Many companies are also way overstaffed, IME (thinking non-software/"tech" F500s here)
Having worked as a consultant with various F500 companies over the last few years, there's loads of people that do very little work, and much of the work is low value--myself included; I make no claims I'm above any of this.
I've encountered countless project managers that do nothing other than move Jira tickets around.
Me: "Hey I'm blocked, can you get me in contact with $TEAM that owns this stuff"
PM: "Uh no, ask $PERSON"
How many of this person does any company need?
Even developers--I've worked with loads that take a week to set up some Angular project or cloud resources, and the even darker part of all of that is the whole project is destined to fail, cause the sales org sold em on some "modernization" thing that'll never get off the ground, that they don't have the staff to maintain, and they don't have the organizational will or discipline to integrate.
I've been on countless projects like this, there's piles of excess people doing low value (or no) work at all, saved only from unemployment by the sheer complexity of byzantine, bureaucratic organizations.