For how long employers will keep on pushing employees to do overwork and continue not to do hiring by giving excuses that economy is bad, we can’t hire

I am currently working at an US based IT company in India. I was having conversation with one of the middle management guy about staff shortage and he clearly told me that top leadership informed him that company won't hire for now .. if people are overworked then they have to bear it ..if they don't like it that they are free to leave the org.