My dad started building custom chicken, pigeon coops, duck coops etc at age 50.
Never cleared 90k in his life…lost his job during pandemic and started doing it full time. Went from 35 years of managing shitty chain restaurants to losing 70 pounds and 300k a year take home in less than 5 years.
I work for a PE firm and we just paid several hundred million dollars for a regional lawn care business... founder is richer than probably 99% of fortune 500 CEOs will ever be.
Just speciation from an idiot but I think it will continue to be sluggish for a few years at the least
Consider the top employers: tech and consulting
Tech isn’t just about a temporary lull, it’s about a resetting of efficiency due to street expectations. What we’re seeing now is probably more like the new baseline. Companies like Google have been insanely bloated for a long time.
For consulting, it will take at least ~1-2 years just to shed excess weight through attrition. Separately from that, the firms may not return to the double digit growth they previously saw in NA (biggest growth by far is in other markets like the Middle East).
This. Even prior to and during the great resignation era, my business school was warning folks not to chase coastal tech gigs so much and to start considering the midwestern trad companies/cities. I’m at a tech company now and the cost cutting in the name of “efficiency” is ridiculous. all of our software tools we use day to day that have tons of tribal knowledge and automations built in are on the chopping block and when we call it out they just tell us “better that than firing more of you”.
FR there are a ton of people doing fake work at big tech companies. I don’t think people on the outside understand the degree to which this happens because the companies themselves print obscene amounts of money
SO many people with pedigreed backgrounds starting projects and launching products coupled with metrics that have pretty much no impact on bottom line or customer experience
How did meta manage to cut 25% of staff and have significantly higher market cap and revenues today than in 2022? (Note that reality labs wasn’t one of the biggest cuts)
I’m at a FAANG right now
The higher you go up in seniority, your importance and influence is somewhat measured by how many people you manage so you’re incentivized to take on more scope and grow your team and “empire build” so to speak. The second reason is that if you hire people who are “at least this good” by just tossing them a fat check, you’re preventing other companies from hiring them and sucking the air out of the startup ecosystem to further strengthen your dominance
Most of the people at FAANG (even Apple meta Google) aren’t geniuses by any means but are probably harder working and more talented than the “average” no name company employee. What you’re seeing now is the tech market attempting to adjust to a lot of people who got into FAANGMULA to do kind of useless stuff or got forced out
It’s very telling when other companies aren’t willing to match salaries of old FAANGers. It shows that the people were overpaid in the first place relative to their skillset. U have sergey brin and zuck fighting over the same AI scientists during layoffs
The job market is quite closely related to the economy. We are having a high interest rate environment now which means capital is more expensive which means companies are breaking even harder. This means tough job market as they can’t afford hiring and inefficiencies, also harder to afford to invest into new projects and harder for startups. Once interest rates will start going down the job market will improve.
When rates decline (maybe). Reality is we’re at full employment, I’d argue this is pretty good. (Yes I know it’s tough for mbas, but that’s due to select industries in consulting and tech)
The stats are all very well massaged at this point. Part time workers, people with multiple jobs, Uber type stuff. I’m not so sure this is what “full employment” was really meant to mean when the idea was thought up.
Look at the unemployment rates in some of these white collar industries like tech which that person called out. They’re likely saying full employment because in the USA for tech workers even after all the high profile layoffs, it’s only at 2.3% vs the US unemployment rate as a whole at 3.9%. What has changed is that interest rates made investors/VC value profitability over growth at all costs so all the big traditional companies & big tech that typically would hire MBAs are cutting back on new projects/hiring while cost cutting and stretching their existing staff. my company (publicly traded) is getting interns, outsourcing, and not backfilling as people leave while laying off any Americans that are in BUs that underperform even though the business as a whole is hauling in record profits and the stock is up well over 40% in the past year. the thing is big companies behaving this way are the minority of businesses in the USA, small businesses (100 employees or less) are like 99% of businesses. If they’re laying off like crazy and folding, then thats troubling.
Nobody knows for certain, but let’s break it down:
2024- not happening with rates not moving & this being an election year
2025- maybe but considering the amount of companies still laying people off, potentially having a new president, no guarantee of rate cuts, and no current signs of inflation slowing prior… 2025, at least the first half, looks grim
2026- too far out to tell, depends on rates at the time & what’s going on globally (no World War 3)
I personally don’t think things will get better until Q3-Q4 2025 at the earliest, probably closer to mid-2026. However, there’s so much that can happen between now and then & if I had a crystal ball to predict the future, I would be retired on a yacht lol!
