CEO of Facebook parent company Meta Mark Zuckerberg announced the termination of almost 11,000 people. Nearly 13% of its global workforce, in what he called “some of the most difficult changes we’ve made in Meta’s history.”
The CEO of Meta laid out his strategies for “a meaningful cultural shift in how we operate,” which he said will result in “leaner and more efficient” operations at the company.
In a blog on the company’s official newsroom, Zuckerberg wrote: “I want to take accountability for these decisions and for how we got here. I know this is tough for everyone, and I’m especially sorry for those impacted.”
“Many people predicted this would be a permanent acceleration that would continue even after the pandemic ended. I did too, so I decided to increase our investments significantly. Unfortunately, this did not play out the way I expected,” he wrote.
The business will pay all affected employees 16 weeks of base pay. Zuckerberg said in a statement to workers, plus two additional weeks for each year of service. There is no cap on the amount that will be paid.
Additionally, the organization will provide “dedicated immigration specialists.” For individuals employed by Meta under a visa and who would probably be impacted by the layoff.
“I know this is especially difficult if you’re here on a visa. There’s a notice period before termination and some visa grace periods, which means everyone will have time to make plans and work through their immigration status. We have dedicated immigration specialists to help guide you based on what you and your family need,” Zuckerberg said.
Zuckerberg considered a few points
Health Insurance: For a period of six months, they will pay the expense of healthcare for individuals and their families.
Career assistance: With an outside vendor, they will offer three months of career support, including early access to unreleased employment leads.
Immigration assistance: It is very challenging if they are in the country on a visa. Everyone will have time to arrange and resolve their immigration situation because of the notice period before termination and some visa grace periods. Depending on what they and their family need, dedicated immigration consultants can help them.
11,000 employees of Facebook parent company Meta were let go. 13% of its staff. The 18-year history of Meta includes no prior mass layoffs.
As it struggles with rising expenditures and declining ad revenues. Meta has put in place additional cost-cutting initiatives in addition to issuing pink slips. The corporation intends to reduce discretionary spending through the first quarter and maintain its hiring ban. However, the impacted areas and the anticipated cost savings from the changes have yet to be mentioned.
Before the firings, Meta had been signaling cost-cutting measures by reducing its real estate holdings and eliminating some employee benefits.
