> I’m becoming more and more convinced that they’re preparing for a global recession.
I think it’s more like “we are trimming some of the aggressive hiring we did during COVID now that current revenues tell us that the online economy paradigm shift was not as large as we thought it may have been (but we were prepared for)”.
Many/most of these tech giants cuts still leave staffing levels at 2019 numbers or higher.
Plus many took advantage of this "chaos" to get rid of products they don't want to do anymore - my company did the same. It had very little to do with the global recession etc.
I don't get the panic mode some folks here seem to fall into pretty quickly, probably young/junior ones. Numbers alone do seem scary, but then you 1) put it into global count perspective, we never so far go above few % which ie in banking is simply a no-story, usual yearly culls, every effin' year, sometimes more than once. And 2) all of these greedy companies over-hired massively during covid (and we talk about tens of thousands of hires per giant), so now are shockingly trimming that swing that ended up differently than they wrongly predicted (thank god for that).
Once we will see trims going into 30% territory we can have a story. Now of course its pretty crappy if you are one of those affected, ie those 5%. If we are going to see serious employment issues in IT this is not yet it (and I see few reasons for that personally, but what do I know...)
I think it’s more like “we are trimming some of the aggressive hiring we did during COVID now that current revenues tell us that the online economy paradigm shift was not as large as we thought it may have been (but we were prepared for)”.
Many/most of these tech giants cuts still leave staffing levels at 2019 numbers or higher.