overvalued
One or other day it is going to come back
because this was covid
So many thigns were shifting online
People were spending a lot of time on'amazon and netflix
and it was at the boom
All these tech comapnies were at boom
because many people exponentially landed into these platforms
Their growth increased a lot
Whenever something grows exponentially
One day it has to come to an end
So end will won't be that bad
It is only 4-10%
It is not that bad than you think
For example amazon had less than one million employees before covid
then ofcourse pandemic hit
And now it is close to 1.5 million
It was 1.6 million before recession
Now closeto 1.5 million
So it is just few people getting lay off
if you compare with time before 2020
Another reason is Ukraine Russia war
because of which fuel got expensive
Transport of goods got expensive
Then goods
like food and stuff... their price also increased
and if you want to see the profit margins of all of these companies
You can see revenue of any company on this website
If you take a look at google's revenue
It was quite linear growth
Growth stopped a little in 2020
and suddenly exponential
and that exponential growth was not expected
So many people were hired
Now it is stable
If you see carefully they didn't have much loss
Its not much loss comparison to before
but if you see stock market
Stock of google and amazon went so down
Even though revenue hasn't fallen that down
reason is same like I told you before
At that time people invested so much money
Now people have started selling those stocks
because inflation
If some thing was of 200rs before two years
If it increased by 5 rs because of inflation
That is inflation...because things are getting expensive
To beat that people had to take money out of stock market
and thats why it actually fell down
People started spending more on services and goods
Now what will be my advice
If you ever get laid off
Everytime when you apply for a new company
They will always ask why you left company in one month
They will think that you actually got fired
To beat that
Always keep referrals on your linkedin
Or recommendations on your linkedin
So that you can tell that I id amazing work
at previous company
So I was just laid off because
company was not making much profit
Whenever layoffs are done.. They are of two types
Number one
They layoff whole team
For example
windows phn
and microsoft which got removed at one point
Other example could be google removing the google lens team
These could be examples for that
In other cases they lay off depending on your performance
If orders come from higher manager
that we need to layoff 5 people
They will tell to lower manager
Lower will tell to higher that these two are not working properly
we can lay them off
So this is performance based
But in reality layoffs is happening today
For example if a patient is ill in hospital
and if doc imeediately tells patient that day
that you ahve few days left then he will die with fear
In same way in companies also
During layoffs
Companies don't tell immediately that you're not doing well
Everytime they will tell you
Its very good
They tell you reality in very feww cases
There is no way you can predict this layoff
All I will recommened is
Keep your connections and referrals ready
Like if you're using their emails.. those also
Like save the emails in your account in case you have to reach out to them
Stay connected on linkedin
because you don't know your compiuter will be taken away immediately
It is unpredictable
I have also created a discord group
With which you can make community
I have main channels..US and country wise channels
Through which you can connect
To take advice from people in tech
So that will be it
Remember growth is slow now
hat doesn't means tech is over
I still think demand of software engineers demand was before also
It will be further also
because it is still in demand
So that will be it..Thankyou for watching.. I will see you in next video