![]() ![]() It doesn’t feel as though I was done learning and growing with the company but alas my time has come to an end. Waking up to that email was truly heartbreaking, I’ve gained so much this past year. Staying lean now is a strong competitive advantage as never before.Īt least the new episodes of Love Is Blind are out today, am I right?!Īll joking aside, I was sadly a part of the large-scale layoffs at Meta. Unless you take direct measures to avoid it, you'll overhire. It applies to governments, Harvard, Google, and obviously - Meta. To paraphrase Y Combinator’s Paul Graham, this is yet another proof that any organization with a large, protected income and/or too optimistic expectations will tend by default toward administrative bloat. Looking at the bigger picture, it’s now clear that the amount of overhiring the Big Tech companies have done in the last 2-3 years is just striking. Given the current trends continue, it seems more like WHEN and not IF. To get back to 2019 employee levels (before the monetary policy bubble & massive growth in remote work), the social media giant would have to lay off almost half the company. Hence, its headcount is barely back to what it was 10 months ago. Meta hired more than 27,000 people during the two pandemic years and 15,000 more this year alone. Meta (Facebook) just cut 13% of its workforce, or more than 11,000 employees, marking the first major round of layoffs in the company’s history □ It probably won't be the last one. They were minting and spending money at incredible rates. That’s because for the last ten years tech companies have been working from a different playbook. > The second big takeaway is that the miscalculations companies can’t be pinned solely to strategy missteps over the last two years. Even as Covid-19 shut down much of the economy, the digital realm continued to thrive. The first big takeaway from the massive recalibrations going on is that leaders dramatically overestimated tech’s pandemic-fueled boom. □ The layoff saga continues, today Meta with 11,000 employees (13%) and then there’s Sam Bankman-Fried’s and How the FTX House Crumbled entering into a non-binding agreement to be acquired by Binance yesterday! What’s going on!? The agreement itself has surprised many people, but the speed at which it played out is probably even more shocking. The past week reminds me of the quote “There are decades where nothing happens, and there are weeks where decades happen.” They make movies out of this type of stuff. Have people developed a deep mistrust of Meta and its products? Given the nature of the scandals surrounding Facebook data manipulation, algorithms promoting bad news and Meta knowing social media negatively impacts mental health but doing nothing about it Like advertising revenues drop-offs and a few scandals & disputes The timing of the investment into the Metaverse has coincided with a number of other factors Or is the Metaverse something that will inevitably take off? Rather than living their lives in a 'Matrix world' ![]() ![]() When people globally have had to endure the social isolation that came with enforced Covid-lockdownsĭid Mark Zuckerberg misjudge how much people value in-person socialisation? Have Meta gambled too much on the Metaverse taking off? The situation has provoked some questions around the causes, particularly the heavy investment into the Metaverse Hopefully, those affected will quickly get new jobs, which given the shortage of tech staff in the West, I suspect most will do. META BECOMES THE LATEST TECH GIANT TO ANNOUNCE LAYOFFS ![]()
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