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Not really surprising. This is done by a lot of companies, usually to reduce higher paying employees, retirees, and performance issues and then rehire at a lower costs to even out forecasts.
My company was actively doing this

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Yep likely the issue. When your budget and forecasts no longer are the way they were 2 years ago, something gotta give.

They're also hiring heavily outside of the US, and I expect they will continue to do so.

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