Last week, President Biden signed into law the Inflation Reduction Act (IRA, P.L. 117-169), a spending bill that includes $300 billion in energy and climate reforms and the ability for the U.S. health secretary to negotiate Medicare drug prices.
Recent reports tell us that some 32,000 tech industry workers were laid off in the last year, mainly from large companies such as Tesla, Coinbase, TikTok, Twitter and others. Is this bad news for the U.S. tech sector? Probably not. It’s more likely to be good news, both for the employees who end up taking new jobs and for the true drivers of innovation in America—small and medium businesses (SMBs).
Much analysis has come to surface regarding the impetus behind what many have called “the great resignation,” with some concluding that the pandemic is primarily at fault. However, commentary has been slim regarding what businesses should do to prevent critical workers from leaving their team moving forward.