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The recent trend of easy money and exorbitant valuations has stalled due to recent economic volatility. Understandably, many companies rode that wave as long as they could, but many prioritized growth over sustainability and good leadership. Layoffs continue to ripple through the tech ecosystem, so workers, both in this industry and elsewhere, are feeling the impact.
Laying off employees is virtually inevitable throughout a company’s lifecycle, but more can always be done to keep businesses afloat while maintaining morale. Strategies can include responsible budgetary decision-making, thoughtful and prudent responses to external pressures, and transparent dialogue with employees, to name a few. Such actions can help companies stay healthy, productive and profitable even as they navigate difficult waters.