Over 30,000 tech workers have lost their jobs in the latest round of tech layoffs. Across industries, unemployment claims have reached an eight-month high.

Why should we care?
Layoffs are a regrettable feature of tech’s boom-bust economy, and generally involve cutting costs by culling entry-level positions, rather than reducing execs’ massive salaries. Other small fish are affected by tech’s bloated talent pool, though: Small businesses without VC backing are at a disadvantage, as they can’t match the competitive salaries tech companies offer candidates when competing with each other for talent. Having tech salaries match those of other industries could let SMBs leverage tech talent to digitize their businesses, and spur innovation outside VC-funded spaces expecting outsized returns on investment. Granted, this hinges upon Big Tech’s rough patch happening in isolation and not spurring panic across sectors. SMBs that seize current market gaps and deflated salaries caused by tech’s bloating can emerge as stronger businesses in the long run.