I think the other thing you need to highlight is that during that rapid growth phase 2 years ago it meant building up teams. In tech it really became an job market where employees had lot of the power in negotiation which drove up the cost of labor to fill this surplus of openings. I worked at a company where team members were being offered 10k to 25k annual retention bonuses to not quit (if you want quit within a certain time you pay it back, but if you quit hopefully your new employer spots you a signing bonus to cover it). But with all of the factors you mentioned in this cool down, you end up with a problem that you now have too much staff, but also too expensive staff that you can't afford. Employees are definitely losing now with the layoffs, but for the ones that were able to make job moves and survive the layoffs, they're probably are doing much better because of it (at least from a compensation POV, not sure about anxiety worrying about being laid off next).