20 Jul ⚠️ Emergency Message: Layoffs are Increasing! ⚠️
I’m not sure why, but I felt strongly that I needed to hop on and create an emergency broadcast to push the word out. Layoffs are not somewhere off in the distance. They are in the here and the now. Please, please do not be caught off-guard.
Link I mention in this episode:
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Transcription by Otter.ai. Please forgive any typos!
Hello, Hello, and thanks for tuning in. It’s Wednesday, July 20. I was on my lunch break, just doing a little bit of catch up on the news. And I saw this article and I don’t know how to explain it logically, but it was just really strongly on my heart that I needed to jump on and record an emergency broadcast episode. Rather than folding this into my standard Saturday broadcast. I just felt like this was too important to wait. So a story popped up on LinkedIn titled layoffs, latest companies making cuts, and apparently it was updated about 25 minutes ago. I will drop a link to it so that you can read it in its entirety for yourself. I will read the blurb for you now, announcements of layoffs, hiring freezes and rescinded job offers have roiled the tech industry and startup community for several months. Now companies across multiple sectors are making staff cuts as executives worry about a possible recession and weigh all manner of adverse near term effects on their business. Puck writes, despite those mounting signs of economic trouble, CNBC notes that overall employer demand for workers remains extremely high. And that layoffs are near historical lows and quote, yeah, now keep in mind, this is the same media outlet that forever in a day has been telling you labor shortage, labor shortage like a bad parent, that unemployment is still at 3.6%. And there are two open legitimate jobs for every one unemployed person. Something isn’t quite adding up here, in my opinion. Now further down in the article they post some of the firms that have announced layoffs since the beginning of July and I want to go through those for you. Asurion, a Nashville based global tech services company laid off 750 employees health tech firm all have joined a growing list of Central Ohio companies making layoffs by cutting 450 jobs. LinkedIn employees have posted about being laid off this week by numerous companies online pharmacy capsule Forta vero Trager grills genetic testing firm in vitae laid off 1000 employees which represents 40% of its workforce. video platform Vimeo had announced 6% staff cuts open CE ce o sites crypto winter as NFT giant lays off 20% of its staff, Victoria’s Secret laid off about 160 managers as part of their restructuring. online mortgage banker loan depot is laying off about 4800 employees this year, which represents 42% Cut to its workforce. Total a peloton competitor in the connected workout equipment field laid off 35% of its workforce. Chow now. Delivery and marketing service for restaurants laid off about 100 workers just days after instant delivery startup go puff cut 1500 of its global workforce and closed 76 us warehouses. virtual events platform hop in a tech unicorn valued at 7.7 5 billion laid off 29% of its employees electric carmaker rivian said it was cutting hundreds after conceding it grew too fast. Food tech company Sunday and next byte announced restructuring and layoffs, health tech companies OhioHealth and alto cut staff. Next insurance a small business insurance provider laid off 17% of its workforce video game retailer Gamestop announced layoffs and also said that its CFO was leaving the company. Twitter laid off about 1/3 of its Talent Acquisition team. At the end of June San Francisco was in the spotlight as layoffs were made by numerous tech companies, game developers Niantic and unity online newsletter platform substack and real estate company Homelight. Elsewhere data storage provider Accumulo hope I’m saying that right and parallel wireless also made cuts. Now we go back to June. June’s more high profile companies making cuts include Tesla, Netflix Redfin encompass Stitch Fix Coinbase Gemini bitpanda and clubhouse. Please if you have time dip in take a look at all of this for yourself. And stay alert out there. I know that it can be difficult. I know. I know that when all we have heard for month after month after month is labor shortage. The great resignation is going to last forever. It’s a complete sea change to the way that corporate America runs. You’ll never have to go back to an office you’ll be able to Job hop across the market forever and always ask for more money every single time. There’s just no way that people could start layoffs or hiring freezes the economy is doing great to open jobs for everyone unemployed person, people are doing great. Something, in my opinion is fishy here. The the numbers don’t match up. Something just doesn’t feel right to me. This is not advice. I cannot tell you what to do or not do in your own life. I’m putting this information out there in the hopes that nobody will be caught off guard. Stay alert. Stay aware. Keep your head on a swivel. If you’re not sure that you have good job security, do what you can do to find that out. But please do not be caught off guard. I’ll see you in the next episode.