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Meta lays off 11,000 people

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Re: Meta lays off 11,000 people

#941

Post by alfalfasprout »

automatic6131 wrote: post #327
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?

>Will this over flood the market and bring expectations and salaries down? Well I predict two things: One, the days of $200-500k TC being common and widespread are going to end. If you're in this bracket, or about to break into it, yeah be worried, it's probably going to evaporate. Two, the CV value of Meta, Snap, Stripe, etc. is also going to end. I don't think they will command the same premium in the jobs market f…

Not really. If anything junior engineers are not going to see comp like this going forward. But it's still incredibly hard to hire more senior folks even with big comp packages and they do command a premium.

Expect the median to go down, doubtful the top 25% will change much.

Re: Meta lays off 11,000 people

#942

Post by throwawaymeta4 »

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.

Its much much worse than just psychological experiments. Meta currently stands accused as an enabler of a genocide in Myanmar [1], and provides a platform to spread massive hate against Muslims in India and elsewhere [2,3,4,5]. For folks trying to do bothsidesism here and bring out how great they've been, I am sorry but there is no excuse for enablers of Fascism.

1. https://www.nytimes.com/2018/10/15/technology/myanmar-facebo... 2. https://www.wsj.com/amp/articles/facebook-hate-speech-india-... 3. https://www.wsj.com/articles/facebook-services-are-used-to-s... 4. https://www.npr.org/2021/04/08/985143101/stop-lying-muslim-r... 5. https://theintercept.com/2019/12/07/facebook-mark-zuckerberg...

Re: Meta lays off 11,000 people

#943

Post by ummonk »

cletus wrote: post #917
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…

Ex-Facebooker here too, also during that time. Zuck's response to Covid definitely had upsides, particularly (as you mention) the continued payment of contractors even though offices were closed. There were downsides too. The "Don't worry about perf" also meant you couldn't get promoted that half and there was no recognition for better performance, which sort of sucked for people whose projects had come to fruition (…

I feel like if we do see VR going mainstream it’ll be something like the background screens used in filming the Mandalorian. Big wall displays / projections that adjust what they’re displaying based on viewer location. All the viewer would need to wear is 3d theater glasses.

Re: Meta lays off 11,000 people

#944

Post by murat124 »

godelski wrote: post #920
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.

We can condone the good behaviors and condemn the bad ones. It is important to do both because if all we do is condemn then there is no pressure to do the right thing. If all you can do is evil then you'll only ever be evil and criticism will fall upon deaf ears. A lot of people here agree with you about Meta's faults, even me. But that doesn't mean we can't appreciate the good they've done. Even if it isn't much and…

Hear hear.

Re: Meta lays off 11,000 people

#945

Post by Invictus0 »

rybosworld wrote: post #572

It's wild to me that a CEO can simultaneously take responsibility for the decision to over hire, and also suffer none of the financial consequences. In fact, META stock is up 7% on this news, so Zuck has made money on this decision. I think that's a major inefficiency in modern corporations. Executives are the last to face consequences when they make a bad decision.

Zucc's net worth is down more than $100B? Should he lose an arm too?

Re: Meta lays off 11,000 people

#946

Post by NoPicklez »

godelski wrote: post #920
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.

We can condone the good behaviors and condemn the bad ones. It is important to do both because if all we do is condemn then there is no pressure to do the right thing. If all you can do is evil then you'll only ever be evil and criticism will fall upon deaf ears. A lot of people here agree with you about Meta's faults, even me. But that doesn't mean we can't appreciate the good they've done. Even if it isn't much and…

Hear hear.

Re: Meta lays off 11,000 people

#947

Post by daniel_iversen »

SCAQTony wrote: post #937

Perhaps a strong, independent board of directors could have mitigated this fiasco. The meta-verse never looked like a good idea especially after previous failures like "Second Life." YMMV https://www.theatlantic.com/technology/archive/2021/10/faceb...

You can't really predict the future like that.. there were lots of mp3 players, tablets, smart phones, smart watches etc. before the ones that "hit it off" and made a lot of money. I'd think the theory is Meta has the money to invest for the long term as the market is building and become a leader.

Re: Meta lays off 11,000 people

#948

Post by 015a »

alfalfasprout wrote: post #941
automatic6131 wrote: post #327

Earlier quoted context omitted.

>Will this over flood the market and bring expectations and salaries down? Well I predict two things: One, the days of $200-500k TC being common and widespread are going to end. If you're in this bracket, or about to break into it, yeah be worried, it's probably going to evaporate. Two, the CV value of Meta, Snap, Stripe, etc. is also going to end. I don't think they will command the same premium in the jobs market f…

Not really. If anything junior engineers are not going to see comp like this going forward. But it's still incredibly hard to hire more senior folks even with big comp packages and they do command a premium. Expect the median to go down, doubtful the top 25% will change much.

Its also worth noting: Its easy to get scared by a number like "11,000", but just pulling estimates out of my ass; engineering likely represented less than 20%, and the bias toward those let go in engineering is likely junior. Not asserting no one senior was let go; just proportionality.

Here's what I'd add: Its extremely difficult to hire really talented senior engineers. Its easy to look at layoffs as "great, we should be able to find senior talent now"; but the opposite may actually be true. Layoffs, at least in otherwise "fine" companies, will predominately not impact senior engineers, and they'll also be less likely to leave. Moreover, the industry is effectively building a wall to breach into seniority; the pathway from junior to senior is harder and harder, even going back a year or two, and many of these junior/normal devs were massively compensated at these roles.

My heart goes out to the junior devs right now; there really are two industries and job markets.

Re: Meta lays off 11,000 people

#949

Post by noname2021 »

andyjohnson0 wrote: post #246

> I got this wrong, and I take responsibility for that. As always with these things, I wonder what taking responsibility actually means in practice. Businesses usually try to find ways to correct for major failures in decision making. In the case of Zuck, given his ownership, does anything actually happen or change? I'm sure his net worth has been reduced by changes to Meta's share price, but he was a multi-billionai…

Taking responsibility might mean ponying up to give all the affected people additional months of pay / benefits etc. After all he is responsible for a big time disruption to their families

That would be a meaningful way of saying he is sorry as well as setting a precedent for all other billionaires who just "take responsibility" and continue on

Re: Meta lays off 11,000 people

#950

Post by srcreigh »

yreg wrote: post #309
darkwater wrote: post #260

I'd like to highlight this quote from the statement: > and ads signal loss have caused our revenue to be much lower than I’d expected Apple decisions + EU regulations?

I have a stupid question. Perhaps someone can explain. What is the link between Apple introducing new rules to nerf tracking and Meta making less money? I guess less tracking means less relevant ads. Are Meta's customers able to somehow evaluate this and are they now unwilling to spend as much money on advertising with them? Or is it that Meta now has lower click-through rates on iOS? Is there something else?

Imagine FB can report that its ads are driving 60% of sales at a lower ROI than other channels. That’s a great incentive for companies to spend more on FB.

Due to the iOS privacy consent form, FB can’t provide these kinds of reports anymore. There hasn’t been a decent replacement which drives companies to spend money with Facebook. That’s why revenues are down.

This is also why VR is such an important investment. If Meta will own the VR platform, other companies such as Google and Apple wont be able to block Meta’s attribution.

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