Things are really getting brutal for technicians. Today, we grabbed the news that Cameo has laid off a quarter of its workforce, just the latest example of redundancies being spread through technology. Also today Business Insider reported that Meta Platforms introduced a freeze on rent until the end of this year (more on that from us here), while The Information revealed that Netflix is mastering its free approach to how much it pays people. Both stories follow Amazon’s startling revelation last week that there is now a surplus of staff in its warehouses. Technological labor can become a bigger market for the buyer than before.
And these examples may be the tip of the iceberg. Growing signs of economic tensions – Fed raised interest rates today with the largest amount in 20 years today – will probably force more companies in different parts of technology to reduce costs. The conclusions are interesting to consider. On the one hand, a softer labor market can weaken the hands of employee activists in large technology companies, those workers who in recent years have tried to dictate to their employers the types of products they should sell, to whom to sell and whether need to work again from the office.