Meta CEO Mark Zuckerberg has announced massive layoffs
Meta (Facebook) just cut 13%
of its workforce, or more than 11,000 employees, marking the first major
round of layoffs in the company’s history 🤯 It probably won't be the
last one. Let's take a look.
Meta hired more than 27,000 people
during the two pandemic years and 15,000 more this year alone. Hence,
its headcount is barely back to what it was 10 months ago. Wild! 😳
To
get back to 2019 employee levels (before the monetary policy bubble
& massive growth in remote work), the social media giant would have
to lay off almost half the company.
Given the current trends continue, it seems more like WHEN and not IF. But I honestly hope that I'm wrong here.
Looking
at the bigger picture, it’s now clear that the amount of over hiring the
Big Tech companies have done in the last 2-3 years is just striking.
Meta has 87,000 employees; the layoffs will affect all teams.
Reason for Meta Layoff
The timing of the investment into the Metaverse has coincided with a number of other factors
Like advertising revenues drop-offs and a few scandals & disputes.
Given
the nature of the scandals surrounding Facebook data manipulation,
algorithms promoting bad news and Meta knowing social media negatively
impacts mental health but doing nothing about it.
But, if there’s a
silver-lining to be found in this downturn, it’s a renewed interest in
character and a drive towards personal accountability.
Zuckerberg’s
admission of guilt for poor decision-making, over-hiring and spending
is the first small step in a very long road to recovery for this brand.
What Next ?
For people that are
worried about what's on the other end of not knowing your next move,
just know that there will be a place for you somewhere and this is
temporary.
Whether it's starting your own business, or another role at a company, you WILL get to that next place.
I'm
excited to see where these 11,000 employees land in the near future.
These people will have an immensely positive impact on so many different
industries.
FAANG Layoffs
Not only Meta/FB but people from other companies had been laid off. for example , from companies including Twitter, Opendoor, Stripe, Recharge, Gem, Beyond Meat, Starry, Momentive.ai,
Fullstory, Patreon, Snap, Wayfair, and other's have joined the Tech
Layoffs 2022 Facebook group to connect with recruiters from Twitch,
Adobe, Salesforce, Tesla, Amazon, Capitol One, IBM, JPMorgan Chase,
Paramount, Ford, Google, Walmart, Warner Bros Games, and many others.