When much of human activity moved online during the height of the pandemic, tech companies were thriving. Call it the COVID tech bubble. Now we’ve hit the COVID tech bust.
By the second half of 2022, tech companies had initiated significant layoffs — something that had followed an extended period of frenzied tech hiring and attention to employee experience. Standard explanations for the cuts were that companies hired too many during the pandemic and they were looking at the specter of a recession in the months ahead. It sounds a lot like the dot-com boom and bust of yore. Not all companies are impacted equally. It’s the ones that hired at an accelerated rate during the boom that seem to be hitting the brakes right now.
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