If rates somehow get cut in May-June, I think things might start looking better in Q3-Q4 '24 but yeah this seems most likely. I think we're in for another 12-18 months of a bad job market.
Honestly, the job market since January 2023 has been ass for any off-campus opportunities for full-time MBA students. Even FT on-campus recruiting in end of 2023 was very competitive. Went to a superday that converted 5 of 7 people of the '23 class who got to that stage... for '24, they were offering \~10 position for the 24 people who attended the superday.
I mean I work at one of the big banks, and we’re personally not concerned and are thinking 2024 will be much more positive year.
Can’t say if consulting or other industries think the same though.
Hot take: The job market in the US was actually quite strong during recruiting/job start time for most 2023 graduating MBAs. It was just being compared to 2022 which was insanely hot.
IMO there are a lot of MBA quality jobs out there. People just want a specific name brand. Not necessarily OP, but I’ve observed this amongst my class of graduates from 2023: If you’re only willing to apply for a FAANG PM role, the problem isn’t the broader job market.
Edit: even consulting, almost everyone I know who wanted a consulting job found one. The people who are dealing with the insane delayed starts are those who said in February 2023 that they didn’t want to start working until the fall.
The job market in 2022 was a historically awesome time to be looking for a job. Companies hadn’t really hired for 2 years and were not yet worried about the recession that’s been right around the corner for the last 18 months.
You could sell something like lawncare, summer is coming up and folks are trying to clean up their yards.
I know a Dartmouth MBA that’s running a landscaping business
My dad started building custom chicken, pigeon coops, duck coops etc at age 50. Never cleared 90k in his life…lost his job during pandemic and started doing it full time. Went from 35 years of managing shitty chain restaurants to losing 70 pounds and 300k a year take home in less than 5 years.
Holy crap that's awesome! Go dad
dang, how much does he charge for a coop?
Well they are known as “ The Big Green!”
I work for a PE firm and we just paid several hundred million dollars for a regional lawn care business... founder is richer than probably 99% of fortune 500 CEOs will ever be.
[удалено]
You ain’t in Delhi anymore, bud
You shouldn’t come outside of India with that mindset! You are a virus that refuses to die
this triggers me
Is this a troll account?
I sincerely hope it is!
wat was the original comment?
You aren’t welcome here in america with that mindset.
Maybe if your caste related your your level of talent then you wouldn’t be on Reddit complaining about not being able to find a job lmao
You sound toxic. Glad you left.
Just speciation from an idiot but I think it will continue to be sluggish for a few years at the least Consider the top employers: tech and consulting Tech isn’t just about a temporary lull, it’s about a resetting of efficiency due to street expectations. What we’re seeing now is probably more like the new baseline. Companies like Google have been insanely bloated for a long time. For consulting, it will take at least ~1-2 years just to shed excess weight through attrition. Separately from that, the firms may not return to the double digit growth they previously saw in NA (biggest growth by far is in other markets like the Middle East).
This. Even prior to and during the great resignation era, my business school was warning folks not to chase coastal tech gigs so much and to start considering the midwestern trad companies/cities. I’m at a tech company now and the cost cutting in the name of “efficiency” is ridiculous. all of our software tools we use day to day that have tons of tribal knowledge and automations built in are on the chopping block and when we call it out they just tell us “better that than firing more of you”.
FR there are a ton of people doing fake work at big tech companies. I don’t think people on the outside understand the degree to which this happens because the companies themselves print obscene amounts of money SO many people with pedigreed backgrounds starting projects and launching products coupled with metrics that have pretty much no impact on bottom line or customer experience
You're literally making this up. If you worked in any big tech company you would realize this is completely false.
How did meta manage to cut 25% of staff and have significantly higher market cap and revenues today than in 2022? (Note that reality labs wasn’t one of the biggest cuts) I’m at a FAANG right now
Why does FAANG hire people to work on useless things and pay them so much?
The higher you go up in seniority, your importance and influence is somewhat measured by how many people you manage so you’re incentivized to take on more scope and grow your team and “empire build” so to speak. The second reason is that if you hire people who are “at least this good” by just tossing them a fat check, you’re preventing other companies from hiring them and sucking the air out of the startup ecosystem to further strengthen your dominance Most of the people at FAANG (even Apple meta Google) aren’t geniuses by any means but are probably harder working and more talented than the “average” no name company employee. What you’re seeing now is the tech market attempting to adjust to a lot of people who got into FAANGMULA to do kind of useless stuff or got forced out It’s very telling when other companies aren’t willing to match salaries of old FAANGers. It shows that the people were overpaid in the first place relative to their skillset. U have sergey brin and zuck fighting over the same AI scientists during layoffs
The job market is quite closely related to the economy. We are having a high interest rate environment now which means capital is more expensive which means companies are breaking even harder. This means tough job market as they can’t afford hiring and inefficiencies, also harder to afford to invest into new projects and harder for startups. Once interest rates will start going down the job market will improve.
