Are Tech Workers Embracing a New Era After Mass Layoffs?

The Changing Tides of Internet Giants: From Elite to Evolving

The internet industry in China, once synonymous with soaring salaries and "elite" talent, seems to be undergoing a shift. As layoffs and salary cuts become more common, the narrative around these tech giants is changing.

Last year, I saw firsthand how this trend was playing out. A close friend almost joined Meituan but ultimately backed out due to a significantly lower-than-expected compensation package. Many other companies with similar profiles, including Tencent, Alibaba, and ByteDance, are also experiencing this shift. While their teams once boasted a high concentration of investment banking, consulting, or entrepreneurial backgrounds, the narrative is evolving.

One insider, a former employee from a top tech firm with a finance background, summed it up perfectly: "My company simply doesn't have the money to keep these expensive talents anymore."

This isn't to say that elite talent will disappear entirely from the internet industry. After all, joining a large tech company remains an attractive option for many high-achievers. However, the "elitism" within these companies will undoubtedly be toned down. The days of extravagant perks and lavish offices might be fading as companies prioritize cost efficiency.

This shift could lead to a decline in jargon-heavy communication ("大厂黑话") and even a resurgence of a more practical, less pretentious work environment ("土鳖气息").

However, it's crucial to remember that the internet industry will never revert to its "low-key" past. Its size and impact on society are simply too significant.

A Comparison:

While the internet industry, along with financial institutions (mainly investment banks/hedge funds and asset management companies) and high-end multinational corporations, attract a large number of highly educated white-collar workers seeking career success, they differ significantly:

• Financial institutions and high-end multinational corporations: These are relatively closed ecosystems with limited employee numbers and slower business evolution.
• Internet giants: Open, dynamic, and rapidly evolving environments with much larger workforces.

Perhaps we can draw a loose parallel between these sectors and "Old Money" and "New Money." Financial institutions and MNCs resemble the established wealth of previous generations, while internet giants embody the dynamism and entrepreneurial spirit of newer forms of prosperity.

In this context, even amidst slowing growth and potential layoffs, employees in the internet industry display greater proactivity and adaptability. This isn't necessarily "involution" – the relentless pursuit of success within predefined boundaries. Instead, it reflects a genuine desire to explore different paths and define their own futures. Many former employees from these giants are pioneers who actively reject involution.

The self-deprecating humor often heard amongst tech workers ("有厂味儿," "陷入了大厂的虚荣陷阱") is a testament to their openness and pragmatism. Their focus on professional achievements isn't as deeply entrenched as those in finance or MNCs, and their approach towards the future remains remarkably flexible.

Even those who express a desire to "lie flat" (躺平) often exude an energy and vibrancy that defies cynicism. Perhaps this is simply my limited perspective, but this sense of hopefulness – this constant drive for innovation and exploration – is what makes the internet industry so captivating. This is why I continue to encourage young people to consider a career in this dynamic field, regardless of whether they are currently employed or not.