Power Reads: 5 Interesting Articles That Will Help You This Week

Each week, I select a few articles that rise above the fray and hopefully help you on your journey in leadership and the CRE world. They pull from one of four "corners": corporate real estate, technology, management science and anything positive. Each day we can become a better version of ourselves.

1. From Twitter to Meta: Tech Layoffs by the Numbers

Facebook, Twitter and Lyft are cutting thousands of jobs as the companies deal with slowing growth.

“Tech companies that enjoyed strong growth in the early days of the pandemic are feeling the effects of a new reality of high inflation, rising interest rates, currency headwinds and other issues on their income statements.”

Many of the world's largest technology companies are paring back as shopping patterns changed after the pandemic, and businesses have had to examine spending on everything from advertising to investments.

2. Disney Details Plans for Cost Cuts, Layoffs and Hiring Freeze in Memo

Walt Disney Co. Chief Executive Bob Chapek announced Friday companywide cost-cutting measures and told division leaders that layoffs are likely, according to an internal memo viewed by The Wall Street Journal.

“The austerity measures, which include a ban on all but essential work travel and a freeze on new hires for all but a few critical positions, come days after Disney reported lackluster quarterly earnings and a $1.5 billion quarterly loss at its streaming business, significantly wider than Wall Street analysts had predicted.”

In the memo, which was addressed to all executives at the senior vice president level or above, Mr. Chapek said a task force, led by finance chief Christine McCarthy and general counsel Horacio Gutierrez, would review marketing, content and administrative spending across the entire company and recommend cuts.

3. Facebook Parent Meta Is Preparing to Notify Employees of Large-Scale Layoffs This Week

Meta Platforms Inc. is planning to begin large-scale layoffs this week, according to people familiar with the matter, in what could be the largest round in a recent spate of tech job cuts after the industry’s rapid growth during the pandemic.

“The layoffs are expected to affect many thousands of employees and an announcement is planned to come as soon as Wednesday, according to the people. Meta reported more than 87,000 employees at the end of September. Company officials already told employees to cancel nonessential travel beginning this week, the people said.”

The planned layoffs would be the first broad head-count reductions to occur in the company’s 18-year history. While smaller on a percentage basis than the cuts at Twitter Inc. this past week, which hit about half of that company’s staff, the number of Meta employees expected to lose their jobs could be the largest to date at a major technology corporation in a year that has seen a tech-industry retrenchment. 

4. What to Do After Being Laid Off

Layoffs are sweeping the U.S., from Twitter and Meta to Gap and HelloFresh. If you happen to be one of the people caught up in the cuts, breathe. Yes, breathe. Trust me, I’ve been there. I still remember the panic I felt when I was fired at 26 years old. “How will I pay my rent?” was the first thing that came to mind. I was on my own then, and I can only imagine the fear of people with loved ones depending on them.

“That said, the last thing you want to do is send your resume to dozens of companies and pray a recruiter will call you. That’s not a strategy for success. What will make you successful is taking a minimum of 24 hours to process this shocking change to your employment status. Then, do these five things before you update your resume or start looking for a job:”

Reconfigure your mindset. Being laid off is not a reflection of your skill set — it’s a reflection of your former company’s lack of proper planning during a turbulent economy or of its change in business strategy. You have capabilities. You are smart. You can find a new job or change careers.

5. This Broker Says Fear of Missing a Promotion May Help Revive Office Demand

Veteran office market broker Ken Ashley has created an acronym he believes describes why workers should come back to the office.

“Ashley’s brainstorm is similar to FOMO — Fear of Missing Out — but with a twist. His concept is called “FOMAP: Fear of Missing a Promotion.” And Ashley thinks FOMAP is the harbinger of an emerging trend.”

For young professionals — millennials, Gen Z and what have you — who consider themselves upwardly mobile, FOMAP should become an essential part of how they think about their careers, Ashley told CoStar News.

Your success blesses others. I wish you a great and hugely impactful week!