this post was submitted on 25 Jan 2024
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Why is it happening this week? Are we approaching end of financial year in the US or something?
All the companies that didn't want to do layoffs at Christmas
A lot of companies overhired during COVID, Trump basically turned the Federal Reserve into an unlimited money hack for banks and other companies, the tech sector is particularly sensitive to boom and bust cycles of mass hiring/layoffs every few years, there's been Fed rate hikes recently, and other factors. Your more conspiratorially minded would say it's a concerted effort to make people too afraid to unionize by making them think their jobs are in danger.
Some companies end their fiscal year at the end of January, i.e. FY23 ends January 31, 2024.