"The reductions are expected to be a prelude to deeper cuts, with Meta looking to trim its costs by at least 10% within the next few months, according to people informed of the company’s plans" No longer FUD. Source: https://www.wsj.com/articles/meta-and-google-are-cutting-staff-just-dont-mention-layoffs-11663778729
Is this the first step so now Apple, Microsoft etc can jump on the bandwagon?
Doesn’t Microsoft already do annual RIFs?
Meta layoffs have nothing to do with the rest of the tech industry or macroeconomics (if this is true). Their struggles as a company are isolated.
Add Amazon to that, we are cutting 10% too (6% URA, 10% PIP/Coaching plan)
It’s still just 6% what are you talking about
10% are put on Focus/Coaching Plan out of which 6% are kicked out The remaining 4% lose all motivation to work due to horrid compensation and mental torture and hence leave by themselves.
No layoffs at Albertsons, that’s when you know shit has hit the fan
I feel like any sizeable chunk of engineers laid off are going to get gobbled up by Amazon based on the amount of recruiter spam I get. Godspeed metamates
how’s the internal feeling there? i might be joining soon
Somewhat anxious in chats with colleagues. There was recent news about cutting area 120 teams and forcing them to find internal postings within 3 months which seems to be the canary for further layoffs. Though it's hard to gauge the real company-wide sentiment as the Memegen/Dory questions crowd can be over the top and out of touch. I'd still feel comfortable joining the company in this environment.
Hope FAANGs have massive layoffs
I wish Google did the same tbh. We overhired like crazy.
Like, you want some of your coworkers fired? I guess to boost your RSU value? Or some other reason??
Can't natural attrition take care of that anyway?
Following
Relevant text: "In response to stalling growth and intense competition, Meta META -0.01%▼ Platforms Inc. executives have spoken of cost cuts, hiring freezes and “ruthless prioritization.” One word the company hasn’t used: layoffs. But Meta has begun quietly nudging out a significant number of staffers by reorganizing departments and giving affected employees a limited window to apply for other roles within the company, according to current and former managers familiar with the matter, in a move that achieves staffing cuts while forestalling the mass issuance of pink slips. The reductions are expected to be a prelude to deeper cuts, with Meta looking to trim its costs by at least 10% within the next few months, according to people informed of the company’s plans. While some savings will come from cuts to overhead and consulting budgets, the people said, much of it is expected to come from reduced employment."
this isnt confirmation of shit. this can still be achieved through natural attrition of 5% after other costs not 10% headcount in aggregate. fb has done layoffs before, no reason why it wouldn’t already
Thank you. Those paywalls...