How Working For Google, Amazon, And Microsoft Lost 'Dream Job' Status
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Published 2024-04-26
Layoffs.fyi, a platform monitoring job cuts in the tech sector, recorded more 263,000 job losses in 2023 alone. As of April 2024, there have been more than 75,000 job losses in the industry so far.
"So instead of rewarding the growth that we saw them all pursue years ago, they're now rewarding profit," said Jeff Shulman, professor at the University of Washington's Foster School of Business. "And so the layoffs have continued. People have become used to them. Regrettably and sadly, it seems that the layoffs are going to be the new normal."
Even though mass tech layoffs continue to dominate headlines, the labor market still seems strong. The U.S. economy added 303,000 jobs in March, well above the Dow Jones estimate for a rise of 200,000, with the unemployment rate edged lower to 3.8%.
According to Handshake, a popular free job posting site for college students and graduates, the tech layoffs have prompted new workers to seek other opportunities. The share of job applications from tech majors submitted to internet and software companies dropped by more than 30% between November 2021 and September of 2023.
"Part of the reason why this is happening is because stability is such a major factor in students' decisions around what types of jobs they apply to and what types of jobs they accept," said Christine Cruzverga, chief education strategy officer at Handshake. "They're looking at the headlines in the news and they're paying attention to all of the layoffs that are happening in Big Tech, and that makes them feel unstable."
Mass layoffs have eroded the shine of the tech industry, which is why workers are questioning whether getting a job in the tech industry should still be regarded as a 'dream job.'
"For the people who are chasing like a tech dream job, I think keep your options open and be realistic," said Eric Tolotti, senior partner engineer at Snowflake, who got laid off from Microsoft in 2023. "Don't just focus on one company and feel like you have to get into that one company because it's the dream."
Watch the video to learn about tech workers' sentiments, considerations for aspiring Big Tech employees, and more.
Chapters:
0:00-03:11 Cold Open
03:11-05:11 Chapter 1: The golden age of tech jobs
05:11-07:22 Chapter 2: Start of tech layoffs
07:22-10:21 Chapter 3: Is tech’s shiny image eroding?
10:21-12:00 Chapter 4: What’s next?
Produced by: Anuz Thapa
Edited by: Kevin Heinz
Narration by: Jordan Smith
Graphics by: Christina Locopo, Jason Reginato
Supervising Producer: Jeff Morganteen
Additional Footage: Getty Images
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How Working For Google, Amazon, And Microsoft Lost 'Dream Job' Status
All Comments (21)
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These tech companies, and their youthful leaders, grew old like the rest of corporate America.
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People always forget that its just a job. Please dont forget about your personal goals and interests.
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When I started in tech over a decade ago, it was so obvious from the beginning that these companies wanted you to be part of their cult and if you pushed back even a tiny bit, they kicked you out without warning. As a senior engineer now, I’ve always told folks, NEVER EVER trust or put faith in a company or business that you don’t own, the coffee maker will always outlast you.
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Some of the great advices I received a long time ago when I was a novice in the corporate world. 1) Nothing is forever, including your job. 2) Your superiors are not your friends. 3) Everyone is replaceable. 4) Organizations exist for their own benefits, not for employees. 5) Have a minimum of 6 months' worth of living saved as a rainy day fund. Therefore, if you get fired tomorrow, you will not go mad.
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Soft Engineer here. People do not realize they have all these amenities to keep you at work longer. They serve dinner there, have wifi on the way to work. Why do you think the turnover rate after a year is so high. I would rather go home to my wife and kids and have a normal work schedule for less pay to live my life.
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You CANNOT say 300k jobs CREATED without stating WHAT JOBS were created. MOST job creations are part time and NOTHING jobs
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The expectation of never ending monetary growth. What destroyed "Dream jobs" or the "American dream" is simply just pure GREED.
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There has never been a lot of "glory" in what I chose to become a plumber, but at least I've never been laid off.
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Unemployment at record lows? Too bad we replaced dream jobs with gig jobs 🤮
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Loyalty to companies has never been a good investment. Go back in history, and you'll see how employees keep failing for the same scam for decades. The rhetoric is always the same: "X yrs being loyal to this company, and they didn't even think twice when they laid me off." Stop being shy or fearful about asking for more money or benefits when they need you; bc when they don't, you'll be gone.
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The real dream shouldn't be dream job or the American dream....it should be the ability to enjoy your life
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The honey moon period is over and these tech companies now simply go back to being like any other companies which prioritize shareholders' values over anything else
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I work for government and we stayed working thru the pandemic. And now, it’s crazy to see that new graduates want stability more than money. Good for them.
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The workplace food, perks and amenities is all smoke and mirrors to keep you on their campus for as long as possible to extract every once of productivity you have to give and ensure you don't have a life outside of work.
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I never had a dream job. Working sucks and I hate when I have dreams where I'm working.
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They NEVER put employees first!!! They put PROFITS first!!!
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Got laid off from my first tech in September after 9 months, couldn't get a job despite being qualified and getting good interviews...now I just work at Costco full time for the stability and good enough benefits. Pay is crap but no layoffs here haha
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A wise man once said, "I had rather be first in a village than second at Rome." Not getting asked to interview with Google after I graduated college was the best thing to happen to my career; I'm now the lead engineer for a product supporting green power generation and isotope production. I don't have to worry about retirement and I can see my impact pushing society forwards; not just powering modern civilization, but improving health care, food safety, and fighting climate change at the same time. To aspiring engineers: real jobs are out there, plenty of places desperately need competent software engineers to do a whole lot more than spam people with ads.
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I never saw working for any of those companies as ‘dream’ jobs. When your livelihood depends on your company inflating its share price, you are eminently expendable.
