The Absurdity of the Tech Layoffs
Companies want to keep their stock value up and you might suffer for it.
I have a personal interest in the current round of layoffs, my wife just got the axe from Microsoft after almost 12 loyal, very hard-working years with constant promotions and upward mobility. She, unfortunately, was in an area that was hard hit by declining sales. It’s not to say that her group wasn’t still very profitable and might do better in a year or two but Microsoft in its infinite wisdom has decided to destroy thousands of lives in the name of more profits.
Let’s rewind the tape here. During the Covid pandemic, FAANGMULA companies went on a crazy hiring spree reminiscent of the early 2000s tech bubble. Most large tech companies added tens of thousands of employees in a kind of arms race. Microsoft alone added 40,000 employees in 2022 alone. Does that seem sustainable? I blame these tech companies' stupidity for continually hiring at an unsustainable rate. Did they think the boom would continue indefinitely? The workers that are suffering are the very newly hired or the ones that have been around the longest and too expensive.
