The face of Big Tech is crumbling.

It’s a tough life.

This week, Amazon executives were excited to introduce several new hardware devices.

The mood behind the scene is less optimistic. As part of a broader effort to cut costs across Amazon, hiring in the appliance division has been cut significantly. Now, new hires may cancel their offers or choose a job elsewhere in the company, such as advertising, Protocol learned.

• Publicly, Amazon tried to strike a more optimistic tone: “Like all companies, we are constantly adjusting our hiring strategies. As part of this, we occasionally rework roles that we need to fill and offer similar roles to candidates who are waiting.
• Personally, they say the environment has clearly changed at the company with a focus on cost cutting.
• And Amazon isn’t alone. In tech, budget cuts are intensifying as companies brace for what has become a prolonged economic downturn.
• Meta is hiring, and Alphabet is doing the Google thing more than ever: killing projects. And in general, the industry is bleeding jobs. Most of the efforts, naturally, are aimed at improving cash flow, a renewed interest from investors after more than a decade of burnout.

A once impregnable fortress of technology is falling. And what’s crumbling is forcing employees to take a new look at their race. Employees are finding jobs they thought didn’t exist, popular benefits are being cut, and money that was once earmarked for retirement is now gone.

• It might be hard to remember what it was like before ping-pong tables in the office, but corporate life wasn’t always so glamorous. Yes, there were respectable amenities such as large cafeterias and exercise centers. But the workers weren’t getting massages, sleeping in pods or swigging kombucha from taps.
• Then Silicon Valley came along and changed the paradigm. The do-able, entrepreneurial spirit of the decade’s hottest LinkedIn exchange matches the enviable perks of making a career in tech.

Now industry leaders are left to wrestle with the beast they created. And after decades of crazy benefits, it’s surprising to them that their employees are pushing back against efforts to cut benefits.

• “We shouldn’t always equate fun with money,” Sundar Pichai now famously told his employees. Google is, ironically, the poster child for superior employee benefits: former human resource Laszlo Bock has written a book about it.

Tech workers of a certain level still hold a lot of power. But potential wealth in the industry has evaporated into one of the tried-and-true ways; Even in-demand techies will soon find it difficult to find work.

• The IPO market is mostly closed. As startups aim to save money for better market conditions, many will have to scale back the exorbitant amounts they used to keep away from places like Amazon and Google.
• And the big companies are becoming more hesitant about approving large compensation packages — unless they stop hiring altogether.

There will always be technology roles; For emerging technologies like machine learning, it’s probably increasing. But many in the industry, especially those early in their careers, have never experienced such a severe downturn in the market.

The side dishes that have helped make working in Big Tech a sustainable party are increasingly off the menu. For some, it may be time to take the leap to the back, more responsible, East Coast brother of technology: finance. Time to take off your clothes, Silicon Valley.

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