Meta Lays Off Over 11,000 Employees
Meta has announced that they are laying off 13% of their workforce and freezing new hiring. What does this mean for software engineers?
Meta, the parent company of Facebook, Instagram, and WhatsApp, has announced that they are laying off 13% of their workforce and are doing a hiring freeze until further notice.
Biggest Facebook Layoff Ever
As I recall, this is the most significant layoff Facebook (Meta) has ever done. The layoffs are not specific to IT by any means. Layoffs are happening across sub-companies and departments. I will continue digging and see if I can get more information on IT-specific layoff numbers.
Why Now and Who's Next
You have to wonder as to the reasoning for the layoffs. Is Meta succumbing to changes in digital advertising? Has the global slowdown over the last few years started to take a bigger toll? Have they over-extended themselves with the Meta universe? We can make a lot of guesses but it really doesn't matter- their stocks are done 70% for the year and that says a lot.
And, this comes on the heels of Twitter announcing just a week ago that they are cutting their workforce as well. You have to wonder who might be next...
What Does This Mean For Software Engineers
So what should this mean for software engineers? Should you be seeing big clues in these recent layoff events and making corresponding big adjustments to your career goals?
In my opinion - NO.
The software engineering industry is super healthy. Demand is increasing and hiring is increasing as well. I'll link some articles below that talk about recent industry statistics, career paths, and landing that first software developer job.
Competition May Go Up
You should always assume that there will be more competition for jobs and that they will continue to improve their software engineer skills just like you are. And with layoffs, we get both additional people in the job market and also additional people hoping to pick up some of those jobs at lower salaries.
Have a Plan
So have a plan! Set some goals, build a career path around that, learn the skills you need, and move forward with confidence!
Meanwhile, we'll continue to watch with interest for the next large workforce adjustments ;)