![]() Meta’s share prices have dropped by about 60 percent in the past year, and Google parent company Alphabet is down by about 30 percent in the same time period.ĭo you work at Google or Meta and have thoughts about what’s going on? Get in touch with Shirin Ghaffary confidentially at Signal number available upon request.īoth Google and Facebook have candidly warned employees that for those who remain, the company will start demanding more of them. But, some industry insiders said, it could be to these firms’ advantage to cut more than necessary to drive productivity and demonstrate to shareholders that they’re being financially responsible. Unlike smaller tech companies, they can afford to make payroll and weather times of economic downturn. Google and Facebook are still two of the most profitable companies in the world, whose annual revenue rivals that of the entire GDP of some countries. Ahead of the 2020 presidential primary elections, Recode reported that Google and Facebook employees donated the most to candidates like Elizabeth Warren and Bernie Sanders who wanted to break up Big Tech, arguing that making these companies smaller could return them to their more scrappy and productive early startup days. It’s not only executives who think that some Big Tech companies have become too bloated, but some rank-and-file employees too. “There was a lot of fat in the organizations. “At companies like Facebook and Google, for the longest time expenses were unlimited,” said one Meta executive who recently left the company and spoke under the condition of anonymity for fear of professional repercussions. Now, economic circumstances are giving management an opportunity to reset expectations, pressure staff to start working harder with smaller budgets, and show some workers the door. The external economic pressures are real - but it’s also a good excuse for behemoths like Google and Meta to clean house.Īs Google’s parent company Alphabet and Meta have grown into corporate giants worth $1 trillion and $385 billion, respectively, they’ve swelled their staffing to over 150,000 and 80,000. Some economists say these moves are a sign that we’re heading into a “white-collar recession,” or a decline in job growth and security for professional workers, not just in tech, but also in other high-skilled industries. ![]() ![]() Employees fear deeper staff cuts are ahead. In recent months, Google and Meta have drastically slowed down hiring, cut back on perks like employee travel and laundry service, and begun reorganizing departments. For nearly two decades, top-tier tech companies like Google and Facebook (now Meta) were known for their rapid hiring, luxurious perks, and corporate cultures of abundance.īut now, as rising inflation, the war in Ukraine, and other macroeconomic factors have caused marketers to slash their advertising budgets, Big Tech’s work culture is changing.
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