Don't think that once this round is over there'll be no more cuts. The economy is going downhill every day. The worst is yet to come and with that will come more cuts. I don't mean to fearmonger, but please don't become complacent and stop looking for alternatives once you think this is over. Always be prepared.
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I spent 11 years at PP and this is a yearly event no matter what gets reported in the MSM. If you don't have the stomach for this once a year and sometimes twice a year "will it be me this time" fear don't join this company.
Layoffs are broadly happening at tech companies at this time - It's complicated. It's not just PayPal. Contributing factors include monetary policy, interest rates, money supply, over or under supply of goods, an economy that's running a tad too hot ....etc. Board of Governors of the Federal Reserve System voted unanimously to approve a 1/4 percentage point increase in the primary credit rate to 4.75 percent, effective February 2, 2023. It's complicated. Study up on the U.S. economy in the 1970s and 1980s (the Fed prime rate hit 20% by the end of 1980). This probably won't be your first rodeo. So saddle up and stay mindful of being ready for the next one. Since the Great Depression of the 1930s, there have been more than a baker's dozen recessions (14ish) and many more before that. Just a bit of historical background to keep now in perspective and augment future planning to ride those hills and valleys.
it will continue until Elliott and big investors make some money out of this sinking boat despite stakeholder capitalism and financial democratisation bs
https://www.telegraph.co.uk/business/2023/02/01/paypal-boss-calls-compassion-sacks-2000-staff/
It's always a good idea to be prepared but also if you look at PayPal's employee numbers this is essentially putting them back to where they were pre-Covid, it seems to be the trend with other tech companies as well.
actually twice in one year time period. And as the Biden/ fed economy continues to tank more layoffs will continue to happen. The Fed wants a recession to stop the inflation. Two ways to do that make people loose jobs so they cant buy things and that lowers prices or stop printing money which hurts the big guys, the FED choose the big guys.
well, specifically on PP this is happening every year...so doesnt feel like a news, sadly!!