Is imitation really the best form of flattery? Not when it comes to the tech industry. Copycat layoffs are more contagious than the common cold. Another 77,000 job cuts happened so far in 2023 and it’s not that they had to do it, they chose to do it.
Jeffrey Pfeffer, a distinguished professor at the Stanford Graduate School of Business, says, “Layoffs do not solve what is often the underlying problem, which is often an ineffective strategy, a loss of market share, or too little revenue. Layoffs are basically a bad decision.”
CEOs should just say no to pink slips.