Tech Layoffs Erased the Dream Job for Gen Z Entering the Job Market

Happy V-Day (or Singles Awareness Day), reader — whatever you celebrate. I’m Diamond Naga Siu, and I’m just happy you’re here. <3

I’m also just happy to be at Insider. Writing a newsletter like this was actually beyond anything I ever imagined. While maybe I should dream bigger, keeping expectations low could also be a good thing — people shouldn’t dream of labor.

And that’s a wake up call for many Gen Z workers who once aspired to work in Big Tech. My colleague Aki Ito reported how the cold, widespread handling of layoffs have changed the rosy perception of these companies. It’s akin to how millennials viewed banking corporations during the 2008 recession.

I’ll probably spend this week reconsidering my dreams. But in the meantime, let’s hop into today’s tech, including Aki’s story.

P.S. We’re back to our usual look today. How did you feel about the design we tested last week? Let me know at [email protected].

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1. Gen Z says goodbye to dream tech jobs. The youngest generation of workers is entering a shaky tech industry. More than 100,000 jobs were slashed so far this year. And students are being encouraged to look at smaller companies or tech roles outside the tech industry.

• Several top-ranked engineering schools told my colleague Aki Ito that Big Tech companies have been noticeably absent at career fairs since September. Without these major tech employers, the competition becomes more fierce for the few open positions.
• Entry-level openings within the tech industry have dropped, according to new data. But they’ve shot up in the public sector and industries like construction.
• The same study found that current students have reprioritized what they look for in a job. Stability was a much higher priority than a big name. Aki breaks down the crumbling Gen Z dream-job and what that means for the tech industry.

Get the full, bleak outlook here.

In other news:

2. YouTube is quietly testing a new feature. A few YouTubers were given access to it, the company confirmed with Insider. It allows them to add multiple audio tracks in different languages to their videos. More on the multilingual update here.

3. Salesforce CEO needed a layoff detox. Marc Benioff shared that after laying off 10% of his company, he spent a 10-day digital detox in French Polynesia. He said the time was “freeing.” More on his tough life here.

4. Beyond ChatGPT: These seven AI apps help your productivity. One of them generates email responses. Another acts as your personal assistant. Check out the other AI apps that can help boost your productivity.

5. Twilio is slashing 17% of the company. Its CEO announced the layoffs on Monday, according to a leaked email shown to Insider. The job cuts come alongside a major company restructuring plan for the pandemic darling. Read more from the leaked memo here.

6. Why ChatGPT won’t replace writers (phew). Writers across industries have expressed concerns that the technology will replace their roles. But experts — and ChatGPT itself — all said that likely won’t happen due to the creativity limitations of technology. This is why writers are safe.

7. You ain’t got no work for me at Meta. The “year of efficiency” isn’t going so well at Facebook’s parent company, per a Financial Times report. Budget restrictions have reportedly hindered project approval, leaving many employees with nothing to do. More on the ideal work situation here.

8. This writer watched OnlyFans TV for two hours. My colleague Jyoti Mann watched the company’s new streaming platform OFTV for two hours. She was left underwhelmed by the not-NSFW videos. This was her experience.

Odds and ends:

9. These are the most reliable car companies. An annual vehicle dependability study reveals the most — and least — reliable car companies. Cadillac and Genesis are among the 15 most dependable companies. No driving required to check out the others here.

10. This is why we’re seeing more mysterious flying objects recently. After shooting down a Chinese spy balloon, the US Air Force has shot down more and more flying objects. The commander overseeing the operations told Insider why. Here’s his explanation.

What we’re watching today:

Curated by Diamond Naga Siu in San Diego. (Feedback or tips? Email [email protected] or tweet @diamondnagasiu) Edited by Matt Weinberger in New York (tweet @gamoid) and Hallam Bullock (tweet @hallam_bullock) in London.