Employees stopped leaving?

One of the more interesting comments on the current layoffs and ‘overhiring’ at the larger technology companies comes from Ben Thompson at Stratechery (paid newsletter). The companies weren’t adding new staff that much faster, but what happened was that their current employees were not leaving at the same pace as before.

The chain of events becoming: new intake as planned, much higher retention of employees, resulting in a higher number of total employees and higher costs than planned, leading to layoffs.

At an initial glance it is a theory that makes sense to me.

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