The power, perks and demand that many workers at big tech companies enjoyed over the past decade are giving way to angst over layoffs and shrinking net worths
This spring, Google employees in the Bay Area got a private Lizzo concert to herald a return to the office. Now the company is cutting back on social gatherings as well as hiring. Meta Platforms Inc., known for once-lavish perks such as free laundry, began slashing 11,000 jobs this week and said some of its remaining workers will have to share desks.
The comedown has been swift for employees of big technology companies, long among the most coveted workers in business. Accustomed to jobs with six-figure salaries, fat equity packages and cushy amenities, many employees are now facing staff cuts for the first time, along with shrinking net worths as stocks fall during a bumpy stretch for big tech.
Recruiters like Charley Betzig say they are receiving a flood of notes from tech employees saying they would love to reconnect. For years, he has been the one trying to get their attention, he said. After large-scale layoffs at Twitter Inc., Lyft Inc., Stripe Inc. and others in recent days, tech employees have logged on to the anonymous messaging board Blind with commiserating posts with titles such as “layoff layoff layoff” and “take care of yourselves y’all.” One post was simply labeled: “I want to cry.”
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This article was written by Katherine Bindley and Chip Cutter for the Wall Street Journal.
