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Meta layoffs are the latest sign that constant job cuts are the new Big Tech normal
Recent layoffs at Meta point to a tech industry playbook of making recurring cutbacks. These regular reductions risk damaging worker morale.
Art Zeile, the CEO of the tech-career marketplace Dice, told BI that some of the biggest companies in the industry had determined that certain departments were no longer sufficiently profitable and that they needed to redirect resources to growth areas like artificial intelligence. At Meta, CEO Mark Zuckerberg was "beautifully rewarded" by the market for making cuts, Zeile said, noting a rise in the company's stock price. Fagan said a sign that the tech industry might be closer to stabilizing was that, after declining for several years, job postings in areas like software development had remained flat in recent months, though they're still 30% below 2020 levels.
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