Apple reportedly gave some engineers “special retention grants” worth over $200,000 in RSUs. Big Tech resorted to dishing out giant bonuses to retain talent.
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That translated into a golden era for software engineers, with the labor shortage driving up compensation by around 20%. Until recently, tech companies struggled to fill open roles.
The markets rallied Tuesday morning with some investors ready to “ buy the dip.” We aren’t anywhere close to dot-com territory yet, and a few notable bears warn that this recession could make the dot-com crash look rosy. Nasdaq still stands 80% higher than it did in March 2020. One final note before diving into the specifics: The magnitude of these shifts depends on how much worse things get from here. And with mounting anxiety around employment prospects, tech firms will face greater regulatory scrutiny over hiring practices. The crypto lobby will need to pay closer attention to the optics of policy prescriptions. Government subsidies will receive more scrutiny than ever. The tech policy environment is primed to undergo a fundamental shift - a vibe shift, if you will, only swap out the cig-smoking podcasters with Tesla-driving D.C. households are staring down bleak prospects: Their communities have been ravaged by opioids, home ownership is more elusive than ever and the remote-learning experiment deprived an entire generation of adequate socialization. The pandemic minted a new billionaire roughly every 26 hours, with most of that wealth emerging from the tech sector. Jeff Bezos, Mark Zuckerberg and Elon Musk all saw their wealth grow by tens of billions of dollars since March 2020. And by those standards, there’s no target more punchable than tech. The historic formula for addressing recession anger? Punch up.
Politicians will be eager to quell the frustration that comes with inflation, diminishing job prospects and plummeting portfolios - all of which are converging in the aftermath of a two-year lockdown that eroded public trust in the media, elected officials and the scientific establishment. That’s doubly true for a recession taking shape six months before midterms. Nothing disrupts policy agendas quite like a recession.
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