The news: After two years of booming business for tech and media, the industries are now facing a wave of cost-cutting measures like layoffs and shutdowns that signal a focus on profitability, but could harm companies’ reputation with prospective employees in an already-tight labor market.
How we got here: Increased screen time and ecommerce spending during the early days of the pandemic brought a boom to many tech companies that drove them to rapidly add staff to keep up with demand.
The employer branding problem: The market may be pushing companies to cut costs, but employer-employee relations are no longer a matter of internal concern and play a part in both a company’s ability to attract top talent and its public-facing image.
The big takeaway: Changing economics means companies are paying more attention to their bottom lines, but large layoffs and shutdowns of new ventures could make it harder for them to attract talent in the future.
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