Are tech companies strategically cost-cutting, perhaps in anticipation of a recession? It seems so, according to a recent (anonymous) survey of tech professionals by Blind.
Although Blind’s surveys aren’t the most scientific—it’s possible respondents don’t actually work for these companies—they nonetheless offer an interesting snapshot into tech-firm behavior. And this latest survey makes it clear that even some very big tech companies are tightening the proverbial belt: Nearly 94 percent of respondents who worked at Symantec, and 92 percent of those working at Intel, reported cost-cutting.
Meanwhile, some 90 percent of those at Oracle reported cost-cuts, along with 87 percent of those at Uber and 85 percent at Adobe. Contrast that to Amazon, where only 45 percent reported some cost-cutting (although to be fair, Amazon has a reputation of always fighting to keep internal expenses low), and Facebook, where only 36 percent saw evidence of budget readjustments.
Here’s the full list:
Uber, Oracle, and Cisco have all gone through layoffs recently, which puts their cost-cutting in greater context. These three companies in particular have wrestled with seismic changes in their respective sub-industries—Oracle and Cisco are rushing to embrace the cloud, while Uber is trying to figure out how its ride-sharing model can produce actual profits. Intel is likewise going through turbulent times.
These layoffs also show how tech professionals help each other out in times of trial. “A spreadsheet of laid-off Uber employees was circulated by tech employees and a list of job openings were crowdsourced for talented individuals who were ‘just unlucky to be in the wrong role or wrong location,’” Blind stated in a blog post accompanying the data. “On Blind, cases like this are not unusual. We see employees take action and show solidarity at times when companies decide to make major cutbacks.”
With talk of recession in the air, more companies could soon engage in cost-cutting. If you’re a tech professional who manages a budget, prepare for a potential conversation about what you can trim in the quarters ahead. No matter what your role, though, make sure to keep your network of contacts up-to-date and engaged.