Meta has confirmed a huge round of layoffs across its companies including Facebook, Instagram and WhatsApp. The layoffs will amount to 13% of Meta’s total workforce. Moreover, this is for the first time that the tech company has initiated the mass layoffs.
Mark Zuckerberg’s announcement
Meta’s CEO Mark Zuckerberg announced these job cuts in a written blog towards the employees. “Today I’m sharing some of the most difficult changes we’ve made in Meta’s history. ’ve decided to reduce the size of our team by about 13% and let more than 11,000 of our talented employees go. We are also taking a number of additional steps to become a leaner and more efficient company by cutting discretionary spending and extending our hiring freeze through Q1.” Zuckerberg wrote.
Media reports regarding layoffs
Wall Street Journal reported that the company may initiate layoffs next week. Similarly, New York Times reported that these this is the first significant wave of layoffs since the inception of Facebook in 2004. Previously, there were rumors around Meta’s layoffs. However, now we have the complete details about company’s plans and its impact on the employees. Meta has an existing workforce of 87,000 employees across the globe. This means that the company is planning to let go of about 11,000 employees which is a huge number.
Severance for outgoing employees
Furthermore, Meta announced that the parting employees will receive 16 weeks of base pay. In addition, they will also receive two additional week salary for every year of service, with no cap. Similarly, employees and their families will continue to healthcare benefits for six months. Importantly, Meta will provide three months of career support with an external vendor, including early access to unpublished job leads.
Meta became one of the few companies who became a trillion-dollar company. Moreover, its revenue rocketed during the pandemic period. However, the company is now exploring various new avenues which are far away from completion at this point. Moreover, critics are arguing that the tech company is swaying away and is losing focus of its core business.
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