This is why many tech companies are laying off thousands of their workers right now.
You may be surprised by the huge wave of layoffs that different technology companies are suffering in recent months, and it seems that now we are right: they overhired in the past.
Madelyn Machado stated that she was hired by Meta for $190,000 a year and that she did practically nothing at her job.
In addition, speaking to The Wall Street Journal, he points out that most days his job included attending virtual meetings until 3:30 p.m. to finish the workday.
Curiously, he notes that his recruiters at Meta told him not to hire anyone during his first year at the company.
She only worked for six months at Meta before being fired for an alleged conflict of interest, since she also posted videos on TikTok.
Another former Meta employee told a similar story. Britney Levy says she walked into the company in April 2022, and that she only received a single assignment before being laid off in November.
Experts tell the WSJ that they believe the companies They overhired during the height of the pandemic, not because they needed workers, “but to amass talent from rival companies.”
Meanwhile, Vijay Govindarajan, a professor at Dartmouth’s Tuck School of Business, says this wave of hiring was initially driven by a shortage of tech talent, then turned into competition, leading companies to hire above what they needed.