In this New York Times article it’s announced that Yahoo is laying off 1000 people. It seems not even Yahoo is immune to the crashing economy. The layoffs are being blamed on a sharp decline in Q4 2007 profits and predictions of a challenging 2008.
This follows a time when tech jobs were plentiful. It seems like it was only months ago that finding good people was tricky. Candidates were hard to find and the people still out looking expected a lot of money, dotcom boom money. I suspect those tables have turned for everyone now. Budgets are getting tightened, new positions are drying up, people with jobs seem happy to hold onto them.
The last time this happened, when the dotcom bubble burst, I was lucky to be sitting high and dry on top of one of the best financial institutions out there. I guess I’m lucky to still be there. I must admit at times I wondered if a job at a more cutting edge company like Google or Yahoo might be a better career move, but on days like today, hearing news like this, I’m happy to have my day job at [insert giant bank name here].
I guess as we all get older we begin to recognize the cycles and trends that repeat themselves. When times are good it feels like they could last forever. When things turns bad we stop and wonder what happened. If you turn to look at the most experienced people they almost seem have expected it.
I guess the lesson to learn is simply to watch the tides, plan for lean years, avoid too much risk, and don’t get cocky kid. Thanks Han Solo. Unfortunately I don’t think that advice give the 1000 people leaving Yahoo any help.