That is assuming everyone contributes in a meaningful way. That might not be the case for various reasons: - Incompetence / lazyness - You feel productive, but you impact is actually really low ("I am preparing an alignment meeting") - You are working on a product / component that generates little to no revenue/interest (Hello "metaverse" team from Facebook) - Your skill are not highly required at the moment and don't seem to be required in a short/mid term; someone else surely needs you more.

Sometimes, doing more is not necessarily the right thing. 37 signals is famously known to have far enough revenues to hire a ton of guys and probably launch many new products. Yet, they choose to remain at a fixed headcount for now and return the profits to their shareholders. They do not hesitate to let people / fire them if they feel the need to despite their profits. Why can't Shopify follow the same strategy; albeit at a different headcount ?