Technology
This is the official technology community of Lemmy.ml for all news related to creation and use of technology, and to facilitate civil, meaningful discussion around it.
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This isn't about dev salaries at all. It's about cheap investment money, you got huge amounts of funds with a very low interest rate.
Now the interest rates are up, money lending is no longer cheap. Suddenly all those companies actually need a profit to run, which they don't have.
Google has literally been reporting billions of net profit every quarter.
This is about appeasing shareholders. The capitalist class hates that tech employees have been able to command decent salaries and has been striving to push back for a while now.
Google only made $1,586,880 per employee in 2022, how could they possibly sustain lavish salaries?
Won't someone think of the shareholders?