Looks like the terms of the layoff are very generous. 4 months of pay, accelerated vesting, etc.
Meta lays off 11,000 people
211–220 of 1001 posts
Re: Meta lays off 11,000 people
#212> At the start of Covid, the world rapidly moved online and the surge of e-commerce led to outsized revenue growth. Many people predicted this would be a permanent acceleration that would continue even after the pandemic ended. I did too, so I made the decision to significantly increase our investments. Unfortunately, this did not play out the way I expected. This is very similar to the Stripe layoff memo at https://…
Someone used https://quillbot.com/ with that memo and replaced the company name. Job done!
It seems to do an awful job.
Input:
"At the start of Covid, the world rapidly moved online and the surge of e-commerce led to outsized revenue growth."
Results in:
"When Covid first launched, the world was moving quickly online, and the e-commerce boom caused an astronomical increase in revenue."
Re: Meta lays off 11,000 people
#213> At the start of Covid, the world rapidly moved online and the surge of e-commerce led to outsized revenue growth. Many people predicted this would be a permanent acceleration that would continue even after the pandemic ended. I did too, so I made the decision to significantly increase our investments. Unfortunately, this did not play out the way I expected. This is very similar to the Stripe layoff memo at https://…
Not only the structure, the wording is also identical: "Today I’m sharing some of the most difficult changes we’ve made in Meta’s history." "Today we’re announcing the hardest change we have had to make at Stripe to date." "At the start of Covid, the world rapidly moved online and the surge of e-commerce led to outsized revenue growth." "At the outset of the pandemic in 2020, the world rotated overnight towards e-com…
Someone did crib the Stripe layoff notice at Meta. Strange, but yeah, obviously someone at Meta did base it on this Stripe one.
Re: Meta lays off 11,000 people
#214I am wondering when will Amazon start the layoff process or that their practices are more economical and that they wont go this direction.
With the holidays and re:invent coming, it would be pretty insane for them to cut jobs right now
Re: Meta lays off 11,000 people
#215So, 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?
I remember the dot-com (and Y2K) bust, when all the people who got into tech for the money (and not the love of it) suddenly decided to switch career. I hope the same happens now.
No post body was provided.
Re: Meta lays off 11,000 people
#216I 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.
Correct me if I am worng, but hasnt Twitter has seen more growth in the last week than it has in some time? 15 million new users isn't a meltdown, nor is thinning a bloated and wasteful enterprise. Also, if twitter goes completely belly up, Musk would still be worth hundreds of billions of dollars. Grave? I'm game for some hyperbole, but not this early.
Re: Meta lays off 11,000 people
#217No post body was provided.
Re: Meta lays off 11,000 people
#218Earlier 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.
While it might not saturate the US job market as a whole, it will saturate the parts of the local programmer market that can come even close to matching the sorts of salaries these people where probably paid. If they're willing to move to anywhere in the US and/or take a 50+% pay cut then they'll have no problem getting a job. If they all want to stay where they are and get paid within 20% of their current salary the…
I’ve been here long enough to have seen the countless comments lamenting the current state of qualifications and ability in the industry. Here’s to hoping that meta and stripe laid off under achievers that would be wise to get into a different industry where they’ll perform better. Musks layoffs ignored since it seems clear that his were indiscriminate and hasty to the point of negligence.
Re: Meta lays off 11,000 people
#219Is it better for Google and Amazon to try recruiting this available talent straightaway or keep waiting?
Re: Meta lays off 11,000 people
#220> I’ve decided to reduce the size of our team by about 13% and let more than 11,000 of our talented employees go _How_ does Meta have 85,000 employees? That's an _incredible_ size of an organisation.
My experience -- having been near the top of organizations with standard politics -- is that one of the goals of every executive is to maximize headcount. For example, if I am managing 100 people, I am far better off than if I am managing 10 people, doing the exact same thing. I will be able to step into better, higher-paying roles if I have experience managing large headcount. My salary will be higher, and I'll have…
Yeah this tracks with what I've seen too.
As a note people with 100+ direct reports are not really managing them. Often it'll be indirect as in there are 100+ people in a hierarchy below you. You might only mange 10 people but they manage 10 people and so on.
In terms of reporting your "team" is all 100 people even though you may have never interacted with half of them other than an introduction.