The natural conclusion is that jobs (at least in the US) are a type of labor market. There is push and pull on both sides. During the pandemic, the market heav

The natural conclusion is that jobs (at least in the US) are a type of labor market. There is push and pull on both sides. During the pandemic, the market heavily favored employees. The market now favors employers. The direction of the price of labor seems to have been more or less appropriate during each of these periods. On a personal level, I don’t have much sympathy for folks whose worst experience in a labor downturn is simply not getting an inflation adjustment — it’s about the mildest correction in defined labor costs/benefits that can happen to them. I don’t think these folks realize how close to having no job they and/or their current peers actually are — that would really suck. To the issue of whether MS should make this move or not (esp. given their financials), that’s a different issue. As I have mentioned elsewhere, I think that there will be quite a bit of quiet total comp boosts to favored folks — RSUs, retention bonuses, spot bonuses, promotions, “promotions” (e.g., different title, same job), etc. Salary curves are rarely smooth and unidirectional over the course of a career. Most folks, in fact, will have a very spiky salary curve. I think many folks who came into tech after 2009 or so just haven’t seen or experienced this spiky curve, and their limiter range of expectations is showing.