Personal Finance 101: Anyone could lose their job. Everyone needs to be ready, especially financially.

Personal Finance 101: Anyone could lose their job. Everyone needs to be ready, especially financially.

Meta’s 10,000 job cuts

I just read about Meta announcing a fresh wave of job cuts and the numbers being announced would be 10,000 over the next few months. I quickly checked and according to statista (click here for source) Meta has over 86,000 employees as at December 2022. When we use this as calculation, it meant that around 11-12 pct of the current employees would cease to be employees of Meta in a few months time.

Article in nst.com.my Facebook owner Meta announced a fresh wave of job cuts on Tuesday, part of what CEO Mark Zuckerberg called the company’s “year of efficiency” as the US tech sector continues to downsize.

In an email to employees, Zuckerberg said Meta would shed 10,000 jobs over the next few months, targeting middle management, and that 5,000 other roles would remain unfilled. The cuts follow a cull of 11,000 jobs announced by the company in November.

“This will be tough and there’s no way around that. It will mean saying goodbye to talented and passionate colleagues who have been part of our success,” Zuckerberg said.

The first victims will be Meta’s recruitment department as the company officially puts an end to the hiring spree that came when big tech ramped up operations to meet high demand during the coronavirus pandemic. Article in nst.com.my

Anyone could lose their job

With the speed of change, things do change overnight. A shop which has been around for decades may lose out to a bigger competitor opening on the same block offering everything at a cheaper price. A legacy airline which has been around for many decades could suddenly face super huge competition from smaller and more nimble competitors. A hotel would face competition from AirBnB. Taxis could face competition from GRAB / UBER and more. All these changes do not happen over 10 years. They happen fairly quickly and that is why people lose jobs when the company they work with face unforseen circumstances.

Financially, be ready

One would need some time to get a new job if they have just lost their job. Yet, bills have to be paid on time. This is why it’s important to have savings to last for 6 months for these. This is also why that savings here and there over the months would come in handy. This is also why sometimes, it is good to also have another skill which could be put to good use too. I have heard so many success stories of pilots becoming chefs, of engineers becoming entrpreneurs and the story goes on. When the goings get tought, the tough gets going. As long as he tough ones have some financial support.

I wish everyone in Meta the best. Hopefully the current economic growth would enable most if not all to find another job quickly.

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