The real deal with tech hiring

Binance hire, Coinbase fires

Tech jobs may seem difficult or unstable, but that’s not exactly true. Just look at the crypto industry.

Binance lang announced large rental plan, with over 2,000 roles open for applications.

• Crypto’s having a rough, but Binance says WAGMI: “If we are in a crypto winter, we will leverage that. We will use that to the max,” said Changpeng Zhao of Binance.
• This is a great time to recruit talent from companies that make cuts. “Bull markets tend to care more about price while bear markets have more value-conscious teams that continue to build on the industry,” he added.

But then, Coinbase hired as well-until it didn’t. The company plans to triple its workforce in early May, just to announce a hiring freeze. And this week, Coinbase laid off 18% of its staff.

This firing tension exists in the broader industry. While there seems to be something new circle of layoffs almost every day, things are actually a bit more complicated.

• New tech job postings in April and May rose 21% over the same period last year, according to recruitment intelligence platform Datapeople.
• And what about layoffs? A hiring frenzy is likely to return to normal levels as companies look at profitability. “[They’re] correcting or right-sizing their employee base, ”Amit Bhatia of Datapeople told me.
• Those same companies may still be taking over while cutting some parts of their business that are no longer profitable, Bhatia said.

If you’re getting into an economic downturn, you’ll need to appeal to crazy workers who are worried about layoffs. But give it a year or more, Bhatia says, and the fears of layoff will go away.

– Sarah Roach (email | kaba)

Proptech was hit

Low mortgage interest rates have led to a scorching real estate market – and real estate tech companies have expanded accordingly. But now that interest rates have gone up, home sales are cooling, and those companies are feeling the freezing.

Compass and Redfin laid off hundreds of workers this week. Redfin laid off 470 employees, or about 8% of its workforce, while Compass laid off 450 employees, about 10% of its staff.

• Said Compass the layoffs were due to “clear signs of slowing economic growth.” Redfin CEO Glenn Kelman says falling demandhigh interest rates and the rapid drop in the price of its share put the company “by heck.”
• This is not the first sign of proptech turmoil. In November, Zillow announced it would cut 25% of its staff, or about 2,000 employees, when it closed its home buying business. Zillow Offers due to “unpredictable forecasting of house prices.”

The whiplash of the housing market is real. Low interest rates during the pandemic spurred home sales but also created an unsustainable bubbly market in cities like Austin and Los Angeles. High interest rates are now causing a drop in demand.

• Thirty year fixed mortgage interest rates have reached the average 5.23% this weekrose from 2.96% during this period last year.
• “With May’s demand of 17% less than expected, we don’t have enough work for our agents and support staff, and fewer sales are leaving us with less money for headquarters projects. , ”said Kelman of Redfin.

But the market may stabilize soon. Realtor.com forecasts that interest rates will rise slightly to 5.5% while house prices are expected to rise only 6.6%. Consumers who have waited for the competition to cool may finally be triggered-which means tech property companies may not be on their heels for long.

-Nat Rubio-Licht (email | kaba)

A MESSAGE FROM VERSAPAY

Less than half of executives (44%) see better communication with customers as a benefit of AR digitization. Meanwhile, 72% say their AR department is not customer -focused enough, indicating that executives understand the need for customer -focused AR departments, but they don’t know they can close the gap. that as part of their AR digitization project.

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People are talking

Former Netflix exec Joel Mier said the company’s plan changes might just help in a short time:

• “The bigger question is how they will affect the company’s brand in the long run.”

Said John Doerr made a mistake of supporting Fisker instead of Tesla back in the day:

• “I will not point any finger. I’ll just say, ‘We made a mistake.’ ”

Former Facebook chief Matt Perault said the political ad bans have hurt small campaigns:

• “It hurts challengers who may have no name recognition, trying to figure out: At 100 bucks, where can they get a good return on their investment?”

Ever wonder why Bill Gates isn’t interested in crypto or NFTs? He has some clear mind:

• “Obviously, expensive digital photos of monkeys will greatly improve the world.”

Makes moves

RIP Internet Explorer, which officially closed today after nearly three decades.

John McCauley is Calendly’s new CFO. McCauley was formerly head of Illumina, Seismic and ServiceNow.

Kip Larson was the first CTO of 8 minutes. Larson previously worked at Amazon Web Services and Convoy.

Stacey Cunningham is a new consultant at Uniswap Labs. He was formerly president of the New York Stock Exchange.

In other news

The dissolution of the union has consequences. Companies like Mapbox and Amazon have fought and suppressed unionization in the past, but those efforts have hurt relationships and culture in the long run.

Celsius brought in lawyers to the reorganization from Me Gump Strauss Hauer & Feld to look at financing options, sources told The Wall Street Journal.

Tech leaders see their net worth drop. Elon Musk lost more than $ 70 billion, Jeff Bezos’ net worth has fallen by about $ 65 billion and Mark Zuckerberg’s is nearly $ 65 billion this year.

Warner Bros. is looking for. Discovery cut off its global selling force of up to 30%. The company will begin offering buyouts to members of its U.S. ad sales team this week.

Microsoft is trying to add casual games in Teams. You’ll soon be able to play Solitaire, Connect 4, and Wordament with your co -workers instead of, you know, working.

Apple is a partner Major League Soccer to stream every single MLS game for 10 years. Some games will be available for free on the Apple TV app starting in 2023.

The House could pass a landmark Big Tech antitrust bill soon. Rep. David Cicilline, chair of the House antitrust subcommittee, said he was “confident” it would pass.

Your bonker news today: Amazon did not report any death and hospitalization of COVID -related workers in California’s OSHA division during a pandemic.

The most trusted tech brand

What are the similarities of Google, PayPal and WhatsApp? They are one of the most trusted brands in the world, according to a Morning Consult report released this morning. The United States, on the other hand, relies less on technology and more on CVS, The Weather Channel and Band-Aid. The only tech-adjacent brand to make the cut in the US is Visa.

A MESSAGE FROM VERSAPAY

A resounding 96% of respondents said something should be done with the digitization of their AR departments, but 60% agreed that their AR departments have not been prioritized by other departments for digitalization. . At a time when the importance of securing cash flow is higher than ever, many businesses are not putting enough focus on it.

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