Since 2021, when record numbers of U.S. workers started quitting their jobs—known as the “Great Resignation”—many have been arguing that “The war for talent is over. And talent won.”

What that meant, among other things, is that leaders needed to start prioritizing and get personally involved in employee “engagement,” rather than pushing it aside for HR staff to handle.

Evidence to support this decisive victory for employees was everywhere. Women and older workers were leaving the workforce. Salaries were rising as employees were jumping to new roles, or new employers, with significant pay increases, the opportunity to work remotely and flexible schedules.

Then the tech sector layoffs came: more than 200,000 globally. This changed the tune of some organizations. Many large employers felt like they had gotten their power back, had the upper hand again and, in fact, had won. In addition, the drumbeat of a “looming” recession (we’re still waiting) encouraged increasing numbers of employers to start undoing the gains employees made—and had come to highly value—during and after the pandemic. Many prominent companies started giving workers marching orders to return to their offices.

Not so fast. The jobs situation was never as clear cut as it seemed. A number of reliable research studies showed that the majority of the tech workers who were laid off landed new jobs within three months (lining up perfectly, in many cases, with the length of their severance package).