Nearly 25,000 tech workers were laid off in the first weeks of 2024. Why is that?::undefined

  • Evotech@lemmy.worldEnglish
    26·
    10 months ago

    There was massive over hiring near the end of covid. So now they are shedding again.

    Everyone is cutting headcount, so everyone else is following along. Thinking this must be good we stay competitive.

    It’s a pretty US focused issue though, as in European countries you can’t just fire someone like that. There’s definitely more cautious hiring though.

    • flamingo_pinyata@sopuli.xyzEnglish
      10·
      10 months ago

      There was also a certain level of “denial of talent” competition among the tech giants. Hire any vaguely competent people event if practically useless so the competition doesn’t get them. It works only if you have infinite money (as in 0 interest rates) which is not the case any more.