Unique headline for linkedin12/25/2023 ![]() By increasing the cost of borrowing money to fund risky ideas, rate hikes forced businesses across the economy to reevaluate the bets on their balance sheets and cut projects deemed unlikely to bring in profits in the short term. That fertile ground was slowly salted over the past two years as the Federal Reserve pushed interest rates higher. Over the past decade, the influx of investor cash facilitated by the favorable economic environment made those promises easy to keep. To woo these potential employees, tech companies had to lure them with cash or a better quality of life than the grueling but lucrative workplace culture of Wall Street firms. To be credible, these bold bets required a patina of scientific innovation - Silicon Valley needed a phalanx of smart, savvy knowledge workers to deliver on the underlying promise of their new products. Tech companies, with visions of new ways of connecting the world and living our lives, were uniquely positioned to take advantage of this appetite for growth. The easiest way for tech companies to explain away the sudden sentiment shift among tech workers is to place the blame on the curdling of the broader economic climate.įor over a decade, low-interest rates, steady consumer confidence, and an increasingly educated workforce created a business ecosystem that encouraged companies to make bold bets on the future. If the tech industry wants to get back to the flow zone of innovation, productivity, and workplace happiness, executives must restart conversations with the front-line workers that make their products - or risk losing what made Silicon Valley so desirable. ![]() The buildup of layers of management without also adding tech-savvy workers that build core products has resulted in a sclerotic environment that is weighing on employees. The collaborative culture at tech companies not only kept employees happy but also helped create better products for customers. While there are plenty of explanations for this sudden vibe shift - from rising interest rates to stock-market swings - an inconvenient truth is that much of the tech sector's problems stem from the fact that the industry strayed from its roots of listening to the front lines. Do I just give up at this point and switch professions." These often raw sentiments stand in sharp contrast to the Goldilocks outlook painted by official labor-market data for the broader economy. This is killing me." A project manager expressed similar frustration: "I have been looking for over a year now. Applied for well over 600 jobs since 1st June, had a fair few interviews, but not getting any further. One data analyst in Glassdoor's #JobsInTech group recently wrote: "Cannot believe how difficult it has been this year to get a job. Reading through the anonymous and semi-anonymous woes and tips from the Glassdoor community, it's clear that many laid-off techies and new STEM grads are struggling to find work, applying to more open roles, and in some cases, lowering their expectations for pay and job satisfaction. The growing angst among the tech class is palpable in anonymous online communities like Glassdoor's Fishbowl, in work-focused social media like Linkedin, and even in internal Slack groups. Before the pandemic, over 80% of tech workers routinely said they would recommend their company to a friend, according to Glassdoor company reviews, higher than almost every other industry we tracked.Īll that changed in 2023: Employee satisfaction among tech workers has plummeted, falling in line with workers in finance and consulting - industries that often compete for the same pool of highly educated and in-demand talent. This rare combination of generous compensation and a reasonable work-life balance kept tech workers happier than employees in other industries. Sure, the business goals were ambitious and the deadlines were daunting, but the allure of building the future drew eager, educated young people into tech - not to mention the high salaries, potential for stock-market riches, laid-back dress codes, and gleaming offices with meals and gyms. ![]() The industry of innovation was long an outlier when it came to employee satisfaction. It often indicates a user profile.įor the first time in a long time, tech workers are in a funk. Account icon An icon in the shape of a person's head and shoulders. ![]()
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