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Layoffs alone won’t solve tech’s problems

By Parmy Olson

07 Feb 2023 · 4 min read

Editor's Note

Cutting costs inside their "sprawling bureaucracies" won't turn around the fortunes of Big Tech firms, writes FT tech columnist Parmy Olson. Rather, Silicon Valley needs to become innovative again.

The world's largest tech companies are promising across the board to spend less, new territory for an industry that thrives on perks. Already last year, Facebook parent Meta Platforms shut down its laundry service for staff, and in January of this year, Alphabet's Google included more than 30 massage therapists in its first big round of layoffs.

Tech giants are tightening up on fringe benefits and showing their talent the door. But there is still more to do.

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