Big Tech for the past 10+ years hasn't really had to answer the question, what is the *exact* amount of labor needed to do whatever it is we're doing? Instead, they've over-hired and over-paid. Now that's coming home to roost.
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Over hired - yes. Overpaid - I think that’s debatable and in *most* case, far more market driven (not talking about 100M signing bonus “AI genius” hires…)
Debatable for sure. It's always a tough thing in any reasonably free-market environment to say XYZ job "should" be earning more or less than the current market rate.
As someone who's on the "S" quadrant of STEM, I've always looked at Tech with a bit of bemusement, and admittedly some envy. Scientists in general don't get workplaces with Kombucha on Tap and family-supporting salaries in super-expensive Metro areas like SF...