The presumption that RTO is driving the wave of 'we need to be profitable' is myopic. The article rightly attributes it to financial liquidity. RTO is more expensive for most companies than remote which is often overlooked.
Now that that liquidity is lower, companies are incentivized to cut back excess they created. In many cases they aren't capable of actually determining value by employee, so most of these layoffs are impacting hard working and often critical employees (aka not coasters) that then struggle to find new jobs because both the market conditions and idiotic assumptions about these layoffs actually being performance related.
The performance narrative is literally to reduce the cost of regular layoffs which they now do almost yearly to attempt to inflate stock prices at key times, while not admitting that a fairly significant portion end up being hired back over the next 12 months (boomerangs lmao) to fill the critical holes they created.
The hype in the industry and the shit outcomes aren't the fault of employees but bad leadership and executives caring more about short term profit through deceptive marketing than creating value. And that's why as an employee creating value for a company is no longer enough to justify job security. If you care about value and not profit or margins than you are a coaster these days.
There will be more busts, but the narrative that coasters or entitled employees have anything to do with it is bunk.
Now that that liquidity is lower, companies are incentivized to cut back excess they created. In many cases they aren't capable of actually determining value by employee, so most of these layoffs are impacting hard working and often critical employees (aka not coasters) that then struggle to find new jobs because both the market conditions and idiotic assumptions about these layoffs actually being performance related.
The performance narrative is literally to reduce the cost of regular layoffs which they now do almost yearly to attempt to inflate stock prices at key times, while not admitting that a fairly significant portion end up being hired back over the next 12 months (boomerangs lmao) to fill the critical holes they created.
The hype in the industry and the shit outcomes aren't the fault of employees but bad leadership and executives caring more about short term profit through deceptive marketing than creating value. And that's why as an employee creating value for a company is no longer enough to justify job security. If you care about value and not profit or margins than you are a coaster these days.
There will be more busts, but the narrative that coasters or entitled employees have anything to do with it is bunk.