Tech will always need talent to thrive, which means the current industry job cuts, while improving margins and reducing cash burn, can pose a threat to innovation.
Companies realise this and appear to be more sophisticated in the current rounds of hiring and firing, with recruitment freezes instead, in some cases, and selective hiring.
Lex says this also follows an epic Big Tech binge of hiring. Between the first quarter of 2020 and 2022, Amazon’s workforce nearly doubled to 1.6mn. Headcount at Facebook’s parent company Meta rose more than 60 per cent to over 77,800. Alphabet’s employee base increased by a third.
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