Today, our cofounder and CEO Drew Houston shared the difficult news that we’ll be making reductions to our global workforce. Here's the email he sent to all employees.
Money was cheap, so most tech firms overhired throughout the 2010s and into the first few years of this decade. Now that rates are higher we are seeing a market correction to the actual required workforce for the industry. I feel bad for the millions of tech workers trained and produced by programs for the last 15-20 years who will need to retrain in a new industry.
Why the hell do they have so many employees in the first place? You don’t need so many people for the few products they offer.
Money was cheap, so most tech firms overhired throughout the 2010s and into the first few years of this decade. Now that rates are higher we are seeing a market correction to the actual required workforce for the industry. I feel bad for the millions of tech workers trained and produced by programs for the last 15-20 years who will need to retrain in a new industry.
The money people are demanding much higher returns, inflation spooked them, but the fact that it’s going down is no reason to not keep squeezing.