The balance of power is shifting in the tech industry

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A wave of tech companies that were aggressively hiring have announced layoffs in recent weeks as they move to cut costs, using the shift toward remote working as a way to do so.

"The hiring ... was off the charts, paying [salaries] that were probably too high or out of range, where companies would hire four or five people for a sales position when they really only needed two," said Bill McHargue, founder of San Francisco-based recruitment firm Talent House.

"Part of my hope by raising expectations and having more aggressive goals, and just kind of turning up the heat a little bit, is that I think some of you might decide that this place isn't for you, and that self-selection is OK with me." Meta did not respond to a request for comment from CNN Business.

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The shift to fully remote overseas hires has begun. Just as blue collar manufacturing jobs found themselves displaced overseas for far cheaper, so will knowledge workers.

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