this post was submitted on 27 Feb 2024
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What's up with all the layoffs in the technology sector, especially in the gaming industry? (lemmy.world)
submitted 8 months ago by ComicalMayhem@lemmy.world to c/outoftheloop@lemmy.world
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Sony announced a ton of layoffs recently, at the same time they announced they will not be releasing any major titles until 2025. Don't they need staff to make stuff? doesn't every company? Why all the sudden layoffs, it just doesn't make sense to me, what am I missing?

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[โ€“] eksb@programming.dev 95 points 8 months ago (1 children)

Salaries for tech workers went up due to supply and demand, and it started cutting into billionaire's yacht money. So they fired a bunch of people (and used that money to increase executive compensation), which pushes salaries down, so in a year when they need to hire more people, they can hire at a lower rate, and then give themselves bonuses for being so smart.

Unionize.