Some of the biggest tech companies in the country have laid off thousands of workers in recent months, and there doesn’t seem to be an end in sight.
The continuous layoffs represent a massive fall from grace for Silicon Valley, which seemed on top of the world early last year,The industry, which saw rapid growth during the COVID-19 pandemic, is now feeling the impact of the broader economy.
The COVID-19 pandemic and the behaviors it cultivated, such as remote work and buying groceries online, prompted tech companies to hire rapidly and aggressively, Margaret O'Mara, a University of Washington professor, previously told Axios., which caused the economy to soften. Growth stalled from there.
That happened as people returned to pre-pandemic habits. The tech industry, had invested in the habits and behaviors it saw during the pandemic, suffered as a result. The "war for talent" during the boom period led to companies hiring too fast and spent too much in doing so, showing “sloppy” behavior, one recruiter told Axios.
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