I hope that tech industry employees do not feel immune to this.
I encourage you to take a look at your customer base and think very critically about where that money is actually coming from.
I encourage you to take a look at your customer base and think very critically about where that money is actually coming from.
Tech will not be insulated from this and in general I think we'll see a major contraction of the tech labour force. There are so many non-tech companies that want in on the VC and other investor money so they are rapidly building out expensive tech teams to create illusion that they are the next tech giant.
Not to mention the other weakness in tech: RSUs as the main factor of total comp. If the market continues to drop, especially if it hits hards, a huge number of SV workers will be getting automatic pay cuts due to rapidly decreased values in RSU. A lot of expensive real estate in SV is paid for by RSUs.
This crisis is going to be insane.
I'm not clear such contracts make it through bankruptcy court.
I just don't know what the future holds for us, I'm sure the company will survive in some form due to our hospital, pharma and defense clients. But we also have a ton of clients in manufacturing, and I have no idea how they are going to manage this.
The thing we have going for us is we run workloads that they absolutely need to run to exist as a business, but if they go completely under there is no avoiding the pain.
So far I feel relatively secure, and they are even cutting us a bonus next week which shocked me. Scary times though, really makes you realize how little you actually control - you just gotta let go and deal with what hits you.
The first items. Really, the only items right now. We're 100% not looking at cutting the people working here. This is new and different. 2011 was the last reduction in our labor force, and we only considered human cuts at that time.
True, but selling implies buying...
Our client services team is in overdrive making sure all our customers are as happy as possible. This is something every company should be doing right now.