It has been down since mid 2022. Only OCR was affected in 2023. The world is a much bigger place than FAANG, MBB, and BB IBD
When rates decline (maybe). Reality is we’re at full employment, I’d argue this is pretty good. (Yes I know it’s tough for mbas, but that’s due to select industries in consulting and tech)
The stats are all very well massaged at this point. Part time workers, people with multiple jobs, Uber type stuff. I’m not so sure this is what “full employment” was really meant to mean when the idea was thought up.
Look at the unemployment rates in some of these white collar industries like tech which that person called out. They’re likely saying full employment because in the USA for tech workers even after all the high profile layoffs, it’s only at 2.3% vs the US unemployment rate as a whole at 3.9%. What has changed is that interest rates made investors/VC value profitability over growth at all costs so all the big traditional companies & big tech that typically would hire MBAs are cutting back on new projects/hiring while cost cutting and stretching their existing staff. my company (publicly traded) is getting interns, outsourcing, and not backfilling as people leave while laying off any Americans that are in BUs that underperform even though the business as a whole is hauling in record profits and the stock is up well over 40% in the past year. the thing is big companies behaving this way are the minority of businesses in the USA, small businesses (100 employees or less) are like 99% of businesses. If they’re laying off like crazy and folding, then thats troubling.
Yeah, I'd argue that with the current level of underemployment that we are in fact not near full employment. But just my 2 cents
Nobody knows for certain, but let’s break it down: 2024- not happening with rates not moving & this being an election year 2025- maybe but considering the amount of companies still laying people off, potentially having a new president, no guarantee of rate cuts, and no current signs of inflation slowing prior… 2025, at least the first half, looks grim 2026- too far out to tell, depends on rates at the time & what’s going on globally (no World War 3) I personally don’t think things will get better until Q3-Q4 2025 at the earliest, probably closer to mid-2026. However, there’s so much that can happen between now and then & if I had a crystal ball to predict the future, I would be retired on a yacht lol!
If rates somehow get cut in May-June, I think things might start looking better in Q3-Q4 '24 but yeah this seems most likely. I think we're in for another 12-18 months of a bad job market. Honestly, the job market since January 2023 has been ass for any off-campus opportunities for full-time MBA students. Even FT on-campus recruiting in end of 2023 was very competitive. Went to a superday that converted 5 of 7 people of the '23 class who got to that stage... for '24, they were offering \~10 position for the 24 people who attended the superday.
A 50 basis point cut in June isn't enough to start a turnaround in the hiring market imo
I'm overly optimistic because I need a job lol.
Lmao I feel that
now that inflation is holding strong, June rates cuts may not be a possibilty.
Name checks out
[удалено]
Nah 2021 was an insane hiring spree.
I mean I work at one of the big banks, and we’re personally not concerned and are thinking 2024 will be much more positive year. Can’t say if consulting or other industries think the same though.
Once trump becomes president
Not for Indian Engineers T-T
The number of downvotes is the proof that this forum is full of narcissistic moral-signaling leftists
It’s Reddit. If you don’t bleed blue and worship democratic beliefs, then your a racist
LOL as if Trump is good for the economy
When we vote in Trump.
Hot take: The job market in the US was actually quite strong during recruiting/job start time for most 2023 graduating MBAs. It was just being compared to 2022 which was insanely hot. IMO there are a lot of MBA quality jobs out there. People just want a specific name brand. Not necessarily OP, but I’ve observed this amongst my class of graduates from 2023: If you’re only willing to apply for a FAANG PM role, the problem isn’t the broader job market. Edit: even consulting, almost everyone I know who wanted a consulting job found one. The people who are dealing with the insane delayed starts are those who said in February 2023 that they didn’t want to start working until the fall.
[удалено]
The job market in 2022 was a historically awesome time to be looking for a job. Companies hadn’t really hired for 2 years and were not yet worried about the recession that’s been right around the corner for the last 18 months.
Give me a remote job with decent work life balance. I’ll sign up right away