Comment by MentalM

> but it's a safe bet the people losing their tech jobs aren't career shifting into healthcare and hospitality roles

That is because they can allow themselves to do nothing (for some time). Tech was a very high‑paying type of jobs, so workers could afford not to move into lower‑paid sectors, living on the savings they had accumulated beforehand.

In a couple of years market will correct tech-salaries and people will have spent their savings and then there will be your career shifting into healthcare and hospitality roles in large numbers.