I think this is not too far wrong. I also think in addition that the really competitive job market of the last 2 years and the hiring they were doing inevitably resulted in some highly paid people who were not good fits or good at their jobs. I think that covid wage hikes and job competitiveness is doing a bit of reckoning now as there is finally enough data to evaluate performance relative to output.
OTOH, at non tech companies, all the research interviews and surveys I have done recently continue to show a talent shortage and fears of losing tech staff, so maybe it is just that Tech companies are saturated and have too much capital for their creativity.
I'm not doing interviews or surveys, but this also matches with my anecdotal experience with non-"tech" companies, who are all still starving for talent. I guess it makes sense, given that tech companies disproportionately pay in stock and tech companies were disproportionately highly-valued during the 2020-22 Covid weirdness.
>OTOH, at non tech companies, all the research interviews and surveys I have done recently continue to show a talent shortage and fears of losing tech staff
I wonder if any science fiction writer could have predicted silliness like Snapchat having fewer outages than serious government websites because Snapchat is better at hiring engineers. Tech hiring is so bizarre.
OTOH, at non tech companies, all the research interviews and surveys I have done recently continue to show a talent shortage and fears of losing tech staff, so maybe it is just that Tech companies are saturated and have too much capital for their creativity.