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They want to clean out the expensive, experienced people and bring in cheaper people. A tale as old as time. And if you’re waiting on the morals and ethics train to pull into large corporate structure station, remember that big companies are by and large only moral and ethical if it’s financially advantageous for them to be moral and ethical.
Were they client facing?
It’s simple, evil, capitalistic math. Lay off, then rehire immediately for the same roles at $25K less in salary than their predecessors who just got laid off.