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None of the large tech companies conducting layoffs have had their back against the wall. They are mostly just purging after their irrational pandemic hiring a
by anon7725 4y ago
None of the large tech companies conducting layoffs have had their back against the wall.
They are mostly just purging after their irrational pandemic hiring as well as doing galaxy-brained copycat layoffs. Isn’t it remarkable that “economic conditions” lead dozens of companies to need to cut the same 5-7% of staff?
- vivegi 4y agoI agree with you that the pandemic era hiring went off the rails. We don't hear any media mentioning The Great Resignation anymore. It is all just doom and gloom. Labor cost is the major cost driver for big-tech. They just decided to axe that because that is the quickest way for them to impact costs and conserve cash when revenues are expected to drop, stay flat, or at best grow very slowly. At best, they are right in their economic activity projection, it slows their revenue and profit growth (they will still be profitable). At worst, they are wrong about it and the revenue and profit growth is not slowed (a good problem for them to have) and they can just resume hiring. Regarding your comment on companies not necessarily having their back against the wall -- unfortunately, this is behavior is quite common. Companies don't have to be bleeding in their P&L to take layoff decisions.