This is perhaps a very American-centric article? I realise that ZIRP was near-global, but "When banks hiked interest rates, almost every tech company immediately laid off 5-20% of their engineers." does not track with my or my friends' experiences.

And, fundamentally, in countries with employee rights, as an employee I do not give two shits about interest rates the company I work at borrows on. My philosophy on software design does not change. You can argue that the company might pick and choose who it makes redundant, and they might value people who produce "more product", but companies have always valued that visibility. It's your responsibility, if you care, to sell your actions in a commercial context. I don't think ZIRP changes that, and I have not personally noticed a change there.