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Meta lays off 11,000 people

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Re: Meta lays off 11,000 people

#771

Post by rcdexta »

blamazon wrote: post #761
nicolashahn wrote: post #758

Some data from the inside: Reality Labs (AR/VR) hit less hard than the rest of the company. No one on my team or adjacent teams let go. Most bootcampers (unallocated new hires) are gone, even ones that were performing well. Low performer from my past team outside RL was let go, so it appears performance was a factor for a lot of roles, rather than just axing entire teams based on business need. edit: updated to clear…

(RL == Reinforcement Learning) Edit: I was wrong but this is why acronyms without explanation are annoying.

I think he is talking about Reality Labs division

Re: Meta lays off 11,000 people

#772

Post by gregshap »

roflyear wrote: post #426
hbn wrote: post #420

> Many people predicted this would be a permanent acceleration that would continue even after the pandemic ended. I mean people who had financial gain on the line (like yourselves) pretended this was the case so you could cash in at the time and then pull the rug once it wasn't working any more (as you're doing now), but everyone with half a brain knew it wasn't sustainable. Literally how could that acceleration be p…

FB is making $30+bn a year profit, and is laying off people to reduce costs by $2b. They could continue to pay these people. Large corporations are insane. Every small and medium company would wait to do layoffs until it threatened the business. Some even until after that point. Layoffs are awful. Large corps, nah. Just lay people off if we get a little nervous! Note, I don't think these corps are entitled to employ…

In the last four quarters FB's reported profit went from $10B to $7.5B to $6B to $4B. The business is threatened.

Re: Meta lays off 11,000 people

#773

Post by PKop »

Leires wrote: post #690

I'm sorry, but honestly fuck Meta. Conducting psychological experiments on users without consent, and enabling psyops from organizations like Cambridge Analytica, is enough for me to never use their services. I hope they implode as a company. I happily said no when people from meta approached me on LinkedIn.

either they charge for social media or they attempt to grow by ad targeting, or social media is maybe banned through regulation to stop what you describe.

I think maybe your beef is with the nature of technology today and/or our current culture that enables/glorifies it's mass use. What's the solution?

Re: Meta lays off 11,000 people

#774

Post by samstave »

whatwherewhy wrote: post #52
nokeya wrote: post #32

So, 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.

The real problem to worry about is hiring practices, shitty HR people, algo-based auto rejecting and shitty fucking interviewers... THIS will have impact on these people suffering to find a new position....

So really what needs to happen is companies need to be reaching out URGENTLY to those have been kicked to the curb.

There is thousands of years of experience this population carries.

Re: Meta lays off 11,000 people

#775

Post by barbazoo »

sytelus wrote: post #709
nokeya wrote: post #32

So, 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?

Per last job report in US, there were two positions for every person finding normal jobs. For IT, I would think that ratio is twice. However, the biggest issue that people have to deal with: (1) Meta paid 2X to 4X higher than regular employers so that’s massive pay cuts for the folks, (2) they lost the unvested stock aka their hold out compensation of past 4 years they worked for. So, this would be huge financial set…

> they lost the unvested stock aka their hold out compensation of past 4 years they worked for

Are you assuming a 4 year cliff or why would one lose 4 years worth of stock?

Interesting point you're bringing up. Personally I wouldn't count unvested stock as part of my wealth.

Re: Meta lays off 11,000 people

#776

Post by danielunited »

buggythebug wrote: post #334

As a non-tech guy who follows the tech scene: 87000 people to run Facebook sounds a little ridiculous. These tech companies sounds like colleges these days where the number of administrators has grown 10X and the amount of teachers has stayed the same. Use your money to hire people that directly contribute to your product. Use profits to "do good" after.

As far as I’m aware most of the people who’ve lost their jobs were headhunters. Makes sense to let them go now that FB stopped hiring.

Re: Meta lays off 11,000 people

#777

Post by donretag »

alasdair_ wrote: post #670

I worked at Facebook when covid first hit. Zuckerburg treated everyone in the company very, very well. There was a blanket "don't worry about performance, take care of your families" guarantee that honestly was an enormous help. The thing that particularly struck me though was the way he handled contract workers like (some of) the kitchen staff, cleaners, etc. These people don't work for Facebook and he had zero obli…

I worked at Ticketmaster when covid first hit. Since the beginning, management has always been positive and re-iterating that the cash reserves are substantial and the company can endure the loss of revenue. Then the first layoff hit. Same re-iteration. We are good. Then came the second layoff.

Re: Meta lays off 11,000 people

#778

Post by ml_basics »

nicolashahn wrote: post #758

Some data from the inside: Reality Labs (AR/VR) hit less hard than the rest of the company. No one on my team or adjacent teams let go. Most bootcampers (unallocated new hires) are gone, even ones that were performing well. Low performer from my past team outside RL was let go, so it appears performance was a factor for a lot of roles, rather than just axing entire teams based on business need. edit: updated to clear…

> Most bootcampers are gone, even ones that were performing well.

What are bootcampers, does this just mean recent hires? Or people who came in with no specialist skills who rotate until they find a team?

Re: Meta lays off 11,000 people

#779

Post by skee8383 »

Meanwhile all you hear on the mainstream news is "Labor shortage" "No one wants to work" "Companies are having trouble finding talent". This smells like 2008 all over again. Housing market is tanking, MSM is lying about employment numbers. Companies are lying about how many people they are actually hiring. I went through all this back in 08. you'd put in applications and never hear anything back, then the next day you'd see the exact position you applied for listed on the job board again.

Re: Meta lays off 11,000 people

#780

Post by nicolashahn »

ml_basics wrote: post #778
nicolashahn wrote: post #758

Some data from the inside: Reality Labs (AR/VR) hit less hard than the rest of the company. No one on my team or adjacent teams let go. Most bootcampers (unallocated new hires) are gone, even ones that were performing well. Low performer from my past team outside RL was let go, so it appears performance was a factor for a lot of roles, rather than just axing entire teams based on business need. edit: updated to clear…

> Most bootcampers are gone, even ones that were performing well. What are bootcampers, does this just mean recent hires? Or people who came in with no specialist skills who rotate until they find a team?

Recent hires who haven't yet been allocated to a team, though they do work with teams on real tasks and produce code. Usually non-specialists, though some like ML engineers do go through bootcamp.
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