The labor market is still very strong. We have the highest employment rate for 24-54 year-olds since 2001!
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Maybe they should hire some of the laid off tech workers to create automation. Of course, it’s a government program with zero competition. So the solution is to throw more headcount at the issue.
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Layoffs could get a whole lot worse. I honestly don’t get why it took a special provision to deduct R&D expenses in the year occurred. That’s how GAAP financials are reported unless the R&D work is capitalized. It goes to show the unnecessary complexity between cash flow, GAAP, and income taxes. It’s stupid and the compliance burden is added to the cost of everything.
https://www.washingtonpost.com/technology/2023/04/18/meta-layoffs-tech/
Facebook parent company Meta will announce details about new job cuts on Wednesday, part of a months-long downsizing and restructuring effort that will trim 10,000 employees amid multiple waves of layoffs.
The company is expected to lay off what probably will be thousands of highly skilled employees — such as engineers and other technical staffers — who help build the company’s products, according to people familiar with the matter.
I’m amazed Uber hasn’t had tons of layoffs. They are another one where the headcount is completely irrational.
It’s also interesting that companies who had layoffs are still doing promotions. I’ve seen a lot of Amazon promotions. They’re still doing them in April and May.
4000!
In an internal memo posted to a Meta employee message board on Tuesday evening and viewed by Vox, the company told employees that the layoffs will start on Wednesday and will impact a wide range of technical teams including those working on Facebook, Instagram, Reality Labs, and WhatsApp. A Meta spokesperson confirmed the memo was sent to employees but declined to comment further. The cuts could be in the range of 4,000 jobs, one source said.
When under pressure feed the eagles and shoot the turkeys.
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‘Leave pity city,’ MillerKnoll CEO tells staff who asked whether they’d lose bonuses
The CEO of an office furniture giant landed at the center of a social media storm this week after she told her staff to focus on being better employees instead of asking whether they’d lose their bonuses.
“Don’t ask about ‘what are we going to do if we don’t get a bonus?’ Get the damn $26 million,” Owen says in the video, in apparent reference to an internal financial performance target.
As is typical for CEOs, Owen’s pay package includes incentive-based compensation. For the fiscal year ending in May 2022, she made $3.9 million on top of her fixed salary of $1.1 million.
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People who budget based on bonus are going to have issues in life. There’s a reason it’s called variable compensation. I think every company ties bonuses to company performance. It’s funny since employees never say they should give some back when bonus payout is over 100%. If people think the CEO cares more about families of employees than shareholders, then they need a reality check. The employees can always leave for a different company if they don’t feel they are treated fairly.
The portion that’s variable only increases with advancement too.
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It’s 30% of their workforce. It’s amazing how small their HC is compared to Uber. They were at 4,000 pre-layoff. Uber ended 2022 with 32,800. The employee count gap is about equal to the revenue gap between them. That would indicate there’s zero economies of scale of efficiency in ride sharing. It’s really a labor outsourcing business not technology.
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Heavy machineries/ robots replace blue-collar.
AI replaces white-collar.
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The trend has been for heavy machines/robots to make blue collar workers more productive and more highly paid. Not sure if AI will do the same for white collar. In both cases the deadwood that was never very productive in the first place gets the ax.
In any event demographic trends dictate we automate or die.
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For those still have the job 
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I realize not just real estate affected. Sale of Tesla cars too since most of its customers are tech guys. In contrast, Ferraris are selling like hot cakes.
The question is why are Ferraris selling like hot cakes?
Yesterday we were returning from a restaurant and we saw a Lamborghini exit ON to the freeway on Fremont and exit IN to the IMMEDIATE NEXT exit. I was mentioning to my wife “one can’t enjoy these powerful cars in Bay Area traffic “.
Maybe just test driving to see how it performs, in traffic.
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