Tech layoffs should be a wakeup call for MBA/ finance types going into tech
Most people I'm seeing getting laid off at all the top tech firms(and there are a ton of layoffs) are backoffice type roles. Product managers, ops types, strategy roles, strategic finance, all the fake inflated title roles. Yes...those are backoffice.
They are not mass laying off software engineers like the other roles.
The hard truth is that unless you are actually technical and an engineer, you will always be the "support" team in tech who is first to go. Somehow every MBA cohort has deluded themselves into thinking being a product or strategic finance manager at Square is an important role. Ultimately you are just a Jira gatekeeper for the real decision makers/thinkers.
Yes I know ib is laying off too. But I really think the tech gravy train for non technical finance types is over.
This is not entirely true, and at best a very lazy generalization without understanding anything about the roles PM, SF or others play in tech firms.
1. Product Management (PM) is a fairly meaningful role in tech companies, and in some cases (particularly consumer facing tech) sometimes even more important than an engineer. So your advise is absolutely not true. In some cases, they out earn engineers, and yes while the market for them can be volatile, you absolutely need good PMs to drive the development and growth of products. Stripe is not going to stop launching features because the market is now down.
2. Strategic Finance: Since you raised this topic- if anything the importance of strategic finance has been elevated. The whole idea around growth for sake of growth (and at expense of growing super fast) has taken a backburner right now; there's real focus on margins and improving cash flows from businesses (making them EBITDA profitable at the least). If you have any idea about how tech firms are structured or the types of talent they are going for, you will know that strategic finance functions have far more internal visibility in last 12 months than they ever did in last 15 years.
If you are talking about correction in tech - sure. The comp figures based on RSUs/Options will go down. It has been long coming. But everything else you stated is broadly not true. In fact I'd argue with the recent corrections - if you find yourself in a role of a fairly high growth firm, now maybe the best time to leave (compared to last 5 years).
Describe PM in a way that doesn’t make it sound like a middleman e-mail job siphoning $$$ out of the system because coders are too autistic and beta to deal directly with senior management or customers
I mean this is true which is why they’re important. A lot of PMs manage products that are shitty and/or fringe and getting axed though vs. the PMs working on high priority products.
In what way is IB not an e-mail job siphoning off dollars…?
god holy fuck who cares about tech vs finance
Quo distinctio voluptatem mollitia eos. Nisi cupiditate magni voluptate voluptas sunt. Commodi sed aperiam eaque facilis rerum alias nulla ut. Minima ab provident autem assumenda.
Doloremque ipsam ut minima voluptatem est veniam qui. Consectetur repudiandae culpa sint beatae omnis tempore in. Enim placeat vitae maiores vel et quisquam rem. Doloremque iste quam ducimus dignissimos. Iste qui a qui porro quasi maxime nostrum.
See All Comments - 100% Free
WSO depends on everyone being able to pitch in when they know something. Unlock with your email and get bonus: 6 financial modeling lessons free ($199 value)
or Unlock with your social account...