Meta may be planning to lay off thousands of employees more in this week or the next
Meta may be planning to lay off thousands of employees more in this week or the next
Meta founder and CEO Mark Zuckerberg dismissed approximately 13 per cent of its workforce, or nearly 11,000 workers, a few months ago.
According to recent rumours, Zuckerberg intends to fire a large number of workers. According to one of the most recent Bloomberg stories, Meta is preparing to dismiss thousands more workers as soon as next week.
Why another round of layoffs?
Meta recently reported disappointing profit and sales declines. According to the story, Meta is preparing a new round of job cuts at both Facebook and Instagram in order to save money. The layoff is anticipated to commence next week and will affect people all over the world. According to the story, the second round of layoffs is motivated by financial goals and is distinct from the “flattening” of the company.
The impending termination was previously hinted at, particularly after Meta gave “below par evaluations” to thousands of workers during its most recent performance review. According to reports, the business is preparing to cut jobs in order to concentrate on the Metaverse and save money.
What made people suspicious of Meta?
According to some recent accounts, Meta supervisors assigned around 10% of workers the ranking “meets most,” which is the company’s second-lowest rating. The lowest grade is “meets some,” which isn’t issued very often by the business. According to a business spokesperson, the rating was provided to encourage high-quality work and long-term thinking.
Furthermore, people at Meta became cautious and realised that things weren’t right when key managers did not share the resource allocation plans and budgets for the upcoming year. Usually, these plans are shared with the relevant teams and people much earlier in the year, but this year, there was an inexplicable delay. Some teams still haven’t received their budgets.
Zuckerberg takes responsibility
When the first round of layoffs was announced, Zuckerberg accepted complete responsibility for the predicament. “I want to accept responsibility for these choices and how we arrived here. I realise this is difficult for everyone, and I’m particularly sorry for those who have been affected “In a message to workers, Meta’s CEO stated.
In the same letter, Zuckerberg disclosed that the business would give severance pay to workers in the United States. He stated that affected workers would receive 16 weeks of base salary and two weeks for each year of employment, with no cap. The business also pledged to pay for any unused PTO time, cover the cost of healthcare, provide three months of job help through an outside partner, and provide visa assistance. Meta also vowed to provide comparable support to other employees or individuals outside the United States, taking into consideration local employment regulations.
Read all the Latest News, Trending News, Cricket News, Bollywood News,
India News and Entertainment News here. Follow us on Facebook, Twitter and Instagram.
What's Your Reaction?
