According to them, we’re in a market bubble due to “the great resignation.” And they don’t want to give any sort of bonuses or raises because the bubble will eventually pop and they “don’t want to lay people off.”
They’re not hiring, in fact they’re not even posting job openings anymore to replace the people that have left (because those who are qualified and we’ve extended job offers to have rejected the pay and go somewhere else).
The work isn’t bad, but the pay is below the 10th percentile in IT. It’s good enough to live and plan for retirement, but it’s just not competitive and we’re constantly short staffed. Half of our staff got poached over the last year (2 of our 3 senior workers), and the company is happy to fill the gaps with freelancers and contractors (which cost double what a full time employee costs, and require significant supervision).
At this point it’s clear they’re just going to downsize and hire contractors until all that’s left is managers. Just sad to watch while interviewing for other jobs.