Private tech companies are feeling a contraction in Silicon Valley. The funding that venture capitalists have thrown at start-ups is dwindling, in small seed rounds and mega-rounds alike. There’s a new postmortem written weekly about a start-up that’s run out of cash and shut its doors. Start-up executives are sobering up, realizing that their companies actually need a path to profitability. Now, not wanting to be stuck on a sinking ship, tech employees are thinking about the bubble, too, as they plan their career moves.

The tech labor market appears to be sizing up, as tech employees hunker down amid the cooling environment in Silicon Valley. They’re strategically planning their moves from company to company, according to The Wall Street Journal, avoiding start-ups that plan to raise more funding soon and asking recruiters questions about lowered stock prices and compensation in cash instead of equity. “I used to look at equity and think every company was going to be the next Facebook. Now when I see equity I’m like, ‘That’s nice but I want it in actual money,’” one designer told the Journal. Others are looking for “safe” jobs with tech companies sturdy enough to withstand the fallout from an imploding tech bubble. The mood still isn’t exactly austere— last year, the average salary in the San Jose and San Francisco metro areas was $197,411 —but the party in Silicon Valley seems to be ending, and tech employees aren’t oblivious to it. Gone are the days of hyperbolic language in tech recruitment and cheerleading when companies raise new rounds of funding or attain “unicorn” status.

Lavish perks—beer fridges, catered lunches, free Uber rides—used to be alluring, but now they make some prospective employees wary of how companies are spending their money. “I’d rather have the company have a long lifespan than have a hoverboard riding around the office,” one tech employee in Silicon Valley told the Journal. Venture capitalists have been openly critical of burn rate—how quickly a start-up spends its cash—over the past year. Y Combinator president Sam Altman has called burn rates “frightening,” and Benchmark’s Bill Gurley has sounded the alarm on the cavalier attitude in Silicon Valley, warning of “dead unicorns” as a result of the frothy funding environment in the private tech market.

It bears mentioning that Silicon Valley isn’t all doom and gloom. Previously stumbling tech stocks in the public market have been quietly rallying. Bigger, buzzier start-ups still aren’t having a hard time raising money—New York–based health-care start-up Oscar, already a unicorn, closed a Fidelity-led round of funding last month, valuing it at $2.7 billion, and workplace messaging company Slack is rumored to be raising more money, too. But for the companies that haven’t raised massive rounds of funding at sky-high valuations and haven’t secured their place in the Silicon Valley firmament, their outlook is getting murkier. And as the once hot funding environment continues to cool, some of these companies’ employees are starting to get cold feet, too.