Having multiple round of layoffs cannot be good for company morale. Also, didn't Zuck, after the 1st layoff, say that there wouldn't be any more? Shouldn't Meta get this right the first time around so that the firm is not paralyzed with rumors? Since then, we have seen Meta dish out low performance reviews for 1000s of employees which is basically a form of forced attrition as well. Or, is Zuck finally realizing the folly of his ways - RL/metaverse is a loss generator with no path to profitability? (Oculus price drop was a big giveaway that the bet is not working) Is Meta Senior Management looking at Elon and asking themselves if they can pull something similar as well? Get the same output with fewer employees. A power move to show employees who runs the show? Wall St is also not impressed with all the massive increase in RSUs and the resulting stock dilution, so bringing the employee headcount down will not only make Meta more efficient (reduce fat/bloat) but put a cap on stock based comp.
Rating laid off employees as MM was not only cheap but they also shot themselves in the foot by dishing out GEs and promos and AEs to so many in RL. We will know if the PSC show off is only to show higher savings by doing layoffs of all those people.
What explains the crazy hiring of 2021-22 ? That’s what explains the firing now
seems like a move to appease shareholders / wall st. And Of course all these companies over hired like crazy over the last 2 years, so… 🤷♂️
What is “too many layers of middle management”? M1, M2, D1, D2?
M-M-D-D-D-V-V-V-CxO is not an uncommon chain at Meta
3 layers of D? And 3 layers of V? Now that’s a lot! M-M-D-D-V-V-CxO is probably ideal?
Companies can hire for half the TC for same roles in this market. So it makes sense to have rolling layoffs to replace the employee base.
I can only imagine what many of the legacy managers and directors are currently making. Makes sense to let them go and potentially hire a few back at a lower rate. So many are coasting. I’m so unimpressed by a lot of the presentations I see from them. So far below the expectations they have of ICs.
My friend from staff level in linkedin joined meta as director
I don’t know what explains metas second round, but all I know is that meta is much more profitable than Amazon. 💀 The Amazon second round will likely be the most brutal one in tech history.
I am 100% sure Jassy is going line item by line item and sharpening the knives on cost centers that need to go.
I think Google’s would. They are hell bent on it.