Quoth some business professor from Stanford:
“The tech industry layoffs are basically an instance of social contagion, in which companies imitate what others are doing. If you look for reasons for why companies do layoffs, the reason is that everybody else is doing it. Layoffs are the result of imitative behavior and are not particularly evidence-based…Meta has plenty of money. These companies are all making money. They are doing it because other companies are doing it.”
This is so tremendously gross. And, like, on one level I shouldn't be surprised, because every labor decision is bullshit. Wages are bullshit with no inherent connection to profit or worth, benefits are bullshit with no inherent connection to profit or worth, working hours, hiring, training, blah blah blah. But, like, it's really pathetic that the people in charge haven't matured enough to overcome peer pressure. Bunch of fucking sociopathic children with too much money and time on their hands.
Link to the full interview: https://news.stanford.edu/2022/12/05/explains-recent-tech-layoffs-worried/