My theory is that covid imparted a large amount of mental and emotional strain on the population at large, leading workers to contemplate big life changes, i.e. grass is greener effect.
However, not all workers share the same lateral mobility. In tech it’s easy to reinvent yourself, to work remotely, and to change your industry. It’s also a high paying industry, so many people are financially situated to quit.
So you have two catalysts, 1) covid imparts the equivalent of a mass mid life crisis, and 2) employees in tech wield a lot of power. I hypothesize that these events combined and formed a feedback loop of employees quitting, driven by big raises granted precisely by the staffing issues caused by the quitting. The more turnover, the more desperate companies became to not be left without butts in seats when the music stops.
However, not all workers share the same lateral mobility. In tech it’s easy to reinvent yourself, to work remotely, and to change your industry. It’s also a high paying industry, so many people are financially situated to quit.
So you have two catalysts, 1) covid imparts the equivalent of a mass mid life crisis, and 2) employees in tech wield a lot of power. I hypothesize that these events combined and formed a feedback loop of employees quitting, driven by big raises granted precisely by the staffing issues caused by the quitting. The more turnover, the more desperate companies became to not be left without butts in seats when the music stops.