Social Media Loses Allure among Top Tech Talent
Social media companies may be losing their cool.
According to a recent survey from the professional social network Blind, 41% or more U.S. professionals at social media companies are considering looking for another job in the next three months.
High-flyer TikTok fared worst in the cohort of social media giants, with as many as 82% of verified TikTok professionals in the U.S. surveyed by Blind on the lookout for a new role.
“If company culture is important to you, then TikTok is not a place that values a healthy positive culture,” a verified TikTok professional said in a recent discussion about the company’s culture on Blind. “It is not uncommon for us to hear stories about some employee [having a] breakdown or someone taking time off to decompress mentally.”
The TikTok professional also expressed frustration with the company’s fledging efforts with diversity, equity and inclusion, unclear opportunities for career growth, and concern about autonomy over their work.
The majority of professionals at Microsoft-owned LinkedIn, Meta, Pinterest, Amazon-owned Twitch and Twitter also indicated they want out, despite many of these companies being perennial favorites on different “best place to work” lists.
Snap and Reddit might be doing the best at retaining talent. The image-sharing app recently provided employees with more restricted stock units to make up for the recent drop in its share price. Meanwhile, Reddit employees are likely looking forward to the upcoming initial public offering.
The Great Resignation
The “Great Resignation” has not spared social media companies.
Despite the generous salaries and benefits, many social-media professionals have interviewed with other companies in the last month.
Notably, cryptocurrency and so-called Web3 companies, a proposed new decentralized version of the internet run on blockchain technology, have successfully poached executives from major technology companies, including “Big Tech” names like Amazon, Google and Meta.
Some technologists have been attracted to Web3 and blockchain platforms because of their large total-compensation packages. Software engineers and other tech workers on Blind have reported receiving job offers of $362,000 to as much as $900,000 a year at cryptocurrency firms.
One in two professionals at LinkedIn and Twitch have met with other companies about a job, according to Blind. About one in three at Facebook-parent Meta, Pinterest and TikTok reported doing the same.
While few Snap professionals have interviewed with another company recently, some current employees have expressed concerns about the company’s performance improvement plan policy.
Snap’s alleged new policy seeks to identify the “bottom 10%” as underperforming employees for additional coaching, a verified Snap professional explained on Blind.
“There’s a clear distinction between being labeled as underperforming and an actual PIP,” the professional said, referring to a performance improvement plan. “Every company has stack ranking of some sort.”
The bottom line
Social media companies, which have long relied on their “cool” factor as trendy or “best places to work,” may have their work cut out to retain talent. According to a recent survey by Blind, most social-media professionals in the U.S. may be considering another job in the next three months, with many workers at popular platforms TikTok and Twitch likely on the move.
Methodology
Blind conducted an online survey of 6,805 verified professionals in the U.S. on its platform from March 2 to 8, 2022, to understand whether employees intend to quit for another job amid the “Great Resignation.”
Survey respondents answered “yes” or “no” to the following questions:
- Are you considering looking for another job in the next three months?
- In the last month, have you interviewed with another company?