Tech is simply maturing. It has had two major meltdowns at this point. The first one it was still getting it's footing. The second one accounts for bloat in an age where half the hiring was done during a pandemic that necessitated positions that are pretty much superfluous now. Zoom competitors, Virtual meetings, 3d environments - all the pandemic related initiatives that "brought people together" are over. We're moving back to the office, we're dropping DEI, migrating things to AI.
This is not the end of extremely large paychecks, but it's the end of potentially 30% of them.
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