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Why are all these companies hiring so much? Why are people quitting and where are they going? 😂

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Musical chairs

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Companies are paying more for external hires than internal promotions so like McK1 said, it’s basically a giant game of musical chairs of people hopping from one firm to another, creating an opening the firm now has to fill by hiring someone else, continuing the perpetual cycle

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It's always been this way. Companies bank on people being too afraid to jump (or just logically staying for network, upcoming promo, etc) which allows them to pay less. They pay the new experienced hires with a % of the money saved on their current employees. If companies can dealt with that constant level of churn that's fine but now we are seeing an extreme version. Some companies are giving multiple, big, and/or off cycle raises to try and stop the bleeding on retention. It's fun to watch but it's also one of the things driving inflation right now

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