Based on what I’ve seen, that seems to be how it’s always gone within an individual business (and also not exclusive to tech). Maybe right now we’re calling it an era within tech because it’s happening simultaneously to some big players, and that’s the difference?

For a lot of businesses, things start out small, stressful, and maybe a bit grindy while folks are trying to get things off the ground. If that works out, then there’s usually a huge push to grow. Business moves into the “great places to work” phase, basically dream job, though depending on the business and industry this can sometimes also be the “we don’t pay the best but we’ve got an onsite arcade and mini-bar” phase. It’s usually an economic boom time, best numbers ever type situation. And then the tiniest little bump, and that all comes crashing down. Cut backs, more stringent rules, everything has to be measured, lay-offs or mass exodus, place becomes a low morale corporate hellscape and suddenly every thing is “we’re a family”.

Been around the block more than once, I’ve seen the process and know the signs.