The golden era of tech employment is officially over. For years, software engineers were treated like royalty—plush salaries, extravagant perks, and near-total job security. But in the last two years, the tides have turned. Layoffs are now ruthless, with companies like Meta openly calling them performance cuts rather than necessary downsizing. So what happened? In short, rising interest rates flipped investor priorities from growth-at-all-costs to profitability. This economic shift, rather than AI or COVID, is the real culprit behind tech's new reality. Companies are no longer willing to fund vanity projects or engineers’ pet initiatives—they’re narrowing focus on only what drives tangible business value. And those who resist the change? They're the first ones out the door. While the shift is painful, the author argues that at least now the rules are clear: "Providing value to the company gets you rewarded. Not providing value to the company gets you punished."

Key Points:

• Tech's Boom Years are Over – Software engineers were once spoiled with lavish perks, near-guaranteed job security, and booming salaries. That era has ended.
• Rising Interest Rates Are the Real Cause – The shift isn’t due to AI or COVID, but rather a fundamental economic change: interest rates climbed from near 0% to 5%, forcing investors to prioritize profitability over wild growth.
• Layoffs Have Become Brutally Candid – In 2023, companies offered generous severance and remorseful CEO statements. Now, layoffs—like Meta’s—are framed as performance cuts with little sympathy.
• Companies Are Sharpening Their Focus – During the 2010s, tech companies experimented freely; now, they’re laser-focused on initiatives that directly align with executive strategy.
• Engineer Expectations Need to Adjust – Software engineers who refuse to adapt—who still expect cushy, limitless funding for personal projects—risk becoming expendable.
• The Silver Lining? Clearer Expectations – The fantasy of tech being a utopian playground is gone, but at least the rules are now tangible: add measurable value, or risk being cut.

This shift may feel like a harsh wake-up call, but in some ways, it offers clarity. The industry is now grounded in economic reality, shedding the absurd excesses it once embraced. Whether that's good or bad depends on where you stand.
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