Workers at Facebook, Snap fear second round of layoffs is on the way
Mark Schilsky, a financial analyst at Bernstein, also sees "signs that Meta might have further plans to reduce costs" in its decision to rank more employees as lower performing. It's expected that the company is going to announce a $1 billion reduction in operating expenses for this year when it reports earnings on Wednesday, he added. -- Snap is another company where employees are starting to suspect another round of layoffs is being considered, if not already on the way. About three weeks ago, there was an unexpected 8 AM all-hands meeting just for managers, according to two employees, which set everyone on alert. "A new PIP quota was discussed," one of the employees said, referring to an expected mandate for how many low performers should be identified in upcoming performance reviews. A Snap spokesman said such a claim was merely a rumor, and that the company does not have a quota tied to performance reviews. Snap has struggled since seeing a surge of growth during the pandemic that proved temporary. Slowed growth and economic uncertainty saw advertisers pull back and hesitate to return. Snap was among the first major tech companies to conduct a mass layoff. https://www.businessinsider.com/facebook-snap-employees-brace-for-another-round-of-layoffs-2023-1 #tech #layoff #layoffs #pip #rif
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When this gonna end? :(
when tech workers learn to unionize
As long as outsourcing and H1-B exists that'll never happen
Well this is bound to happen if you are handing out 500K+ TCs like candies for people with a few years of experience.
I don’t see what the issue is when companies are making billions in profit.
Those billions in profit can vanish very quickly. Meta is set to go from 38b profit to low 20s in one year.
Layoffs do almost nothing to reduce costs. And AI is the new hype train Metaverse is as dead as when it started
AI was hype in 2014 too. Remember when nobody would shut up about ML? Give it time to revert back
if you think about it, firing workers for the bad strategic decisions of leadership, is kinda really backwards. It should really be leadership who goes.
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