Feels like an end of an era of high TC, unlimited perks and plenty of opportunities. https://www.wsj.com/articles/mark-zuckerberg-says-meta-will-slow-hiring-wont-rule-out-future-layoffs-98653b09?mod=hp_lead_pos6 https://archive.ph/DknG1 **Meta will backfill positions that have been vacated, but in terms of net growth, Mr. Zuckerberg told employees they should not expect more than 1% to 2% year over year “from this point forward.”** The fact that he wont rule out future layoffs is deeply concerning. This can only imply that Meta, and countless other tech firms, were wildly inefficient and that you can get the same output with 75% (or even less) of the workforce. Also noticed that a lot of firms (Meta, Amazon, Twitter, Opendoor, Wayfair etc) have instituted multiple round of layoffs. Obviously they do not foresee massive growth into the future. Additionally, I think this can also be attributed to some of the new AI technologies + offshoring. Pretty bleak all around.
This is nothing new. Capitalism and corporate America has always functioned like this. Lean, mean and will outsource when they can. The idealists in big tech just thought they could flout the rules but got a hard reality check when the easy money dried up.
It is the natural lifecycle of a company under shareholder capitalism which incentivizes growth at all costs, often resulting in sideways expansion, adding middle managers and entering new industries instead of remaining focused on a core product. There is nothing optimal or lean about it. Every once great company has or will bite off more than it can chew just to satisfy shareholders’ insatiable hunger for growth. Point being, the bloat is a feature of capitalism, not “idealists in big tech”.
It’s funny. Wall Street is one piece of work. Phase 1) Growth at all cost Phase 2) More growth, please Phase 3) Efficiency now, layoffs! Phase 4) We sell your assets and make money
So no layoff for now? That's awesome news for current employees.
they have another layoff in May
Sounds like Meta is done. No more development and going to focus on maintenance.
Boomers use Facebook. Yeah, they’re done.
Meta was done when Zuck renamed the company and immersed in the metaverse.
So when was Amazon considered “done”? Google? MSFT? They all laid people off too. I think you missed the whole point.
Meta has laid off 25% of the company. Amazon, Google, Microsoft have not come close to those figures.
They laid of 95% of recruiting. It’s safe to assume they don’t anticipate growth and are on maintenance mode.
This sounds great tbh