The problem I have with some layoff articles like this, is that they ascribe mass hiring during the pandemic to a CEO or single 'throat to choke'.
My experience is hiring decisions are primarily political in nature. Head of a team and salary/revenue ratios are solid? Better make a convincing but ultimately flimsy business case to get more heads. Otherwise, your fellow empire builder in another department will be more than happy to take that headcount. Multiply this by a few hundred teams and you see the magnitude of the problem.
Once you've played the game, grown your team with no real appreciation of thinking like an owner, you can ruthlessly mow down 10 percent of your team or seek that new role while Rome begins to burn.
My experience is hiring decisions are primarily political in nature. Head of a team and salary/revenue ratios are solid? Better make a convincing but ultimately flimsy business case to get more heads. Otherwise, your fellow empire builder in another department will be more than happy to take that headcount. Multiply this by a few hundred teams and you see the magnitude of the problem.
Once you've played the game, grown your team with no real appreciation of thinking like an owner, you can ruthlessly mow down 10 percent of your team or seek that new role while Rome begins to burn.