Meta’s CEO Mark Zuckerberg has confirmed that his company would be reducing the workforce by nearly 13%. And to be more exact, that entails 11,000 workers worldwide.
The news deciding the fate of the employees would be delivered through a single email sent out at 6 am. In addition to that, the CEO added how Meta is taking this bold decision to become a smaller yet more efficient firm. In the same way, Meta would be reducing its spending on a number of things while keeping hiring at a bare minimum throughout the first quarter of next year.
Zuckerberg referred to the moment as a sad one but something that the firm needed to do, considering the troubling times that it’s been facing lately. Similarly, he spoke about how grateful he was to all those providing their services for the betterment of the organization. He also acknowledged their efforts and says it has helped shape the firm to where it stands today while concluding with a note of gratitude.
Zuckerberg shocked many by taking accountability for where Meta stands today and that includes some not-so-great decision-making on his part. He similarly made the choice to enhance Meta’s investments greatly as there was a huge growth in revenue during the pandemic period. So many critics and the CEO himself assumed that it would be a permanent period of accelerated growth but that was not true.
An apology from Zuckerberg entailed how he didn’t expect things to play out in the manner that they did. He put a lot of the blame on the current situation in Ukraine, the inflation present around the world, and also the world of e-commerce returning back to levels seen before the pandemic. He admitted his mistakes, said he was wrong, and then when on to add how sorry he was for the ordeal.
All workers affected by this incident would be receiving an email that would decide their fate, he adds. As far as massive layoff is concerned, it’s considered to be the biggest to occur in the US this year. And it comes just days after Twitter’s chief Elon Musk opted to go on a hiring spree.
Those asked to leave would receive compensation comprising pay of nearly 16 weeks and an additional 14 days for each year of their service offered to the firm, without any cap. In the same way, the firm would end up paying the rest of the PTO time, providing health insurance, and an external vendor that provides entry to any unpublished jobs. Those who worked on visas while offering their services to Meta would similarly be given support for immigration.
The tech giant mentioned how it has already restricted access to most of the company’s systems for those that left today as there is a lot of sensitive data out in the open. But email IDs are yet to be restricted so everyone can bid farewell and leave on a high.
While some people might be shocked, it’s not too surprising as the firm did previously hint about its plans for a major layoff during this quarter’s earnings call.
Read next: Meta Goes Public With Its Efforts To Tackle Climate Change
The news deciding the fate of the employees would be delivered through a single email sent out at 6 am. In addition to that, the CEO added how Meta is taking this bold decision to become a smaller yet more efficient firm. In the same way, Meta would be reducing its spending on a number of things while keeping hiring at a bare minimum throughout the first quarter of next year.
Zuckerberg referred to the moment as a sad one but something that the firm needed to do, considering the troubling times that it’s been facing lately. Similarly, he spoke about how grateful he was to all those providing their services for the betterment of the organization. He also acknowledged their efforts and says it has helped shape the firm to where it stands today while concluding with a note of gratitude.
Zuckerberg shocked many by taking accountability for where Meta stands today and that includes some not-so-great decision-making on his part. He similarly made the choice to enhance Meta’s investments greatly as there was a huge growth in revenue during the pandemic period. So many critics and the CEO himself assumed that it would be a permanent period of accelerated growth but that was not true.
An apology from Zuckerberg entailed how he didn’t expect things to play out in the manner that they did. He put a lot of the blame on the current situation in Ukraine, the inflation present around the world, and also the world of e-commerce returning back to levels seen before the pandemic. He admitted his mistakes, said he was wrong, and then when on to add how sorry he was for the ordeal.
All workers affected by this incident would be receiving an email that would decide their fate, he adds. As far as massive layoff is concerned, it’s considered to be the biggest to occur in the US this year. And it comes just days after Twitter’s chief Elon Musk opted to go on a hiring spree.
Those asked to leave would receive compensation comprising pay of nearly 16 weeks and an additional 14 days for each year of their service offered to the firm, without any cap. In the same way, the firm would end up paying the rest of the PTO time, providing health insurance, and an external vendor that provides entry to any unpublished jobs. Those who worked on visas while offering their services to Meta would similarly be given support for immigration.
The tech giant mentioned how it has already restricted access to most of the company’s systems for those that left today as there is a lot of sensitive data out in the open. But email IDs are yet to be restricted so everyone can bid farewell and leave on a high.
While some people might be shocked, it’s not too surprising as the firm did previously hint about its plans for a major layoff during this quarter’s earnings call.
Read next: Meta Goes Public With Its Efforts To Tackle Climate Change