“Facebook parent company Meta plans to cut more than 11,000 jobs, or 13 percent of its workforce, as it seeks to scale back expenses and transform its business in a more competitive digital advertising market. The social media giant also will cut discretionary spending and extend its hiring freeze through March in a bid to become “leaner and more efficient," Meta CEO Mark Zuckerberg said in a Wednesday statement.” (Via The Washington Post)
If you’re looking for more context on the matter, please consider Christopher Kayes, a professor of management and the chair of the management department at the George Washington University School of Business. He is an expert on leadership, resilience, teams, and workplace well-being. Kayes says the move may signal a turning point for job growth in the tech industry.
“Recent employee layoffs in tech companies like Twitter and Facebook may mark a turning point for job growth in the tech industry. The expectations for growth in many tech sectors, including crypto currency, metaverse, and social media were sky high. Now, those expectations are coming back to Earth,” Kayes says. “But questions remain about whether other sectors will follow this trend. Even in a historically strong labor market, all employees should have strategies in place in the event that their organization moves in the direction of layoff.”
Kayes can also discuss the best practices employees can take when faced with or anticipating being laid off.
If you would like to speak with Professor Kayes, please contact GW Media Relations Specialist Cate Douglass at [email protected].
-GW-