https://finance.yahoo.com/news/meta-just-gave-thousands-employees-154559784.html -> Meta just gave thousands of employees poor performance reviews that could clear the way for more layoffs during its ‘Year of Efficiency’ -> Managers gave about 10% of the company’s workers' poor reviews. It is, in some ways, a return to Meta’s pre-pandemic review process, where Zuckerberg was said to be less than gentle with his assessments of workers. -> Meta also did away with a bonus metric. -> Zuckerberg wrote “We’re working on flattening our org structure and removing some layers of middle management to make decisions faster, as well as deploying AI tools to help our engineers be more productive As part of this, we’re going to be more proactive about cutting projects that aren’t performing or may no longer be as crucial.” -> With this kind of fragile market, housing prices are bound to crash in 2023 and 2024, especially in the Bay area. #Meta #layoffs #metalayoffs #housingcrash # careers #l6 #faang #bayarea #Amazon #apple #Microsoft #Intel #mortgage #oracle #Netflix #PayPal #intel
Some people in Meta will sadly lose their jobs. A subset of these will live in the Bay Area and a subset of these will decide to leave as a result. This number might be in the hundreds. It is not enough to impact house prices
Impact might be more if other companies follow Meta in the layoffs
They will. More and more tasks will be supported by AI. Tech companies are going to cut a lot on coming years. Hospitality sector will suffer a lot from this. It’s not as straightforward as to say “it’s just a few hundred engineering jobs”.
Maybe 100. Out of 4k with bad perf, 2k will be managed out over 6 months, half in the Bay Area so we are at 1k. Out of these 10 percent will not be able to find a job within 30 percent salary and will consider selling. That’s 300. So over 12 months, 300 would sell. Let’s say one third moves away. One third downsides (so stop housing demand ) and one third rents. 100 people a year. 2 new house a week. Nah. Not a driver off prices
You're using bad logic. Please research the tech bubble in the mid 90s and the one in 2007-2009. The inflation and recession will continue through the year and more companies are going to retrench workers to cut cost and wall street investors will continue to encourage companies to layoff to drive the stock up or prevent it from crashing. All that to say housing market is going to be impacted profoundly.
The people buying these houses aren’t the people being laid off
Is this the fire to hire lower salaries tactic?
So the discussion about layoffs boiled down to houses prices in Bay area. Apparently that's way more important than loosing a job.
"Meta also did away with a bonus metric." LOL. That's how I know the article's author has no idea what they're talking about
True. What’s a bonus metric anyone? In previous years meta have metric ton of bonuses
10-18% is the standard to get a ‘meets most’ or below ratings for any PSC (performance summary cycle)
How did the bonus metric change?
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Seriously? You just tied a Meta restructuring and PIP process to a Bay Area housing crash? Is Meta also the driving force behind Russia’s invasion of Ukraine? I’m glad I don’t get my investment advice from tech workers 🙄
Aren't investment advisors tech-enabled?
I think op has been waiting the crash for years , and still waiting