#Twitter handle in Nov 2022 tweeted: "bye literally everyone"!
Elon's tweet confirmed that this action was needed as #twitter was loosing $4million/day.Twitter laid off 180 of 230 staff in India in round one and many of the remaining in quick second fiat!
In fact, twitter fired in successive rounds in early April 2023, clocking 83% of total staff it had at it's peak, before Elon bought it!
Industry experts blamed big tech players of indulging in, something called "EMPOYEE FARMING"!
Despite massive winter cleaning, twitter aka X is doing fantastic, in fact faster and better than earlier as some tech analysts confirmed recently.
This reform and fine tuning sent shock waves to peer group players like Meta, Google and in general to MAANG companies.
No wonder, Josh Bersin in his brilliant report claims, the clear focus is NOT hire, hire, hire but tune, tune, tune!
Xpheno in it' statement today mentioned that all top Indian IT services companies have shrunk staff sizes back to early 2022 levels...
What does your "Employee Farm" look like? Don't be in denial, tune, tune, tune...:)
Meta (Facebook) had 86,482 employees at year-end 2022. The company announced in January that over the last 18 months they reduced staff by 22%, while Q4 revenues went up 25% in Q4 (total revenue is now $140 billion). This translates to $1.9 million per employee, one of the highest financial productivity measures in the software industry. To give you an example, Workday’s revenue per employee is around $230K, Oracle’s is $378K, and Microsoft’s is $863K, and Google is around $1.6M.
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