I honestly think the continued layoffs in tech are not AI replacing programmers - it's a correction from years of overhiring. I interviewed someone that was a Dir of E at Twitter and they told me that a HUNDRED people worked on their mobile app. That's just not necessary.
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Usually codebases reflect organisational structures. I wonder how all those codebases going to revert to pre-overhiring mode :)
LivingSocial famously just hired every Ruby person around, and it was total chaos. No plans, just hire.
But at that time, it wasn't just a status symbol, it was a way to demonstrate to investors that the business had the "capacity for work."
I.e. if a big project were funded to build something innovative, the business was ready with staff to implement it.
In fact, a shift happened around 2022, when Wall Street suddenly emphasized "revenue per employee" as their go-to metric for company health.