Tech is a cost center (in most cases) not a revenue center so despite us being an invaluable resource, IT jobs are generally the first cut when investors need to be paid
I wonder if it isn't a symptom of things going from high competition environment between new internet services and older stuff like cable to more established systems of revenue which don't have as much incentive to compete for workers or market share. So maybe that's the end result of approaching monopoly.
They overhired during the pandemic adding to already bloated teams which could be made cost efficient during low prime-rate times. The tech job market is correcting back to proper levels. Schools and programs churning out new tech workers are contributing to this massively over populated job space.
Literally downvoted for the truth about the cuts. They're still above 2020 head counts.
However, there is still a huge shortage of tech workers. Just because huge companies do layoffs doesn't mean the overall hiring demand is down. Those handful of companies aren't the entire economy.
Except the overall hiring demand IS down and it has been since December.
You know it's bad when across the globe, IT systems administrators aren't even getting hit up by RECRUITERS.
In the U.S. at least, it's been a continually "in demand" field since we recovered from the U.S. housing market crash of '08-'09... right up until before the New Year.
Now I'm hearing the same thing from people in the field worldwide and that is that there's been an uncharacteristic hiring stall in a historically consistent field of IT infrastructure.
The same is supposedly true in other portions of infrastructure as well, likely because companies still view infrastructure as a cost center instead of a force multiplier.
It remains to be seen if the hiring silence will extend to full stack devs/programmers if this heavy layoff follow the leader garbage goes on much longer, but if it hits "revenue generator" departments, I'm afraid we'll start to see other companies tech stacks failing like Twitter's current functionality has.
Greed
Holy fuckballs. The economic illiteracy in this thread is shocking. We need civics and economics taught in highschool.
Blame AI and share prices.
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