https://news.crunchbase.com/startups/tech-layoffs/
I just want to let everyone know the real reason for these massive tech industry layoffs and what to do about it.
The pandemic drove wages way up as companies scrambled to hire to meet demand. Now, those wages need a reset. So, since companies always need to be “competitive” in the market, the only way to drive wages down is a massive layoff.
Now, the market is flooded with highly qualified, skilled employees that will take just about anything in order to be employed. Companies will capitalize on this “disaster” of their combined creation, and “hire back” these workers at much lower wages, and then begin the slow increase for cost of living etc.
This drives wages down across the market, and begins the “commoditization” of the skilled IT labor market. This is what this is all about.