Mark Zuckerberg: Tech layoffs in 2024 have been a natural response to pandemic-era over hiring
Mark Zuckerberg: Tech layoffs in 2024 have been a natural response to pandemic-era over hiring
Overhiring and a prevailing industry approach to becoming “leaner” is driving the latest wave of layoffs
Mark Zuckerberg: Tech layoffs in 2024 have been a natural response to pandemic-era over hiring::Meta CEO Mark Zuckerberg believes companies are still readjusting to pandemic-era hiring tactics amid a flurry of layoffs across the industry.
I don't suppose the people responsible for the over hiring have seen any consequences?
They had to hire a consultant to come up with ways to force people to quit because laws prevented even bigger mass firings.
Such a horrible life... /s
They'll have to go through several sessions of top tier therapy to feel better about their bad decisions. Is that bad feeling not consequence enough?!?
There are always economic ebbs and flows. Tech is weird and unpredictable because the space has only been around 20-years in its current form, and 20-years is a liberal estimate. Maybe I'd argue 10-years?
Now comes the pandemic, something we humans haven't dealt with for 100-years, back we had just learned airplanes. A huge chunk of our workforce went home to work, with the associated strain on the tech sector. For example:
It was clear to me that Zoom had hired shitloads of new people. The tech support quality dropped through the floor overnight. After a couple of years, once people got used to Zoom and tech support issues cooled out, they laid a bunch of people off.
I suppose that's evil capitalism and greed, right? Have you ever sat around a call center where the calls weren't coming in? It sucks. Everyone's looking at everyone else like, "Why do we even have jobs and how can we have a future here?" It's demoralizing and scary. I'd rather get laid off and move on than sit in fear of my job. There are plenty of other issues with having too many bodies doing too little work, but that's another story.
There's been some great comments on lemmy, far better than mine, that went into the economic aspects in broad and understandable detail.
So anyway, how exactly would you like to punish these people, whoever they may be, for not reacting properly to an unprecedented set of events?
So anyway, how exactly would you like to punish these people, whoever they may be, for not reacting properly to an unprecedented set of events?
The idea behind the higher pay of CEOs and the appreciation of shares is that the shareholders and CEOs bear exactly this risk. I wouldn't prohibit layoffs for the reasons you mentioned. I would mandate very generous severance packages and prohibitions on raising workload on other employees.
Cherry picking zoom makes for a terrible example. They were a uniquely positioned startup. Most of these companies were just jumping on the hiring bandwagon because that's what investors expected them to do, and now they're also laying people off because that's what investors want. It has fuck all to do with any kind of economic reality.
These execs are the ones who should be getting fired but our economy isn't run by rational actors, it's run by investors who only give a fuck about the next quarter's profits.
You can't fire someone just because they made a mistake. Especially this kind of mistake - it's easy to look back in hindsight but back then, looking into the future, it was impossible to know how covid would affect the economy.
I also think Mark is wrong. This isn't just about covid - it's also about climate change, and Russia's war. Two more things that in hindsight have had very clear consequences but where it's nearly impossible to predict he future.
We know climate change is bad, we know pandemics are bad, we certainly know war is bad... but how bad will they be? You can only work with rough estimates.
What?
Bullshit. People get fired for making mistakes all the time, and this was a colossal fuckup. Instead of firing the people who fucked up they're punishing employees.
And lol at the pathetic war and climate change excuses. My company tried to pull the same bs explanation. There's always some war going on, Ukraine was invaded during the pandemic and that didn't stop these companies from going on a hiring spree back then.
Wake up, it's all a lie for PR. The only thing they give a shit about is servicing investor demands, and investors are a mob who don't know anything about running any individual business.
These execs will never admit that they were so stupid that they actually thought the pandemic demand level would be permanent, or that they were such a shill that they did know but overhired anyway because that's what investors yelled at them to do.
eat a bag of dicks, Zucc
He is right about that one though. When it was happening there were attempts to pin it to the start of a recession.
I am wondering if that was an attempt to try to influence politics to prevent interest rates from increasing.
