Did they hire 11k people during the pandemic? If not then the given reason for the layoffs are clearly not the full story.
They give two reasons:
- Hiring spree during Covid
- Economic slowdown, eg lower ad spends
Meta lays off 11,000 people
201–210 of 1001 posts
Re: Meta lays off 11,000 people
#202So, after Twitter and Meta layoffs there will be around 15,000 people looking for the job. In one moment. With other layoffs it can be counted over 20,000 people IMHO. Will this over flood the market and bring expectations and salaries down?
In the small central EU country where I live, that wouldn't even saturate the open programmer positions - just about 1/10 of it. I'd be very surprised if it saturated the US market in any measurable way. If anything this just means these people will be working on more different products, and that means more opportunities for even more programmers in the future.
Isn't that forecasted by the same people who now says that they didn't see this coming? :)
Re: Meta lays off 11,000 people
#203Earlier quoted context omitted.
In the small central EU country where I live, that wouldn't even saturate the open programmer positions - just about 1/10 of it. I'd be very surprised if it saturated the US market in any measurable way. If anything this just means these people will be working on more different products, and that means more opportunities for even more programmers in the future.
Did I misread or you live in a small central EU country with 200.000 open tech positions?
Well to be honest 1/10 was a little bit of overstatement, but yeah every year there's a governmental report about how this country is missing 150k programmers so it's about 1/8 or so.
Re: Meta lays off 11,000 people
#204Bad Musk /s
Re: Meta lays off 11,000 people
#205So, after Twitter and Meta layoffs there will be around 15,000 people looking for the job. In one moment. With other layoffs it can be counted over 20,000 people IMHO. Will this over flood the market and bring expectations and salaries down?
more than that. Here's a tracker: https://layoffs.fyi
Re: Meta lays off 11,000 people
#206So, after Twitter and Meta layoffs there will be around 15,000 people looking for the job. In one moment. With other layoffs it can be counted over 20,000 people IMHO. Will this over flood the market and bring expectations and salaries down?
Shouldn't salaries just go down to pre-pandemic levels like the headcounts? (not even sure if they increased during the pandemic) According to the companies that's all that's happening here.
They are actually going down because of inflation and the lack of a full compensation for that. You get the same money but it's worth less.
As for unemployment figures; apparently they are very low right now. Which suggests companies actually need to offer more to be able to fill open vacancies. A few tens of thousands highly employable people leaving the fang companies is not going to change that.
Re: Meta lays off 11,000 people
#207I'm old and this is the third time around for these sorts of layoffs in tech. (Was around for dot-com bust of 2000-ish and financial meltdown post-2008.) One thing you want to keep in mind is that decent severance packages are usually only a thing for the FIRST round of layoffs. There will be more, and the payouts will be a LOT worse. Just, FYI.
Are you referring to rounds at the same company, or rounds across the economy?
Re: Meta lays off 11,000 people
#208Severance summary: Severance. We will pay 16 weeks of base pay plus two additional weeks for every year of service, with no cap. PTO. We’ll pay for all remaining PTO time. RSU vesting. Everyone impacted will receive their November 15, 2022 vesting. Health insurance. We’ll cover the cost of healthcare for people and their families for six months. Career services. We’ll provide three months of career support with an ex…
That sounds pretty good. Even better than good.
That seems pretty standard to me.
Here the law mandates a three months notice. Then severance depends of how long you have worked for the company. It is a quarter of a month per year you have been employed for the first ten years and a third of a month per year after that.
But this lay off would most likely be illegal here anyway. You have to face a downturn or unforeseen events impacting your ability to compete to do mass layoff here and Meta is still hugely profitable. This is putting your shareholders before your employees.
Generally when you want to downside here, you compensate people who agree to leave and the sums involved are more generous than what Meta is giving.
Re: Meta lays off 11,000 people
#209So, after Twitter and Meta layoffs there will be around 15,000 people looking for the job. In one moment. With other layoffs it can be counted over 20,000 people IMHO. Will this over flood the market and bring expectations and salaries down?
In the small central EU country where I live, that wouldn't even saturate the open programmer positions - just about 1/10 of it. I'd be very surprised if it saturated the US market in any measurable way. If anything this just means these people will be working on more different products, and that means more opportunities for even more programmers in the future.
Yeah, fly ‘em all to a “small central EU country” which shall henceforth be known as LuxemValley. As a bonus, ‘errbody working in LuxemValley shall be known as the SiliconBourg and be issued a mug, backpack and Chemin de Fer paddle. :D
Seriously, under current law, H1B workers will be even more locked-out of US jobs until these newly RIFed US workers land somewhere, but India doesn’t really depend on H1B contractor revenue like it did during the mass RIFs of the “Dot Com Bust.” No, now Indian citizens can work comfortably, efficiently and economically from India, like many of the far more expensive (and now RIFed) US workers had been doing from their US homes. For those RIFed US workers to compete with more economical India-based workers, they’re going to need to either get very small and crawl under the door to struggling US employers (by lower their salaries while abandoning remote work) or maybe they’ll need to cut expenses by moving to a “small central EU country” and get paid in Euros.
Re: Meta lays off 11,000 people
#210I agree. Two very different business responses between Musk and Zuck. I almost feel sorry for Zuck as we are witnessing meltdowns of two large companies in real-time. Musk just continues to dig his own grave… I feel bad for the ppl losing their jobs but that is a very generous severance package.
> meltdowns Huh?. Meta's growth has slowed, but they are a money printing machine. Earnings have gone down because of the enormous bet Zuck has made on the metaverse. Twitter has been barely scraping by for years. The two companies are not really even comparable.
Their income and operating margin has almost halved, compared to 2021. Their free cash flow is 1/50th of the previous few quarters. Those are truly horrible results.
FB was a money printing machine, but they trashed it.