TL;DR

Workday laying off 8.5% of its workforce signals a tech downturn. Overhiring during the pandemic now bites back as reality sets in, leaving thousands jobless.

Story

Workday, the HR software giant, is laying off 8.5% of its workforce. Not surprising. Bloated tech companies, fueled by cheap money and pandemic-era hype, are now facing reality. Like a Jenga tower built too high, the shaky foundation is giving way.

How it happened: ‣ Tech bloat: Companies overhired during rapid growth, assuming it would last forever. ‣ Market correction: Interest rate hikes make investors less willing to fund unprofitable growth. ‣ Workday’s specific case: Possibly overestimated demand for their product after pandemic-fueled digitization slowed down.

Impact: Thousands of workers suddenly jobless. Families disrupted. Collateral damage in the pursuit of “growth at all costs.” Remember Enron? The dot-com bubble? History doesn’t repeat itself, but it often rhymes.

Lessons:

• No job is truly “safe.” Even cushy tech roles are vulnerable to market forces.
• Diversify your income. Don’t put all your eggs in one employment basket.
• Healthy skepticism is key. Don’t fall for corporate PR about “family” and “values.”

Conclusion: This isn’t just about Workday. It’s a symptom of a larger problem: unsustainable growth chasing unrealistic expectations. Don’t be surprised if more tech giants follow suit. Prepare accordingly.

Advice

Don’t be fooled by corporate promises. Diversify, stay informed, and prepare for the downturn.

Source

https://www.reddit.com/r/wallstreetbets/comments/1ii8xu2/workday_nasdaqwday_letting_go_of_85_of_its/