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this post was submitted on 01 Mar 2024
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Now compare those numbers to how much they hired during Covid and it no longer looks that bleak.
They overhired like crazy, vacuuming up all the talent so smaller companies and competitors couldn't get any. Now the interest rates are up (no more 'free' money) and they have to cut the fat.
While you're not wrong, no company is calling it out like this. If I were to make a catastrophic hiring mistake, I'd probably be fired. The CEO's that looked at the pandemic, saw their profit rising, and decided "it's because we're so awesome, let's hire everyone" should bear the blame.
To take Amazon as an example, if you were to take how much they paid for MGM and on Rings of Power, Amazon could have paid salaries to everyone they let go for a full year. It's a dereliction of duty at leadership level, and the high stock price is the only reason they aren't out on the street.
Overhired and they were way to ambitious with their projections, so for the C Levels to unlock their full bonus they need to harvest skulls to meet their targets.
What do you mean over hiring during Covid cause I remember them laying people off at least in my country
All those companies still have more employees than they did before the pandemic: https://steve-taplin.medium.com/big-tech-employee-numbers-before-and-after-the-pandemic-tells-the-real-story-bc67779c3cc8
So including the recent firings they are more on a headcount level of 2021 or so.