Yes. The causes are different but the effects will be similar.
Already open positions are being quietly withdrawn, people leaving are not backfilled, big projects are delayed or cancelled.
Then as customers start pulling back or failing themselves, layoffs begin. It's terrible for the people impacted and those left behind who are often called on to take up the slack.
My advice for anyone in the position of having to lay off staff: Be decent, help people move on, and do it early and do it all at once, not in uncertain "maybe things will turn around next quarter" waves which destroys trust.
Already open positions are being quietly withdrawn, people leaving are not backfilled, big projects are delayed or cancelled.
Then as customers start pulling back or failing themselves, layoffs begin. It's terrible for the people impacted and those left behind who are often called on to take up the slack.
My advice for anyone in the position of having to lay off staff: Be decent, help people move on, and do it early and do it all at once, not in uncertain "maybe things will turn around next quarter" waves which destroys trust.