I think a lot of the industry shake up will be to clear house of these people. At big tech companies it’s easier to hide, especially remotely, but slowly layoffs or PIP will come for some of them, and they will have a harder time getting a job than the rest. I just hope the layoffs can affect the management layer like the IC later, because I’ve seen the growth of pretty crappy management.
I was recently laid off, and I know a few other people laid off. I have years of doing projects and contributing to OSS and being a technically curious learner. I found a new job much faster than my peers who admittedly joined tech for the money and don’t care to learn or grow beyond their next pay raise.
I will echo the preparation thing though. I started saving an extra few months of salary across 2022, and tried to convince my partner to lower spending for a while.