Most companies overhired and would have been punished if they didn't. Now they will be punished if they don't shrink. Public companies have to follow the market or their shareholders will slap them down. The real villain is the Federal Reserve, because their policies created a bubble.
We should also keep in mind that quite a lot of the people who are being laid off never would have had jobs if it wasn't for the massive hiring spree in the past few years.
The industry is not unraveling. It's just reeling from an economic bubble. Despite the layoffs few companies are shrinking back down to the size they were in 2020.
We should also keep in mind that quite a lot of the people who are being laid off never would have had jobs if it wasn't for the massive hiring spree in the past few years.
The industry is not unraveling. It's just reeling from an economic bubble. Despite the layoffs few companies are shrinking back down to the size they were in 2020.