Meta has stopped the company’s perks of their employee benefits that cover things like mental health costs and work-life balance needs.
The internet company previously provided Life@benefit perks that helped employees fulfill their “personal and well-being goals” as it said in the career page description.
But now the benefits will be less as compared to the present year which will most probably start from next year onwards. Earlier the benefit amount was around $3000 but from next year it will be slashed to $2000, two employees familiar with the matter told.
The Life@benefits of employees have been “adjusted” for 2023, adding that, the benefits in 2019 were only $750 per year, Meta’s spokesperson said. “It’s still a significant increase even with the reduction,” the spokesperson added.
As many tech companies laid off thousands of employees and cut off many benefits from employees because of slow growth. Like other tech companies, Meta also took a step to cut out several benefits over the last several months that were provided to employees earlier.
Because of constant slow growth, higher interest rate, and a possible recession the company started to reorganize. Last month it removed around 13% of the workforce from the company. Not only that the company also canceled on-site laundry services, ended Lyft subsidy, and free food services have been cut out as well.
According to rumors around, it says that the reduction may happen again in the next month after completing stricter performance reviews.
The company which was formerly known as Facebook presents a workforce headcount of around 76,000 workers after the layoffs from last month. Meta will save in total of $76 million a year by cutting the cost of $1000 per employee.
Other tech companies are also skimming to reduce expenses, like Twitter, which has transformed drastically in six weeks of ownership under Elon Musk.
The billionaire has put up an approach of austerity at the platform, going so far as to spin unused office areas into sleeping quarters for out-of-town workers and his business associates to preserve hotel costs.
Musk previous month rolled out a number of transformations to benefits that Twitter employees had received for years, citing a “challenging economic climate” and the need for “cost management.” Any benefit or bonus associated with “wellness” and “productivity” was carried away, as Insider reported, along with benefits connected to a group or team actions and persistent learning.