COVID-19 leads to job burnout, technology giants encounter employee turnover

0
90

Tencent technology news on August 7, the combined action of various factors is leading ordinary employees of large technology companies to give up their dream jobs a decade ago and turn to start-ups and newly listed companies in search of potential wealth. Many people call this trend “turnover tide”.
Like attracting more employees from old technology giants such as IBM a decade ago, a new generation of start-ups that have received a lot of cash from venture capitalists and Wall Street are targeting employees of apple, Google’s parent company, alphabet, Amazon, Facebook and other companies.
More than a dozen employees of large technology companies interviewed recently said that they were attracted by the potential of initial public offerings (IPOs), the opportunity to make a sensation in smaller companies and getting rid of the sense of shame of working in some technology giants.
Raymond endres, chief technology officer of airtable, a low code application building platform, said: “more and more people choose to leave large technology companies. If there is any difference, it is that the epidemic has delayed their decision-making. ”
Enderez worked for Facebook for ten years and left in mid May. He recently served as vice president of engineering for Facebook messenger. “Now is a good time to leave. There are a lot of funds, competition and great opportunities,” he said
Many employees who recently left large technology companies call this trend a “turnover wave”, which they attribute to job burnout caused by the epidemic. This may be a common problem. Microsoft research found that 41% of employees around the world are considering leaving this year.
According to the data of the industry organization CompTIA, in the field of science and technology, about one-third of the more than 2800 information technology professionals said they planned to find new jobs in the next few months. In June, employers announced more than 365000 IT job vacancies, the highest monthly total since September 2019.
Adam Galinsky, a professor at Columbia University’s business school, said that a variety of factors had led to the “turnover tide of large technology companies”. Employees of large technology employers are considering job hopping to smaller companies because job burnout caused by the epidemic has forced many people to reassess their jobs and seek more control.
At the same time, these employees are resisting the new rule of being forced to return to the huge campus office at least twice a week. In addition, working in a huge bureaucracy with slow change and fierce external criticism also gives them a sense of frustration.
Ran mokady recently left Amazon, where he served as general manager of Alexa department and became chief product officer of innovation robotics, an AI and robotics start-up dedicated to the elderly.
Mocati said: “I am attracted by the mission of intuition robotics, that is, to get up every morning and make people’s lives better. After being bored at home for a year, the epidemic has made me reassess a lot of things. ”
According to Dealogic, so far this year, 84 companies in the United States have conducted IPOs with a fund-raising scale of US $50.4 billion, compared with 65 in 2020 with a fund-raising scale of US $38.7 billion. In the white hot IPO market of technology companies, potential employees can soon earn huge wealth and have a greater impact. In July alone, at least 30 companies went public.
Kelly Soderlund resigned from software giant sap in December 2020 and joined tripactions, a travel management company. “IPO activities raise a lot of money, and ordinary employees rarely have the opportunity to hold such an important position,” she said. This is an interesting turning point in the market. ”
Venture capital is also at a record high. Pitchbook said this year is expected to be “the best year so far” for venture capital companies. As of June, $150 billion had been raised in about 7000 transactions, up from a record $164.3 billion in 12362 transactions last year. In the second quarter, nearly 200 large transactions of US $100 million or more were completed, bringing the total scale of 385 such transactions this year to US $85.5 billion.
Renchu song, engineering manager of tigergraph, left Facebook last year, but came back soon. “Working in a start-up company, you can build more contacts with employees and things will go faster,” he said in an interview Tiger graph also hired former Google employees and plans to increase the number of employees from 90 to about 300 this year.
Representatives of apple, Amazon, Facebook and Google did not respond to emails seeking comment, and Microsoft referred to its previous workplace survey.
Sometimes employees come in droves from another company. Let’s look at freshly, a subsidiary of Nestl é. Since January, six executives have come from Amazon, including chief commercialization officer, senior vice president of brands and partners and chief Innovation Officer.
Anna Fabrega, the newly appointed chief commercialization officer, said when talking about her 10-year experience in the e-commerce giant: “I thought I would work at Amazon all my life, but this is a huge opportunity. I can have a greater impact on the development track of the company. Frankly, this is more difficult to do in Amazon. ”
Many people mentioned that after years of large-scale growth, large technology companies now have a greater opportunity to make an impact in a smaller company. Last November, pat McQueen left salesforce.com after 17 years in office to lead the operation and sales engineering of copado, a startup in the development tool market.

“I have the opportunity to develop strategies in copado rather than implement others’ strategies,” McQueen said. I think copado is on the way to becoming the next unicorn. This is very exciting. “( Tencent Technology (reviser / Jinlu)