Social media giant Meta has asked some of its employees to find a new role within the organization in thirty days or leave, as it plans to downsize its various departments. Meta recently downsized its departments and eliminated some. The company has taken the route of giving notice periods, instead of removing them directly.
Meta Losses Recently
Recently, Meta reported considerable losses in its revenue this year. Meta founder Mark Zuckerberg’s wealth lost around seventy-one billion dollars this year. Its subscriber growth has stopped has also taken a halt since 2021. Zuckerberg dropped fourteen ranks in the list of the world’s richest to exit out of the top twenty this year. Meta has also seen a dip in its share prices in recent months. Meta is reportedly investing a significant amount in Metaverse.
Meta CEO had emphasized the relocation of its resources earlier this year. At a meeting in July this year Meta’s founder shared the plan to trim down the workforce. He had said that the trimming down of the workforce across departments in the company is to focus on other areas. Meta had also asked its managers to remove the underperforming employees in the same month.
“Our plan is to steadily reduce headcount growth over the next year. Many teams are going to shrink so we can shift energy to other areas inside the company,” Zuckerberg said during the company’s quarterly earnings call in July.
Not a New Practise
Reports bring out that, issuing a thirty-day notice period is not a new practice at Meta. However, the thirty-day notice until now had been only issued to inefficient workers. This year the company has issued such notice also to its employees performing well. It is expected that ten per cent of Meta employees may lose their job this year. Meta is issuing a thirty-day notice period so that it is able to preserve the talent, it fears it might lose.
Trimming At Other Tech Firms
Another leading tech firm, Google has also followed a similar procedure to remove its employees. Reports suggest that the company had issued a ninety days notice period to its employees asking them to find a new job profile within the search engine giant or leave. Google had previously given sixty day notice period. Social media and camera company Snap has also announced trimming down its workforce by twenty per cent. The recent trimming of the workforce across tech companies is reportedly due to the recession.