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Meta lays off 11,000 people
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Re: Meta lays off 11,000 people
#362> 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…
What would him taking responsibility in practice look like to you?
Facing repercussions on the level of those he's laying off. If he's responsible he should be the first one out the door.
Re: Meta lays off 11,000 people
#363Correct me if I'm wrong, but if 11,000 employees is 13% of Meta's workforce, that implies they employ close to 100,000 people? Excuse me while I involuntarily spit my coffee over my keyboard.
Re: Meta lays off 11,000 people
#364> 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…
Yeah that’s about it. He’s lost about $90b in net worth. I suppose you can debate whether that’s punishment enough or not when you’ve got another $38b left or whatever.
But I’ll tell you this from experience: lasting people off because you chose to grow too fast is really, really hard. I’ve done it, though in my case it was a lot fewer people and I actually knew and loved them all. If I had to lay off 11,000 people I’d lose a lot of sleep over it.
I can’t imagine life is fun for him at the moment. But, just like every affected employee, he will get through it.
Re: Meta lays off 11,000 people
#365I'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?
Rounds at the same company.
Re: Meta lays off 11,000 people
#366I'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.
Correct, Take the first round of payouts, always. Almost every 10+ years a mega company buys the company I'm working for and lays off everyone. The first time I stayed on and didnt take the layoff with my group, was going to merge into the new company. Then after a year, was let go and didnt get the big layoff package, then my manager left. Totally screwed out of a major layoff package as it was a year later, way pas…
Let’s say you are an employee at a company that does mass layoffs. They do not lay you off like everyone else and keep you on. What is the best course of action to take at that point?
Re: Meta lays off 11,000 people
#367All social media companies hire too many folks and now cutting expenses to meet their target for shareholders. Yet, only Twitter seems to get lots of backslashes compared to other FANGS. Why? I wonder if this relates to Elon Musks' ongoing outbursts on Twitter regarding his political and other conservative views. I believe I answered my own questions. Ha!
I don't think you understand how many people it takes to run a large company. Turns out Elon doesn't either lol. Also, he's not a conservative.
> Also, he's not a conservative
Yeah he's a regular old leftie
Re: Meta lays off 11,000 people
#368Many many moons ago when i pointed out that FAANG are modern day fords and chryslers everyone thought i was exaggerating. Actually if you think about it they are in an even more precarious position as no one really _needs_ them and their popularity are a thing of fashion, and are far from too big to fail. Edit: Linkedin shows 300k jobs available in the us for the term "software engineer". I like to think and hope tha…
" no one really _needs_ them" Facebook? Sure, people can live without that. But Microsoft, Google, i'd argue even Amazon are integral parts of the economy. Trying building a modern business without the business software Microsoft maintains. Try doing work without Google. Amazon is a part of our modern shopping habits. Do they need to be as big as they were? Probably some room to go down, but they're an essential part…
Microsoft is not FAANG, at least not part of the acronym i was strictly referring to.
The world needs a search engine, but the moment a new, competent, one pops up all you need to do is switch a URL and you are done with google. All other services google provides are replaceable.
Amazon is a cool marketplace, infested by scams and low quality products, an alibaba of the west. It is an integral part of the economy by I manage to do just fine without it. AWS is a wake up call away from trending out of fashion.
Re: Meta lays off 11,000 people
#369Sorry for all the people who’ve lost their jobs, but I’m excited to see the awesome world-changing stuff they’ll make now that they’re not spending their time building FB/Instagram.
Do you think that great, world-changing, folks go to Facebook to sit on a big salary? if they were going to do something awesome they probably wouldn't have been working there. now, if google lay off a lot of people... that would be different
> Do you think that great, world-changing, folks go to Facebook to sit on a big salary?
Yes, have you seen the salaries recently? an E6 can make nearly half a million a year in total compensation.
Re: Meta lays off 11,000 people
#370Sorry for all the people who’ve lost their jobs, but I’m excited to see the awesome world-changing stuff they’ll make now that they’re not spending their time building FB/Instagram.
Do you think that great, world-changing, folks go to Facebook to sit on a big salary? if they were going to do something awesome they probably wouldn't have been working there. now, if google lay off a lot of people... that would be different
FWIW I’m currently working on a startup side project with someone at Meta. I don’t know that we’re going to “change the world” but I think we’re both awesome and I can see us building something awesome.
We both have jobs because we need to pay our bills.