Tests tend to exist so that you can be rejected. Let's not kid ourselves - most of the time people hire based on feelings; and not only about you but also about how they feel at that specific moment.
Chance to reset salaries within the company without losing out much on the market (doing layoffs in a similar time frame with others will pretty much leave you with options when you all start hiring again)
Showing the whip to their remaining work force, as the power dynamic becoming even slightly more equal is unthinkable.
The way the article is written is a reorganisation almost, normally you are supposed to let your workers move into other roles, if they are willing. Not the same as reduction in force.
Your argument is flawed. Reactionary firing tends to be inefficient, but makes shareholders happy on the short term.
Should a company prioritise shareholder happiness over efficiency is the real question here. Their losses don’t originate from these employees nor initiatives; it originates from market conditions.
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Fintech and swinging for the fences is not a bad thing per se. As long as you aren’t an executive for a scam or something; I have never seen in my career experience being treated as a bad thing. Might perhaps get some added questions to get you, but it is also a unique selling point.
Crypto essentially allows you to make trust less systems with tokens, what those tokens mean or not depends on the situation. Writing that off as purely speculative isn’t necessarily fair. Utility tokens are a thing after all.
H1B is quite problematic in its design for sure, a sensible approach would be to determine the need for a certain job group / skill set and give people relatively long residence permits (i.e. 5 years) to come and build a life with the option to naturalise at the end. A skilled worker won’t change professions usually as that is a huge undertaking.
Instead you have company controlled visa structures where market swings can result in quite a bit of losses.
Almost anything can be seen as wage suppression, however creating a healthy market for both parties is much more important than some people significantly earning more at the expense of unfulfilled need.
Virtually all companies are struggling with the crisis. A ton of them are going under. It is only logical tech has a similar issue.
More than likely we'll end up seeing a reallocation of engineers across different sectors, most likely a bit more into traditional companies which should drive a good wave of digitalisation. The doom and gloom is unfounded.