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Tech jobs wreck – has reality finally set in?



It’s been a shocking 18 months for the tech sector, battered by higher interest rates which have impacted the ability of tech firms to raise cash. Now their staff are feeling it.

The AFR reports that Canva’s office in Surry Hills has gained recognition as one of the top workplaces in Australia, attracting an impressive 300,000 job applications annually.

In the past decade, the technology sector has been viewed as a paradise for workers. Various publications awarded accolades such as “best place to work” to companies in the sector, highlighting perks like office rock-climbing walls and well-being grants for employees.

Competition for talent reached unprecedented levels, and startup leaders often expressed frustration about the difficulty of finding skilled engineers.

Are the good times coming to an end?

The market began to shift as interest rates rose and investors became more stringent, demanding profitability and withholding fresh capital.

Initially, small startups began downsizing their workforce, and some had to make further cuts.

Now, larger companies are adopting more subtle cost-cutting measures by implementing performance management systems to identify underperformers.

Goodbye to perks

The year 2023 has proven to be significantly worse for layoffs in the technology sector compared to the previous year.

Tech giants such as Amazon, Meta (parent company of Facebook), Microsoft, Google, IBM, SAP, Salesforce, and numerous smaller companies have announced substantial job cuts, surpassing the cuts made last year.

The underlying issue stems from the fact that Big Tech companies aggressively hired during the pandemic.

The surge in remote work and increased e-commerce prompted a technology buying spree. However, these companies are now facing declining revenues.

While global IT spending is projected to increase in 2023, with notable growth in enterprise software and IT services, the overall rise is expected to be modest.

Market research firm Gartner indicates that data center systems and communications services are predicted to grow by less than 1%, while hardware sales are anticipated to decline.

Moreover, ongoing supply chain challenges, inflation, and the Ukrainian conflict are exerting a substantial impact on both business and consumer spending. These factors have raised concerns of a potential recession.

Ranking downgrade

Previously, employees could rely on a 95% likelihood of receiving an “outstanding” or “great” rating. However, the chances of being rated above average have now increased, while the number of individuals identified as below average has doubled.

This decision caused discontent among certain Atlassian employees, leading them to express their concerns on the company noticeboards, claiming that it jeopardized the friendly culture. On the other hand, some employees celebrated this change, stating that the new system would prevent highly paid colleagues from leaving work early in the afternoon without putting in sufficient effort.

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Diversifying and enhancing payment methods



American Express reveals Australian homeowner bill payment insights

In response to the growing trend of card and tap-and-go payments, organisations are adapting their systems to accommodate diverse payment options.

American Express recently conducted research shedding light on homeowner sentiments towards local councils, with a focus on Australian attitudes and behaviours related to bill payments.

Vice President and General Manager of Global merchant services at American Express, Robert Tedesco, provides his insights.

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Explosive growth and dominance of the audio industry



Global radio market hits staggering $143 billion valuation, cementing audio industry’s dominance

The audio industry continues to assert itself as a formidable force, with the 2023 global radio market reaching a substantial value of $143 billion.

The podcast market has surged to an impressive worth of $18.52 billion, showcasing a compound annual growth rate of 27.6%.

Tony Simmons, CEO and founder of Sonnant, discusses how the audio industry can be made even better.

Presented by VentureCrowd – To find out more about Conscious Investing, head to

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Nick Kyrgios shocks fans with surprise OnlyFans announcement



Tennis sensation Nick Kyrgios sent shockwaves through the sports and entertainment world today as he revealed a surprising career move.

The Australian athlete, known for his fiery on-court antics and charismatic personality, has announced his entry into the world of OnlyFans, a platform typically associated with adult content creators.

In an unexpected turn of events, Kyrgios took to social media to share the news with his followers. He stated, “I’ve always enjoyed pushing boundaries and breaking the mold. I’m excited to announce that I’ll be joining OnlyFans to share exclusive content and connect with my fans in a new way.”

The announcement has left fans and pundits alike wondering what kind of content Kyrgios will be sharing on the platform.

The decision has sparked a debate about the intersection of sports and social media, as well as the evolving landscape of content creation.

Some fans are eagerly anticipating behind-the-scenes glimpses of Kyrgios’s life, while others are questioning the potential impact on his professional tennis career.

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