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Stepping back from any emotional assessment, the growth of these businesses was not commensurate with the hiring. You can look at both the financial reporting
by trilobyte 4y ago
Stepping back from any emotional assessment, the growth of these businesses was not commensurate with the hiring. You can look at both the financial reporting and the economic indicators from that period and a reasonable measure of growth was warranted but not at the level these companies [edited from "comments"] hired at. It was more of an irrational tragedy of the commons, where companies were hiring because they were afraid of losing access to talent due to other company's hiring. It was not rational through the lens of business growth.
- colinmorelli 4y agoThis is an interesting take, and on the surface I'd buy this. I think the assessment from many companies was "we're hiring because of where the world is clearly going" (ecom sustains a 20% lift overnight, healthcare sees a 37x increase in telemedicine use, etc), but perhaps a lot of this was just "we want the talent because other people want the talent." I'll definitely dig into this take further!
- trilobyte 4y agoJust saw this today and it bears out this out a bit more: https://news.ycombinator.com/item?id=34740322 https://news.ycombinator.com/item?id=34740322 Those companies expected a major societal event to become the new normal without strong data to support it, and chased growth that was not going to be sustained.