Right but that's after bloated hirings over COVID. It will be bad for few months obviously, but it's not like that will stay

Top tech companies and VC startups will take a lot longer than a few months to resume hiring. So even when the glut of supply passes there will still be lower demand for a while. Or at least lower demand at the higher TC levels.

And yet it is still very hard to find anyone with specialist skills it seems, at least in security.

Edit: to clarify; I'm mostly advocating people look at upgrading via specialty into areas where there's clear demand, not trying to undermine marcinzm's point.

That doesn’t tell the full story:

Are you paying market rate? What roles were you hiring for? How many top quality candidates applied for your position?

I run a very small startup, and I too was hiring, albeit prior to this market correction. Even then, there was a plethora of candidates, and while most did not meet the hiring bar, one did.

I never said we had no applicants (that at least passed the resume screen) but simply that we now got a lot more applicants.

Most people aren't saying that we're looking at a 2001 situation (hopefully) in which many people leave the industry and a fair number of mid-career people never really get back on track. But most people also don't think this is a momentary blip. 2023 at least is likely to see longer and more selective hiring cycles and downward pressure on compensation. To the original point, I'd hesitate to leave a comfortable position at the moment.

Heard, chef; which is why I was curious for more details.