Having said that, I also want to add: "eat a bag of dicks, Zucc"
"Pandemic era over hiring" THAT YOU DID? What a fkin piece of shit. He over hires to please stock holders and fires them to please stock holders. There's absolutely no consideration for the lives of these workers.
It's so fkin true that under capitalism, the hands of the worker become indistinguishable from those of a machine.
All because he dreamt to be the prophet of a weird new metaverse era. At least it seems he kinda went offer it.
under capitalism, the hands of the worker become indistinguishable from those of a machine.
What? How so?
You gotta give this guy some credit, hear me out.
Even as rich as he is, he still finds the time every single two weeks to visit some po-dunk community, miles off the main highway, not even a Walmart within two hours, simply to find good ol' American salt of the Earth type people that don't even recognize him.
Once he arrives at that destination, it's not off to the most expensive kept-secret B&B, it's not off to the most expensive trail boss for exotic hunting, no no, it's to the cheapest fucking cost cutters barber that side of Oklabama to get that godawful Data-from-Star-Trek:TNG haircut.
Or at least I hope that's the story behind his hair, because there can be no other plausible reason for it.
Or at least I hope that's the story behind his hair, because there can be no other plausible reason for it.
He has a bizarre obsession with Augustus Caesar, who had a similar haircut. This isn't a meme explanation, he actually has a well-known man-crush on the guy.
If a CEO is saying it, it's likely the most chickenshit explanation they could've come up with about the situation.
Whats interesting about Zuck in particular is he's trying to blend in with normal society despite never really being a part of it. I hope he knows that we see him, and he'll always be a billionaire dick head who was ultimately bad for the planet.
"PR team, give me words to make this problem go away"
It's an adjustment to corporate greed. That's for sure. My market is completely fucked. Been unemployed since November.
I think across the economy, a lot of companies overbuilt and then when things went back to pretty close to exactly the way they were before. I think a lot of companies realized they’re not in a good financial place.
Zuckerberg is a miserable motherfucking shit cunt scumbag fuckface.
There's a HUGE difference, and his statement is very false. Corporate profits were stellar when they shit canned people. Artificial demand reduction thanks to the Fed, which causes layoffs and pain for workers but NOT for corporations whose revenues are still at record highs. The fourth circle of Hell in Dante's Inferno would be a kindness to executives, the eighth circle, Fraud....that would be where he belongs. Sometimes I hate being an Atheist, because I do wish nothing but misery and torment on the wealthy for all time. I can see where religion gets some serious legs, and during the French Revolution, that's where they thought they were sending their aristocrats off to.
If only we could have the luxury of that belief too.
I find it funny that the natural response here is to immediately vilify Zuck and call all these CEOs morons for over hiring in the first place, which is 100% correct.
But I'll be damned, it's the first time I've seen someone of that stature actually acknowledge wtf happened. So I'm inclined to give the least bit of credit to him. Still a dogshit human being, but yeah...
Because it wasn't overhiring though.
They finally had enough workers to split the workload fairly over them without them getting overworked.
Now that the pandemic is over, they can go back to hiring just enough people to make everyone overworked again without the company collapsing.
It really depends on where you worked I guess. My company was understaffed and worked us to the bone before, during, and after the pandemic.
I'd like to have that number of people working to keep the workloads lower, but costs are costs and they gotta cut from keeping going under.
And God forbid the CEOs take a paycut and make up the pay of 20 people themselves.
/s, just in case.
they "trust" me
the dumb fucks
@L4s This is why Union are needed, especially in the IT space.
He's not wrong, still an asshole though.
He is wrong, and lying.
Can you elaborate?
When layoffs were happening we got doom and gloom messages that recession was imminent and that it was primarily caused by interest rate increases.
A lot of people from tech industry were saying that this is because those companies were over hiring in 2021 and 2022. Now Zuckerberg is saying the same thing, but you are stating that it is a lie. Why?
Gawd forbid the shareholders don't see the line go up or the executives take pay cuts.