Meta (Facebook) is cutting 11 000 jobs -News Meta is cutting its staff by about 13% and letting go of more than 11,000 people. This is the first time the company has done mass layoffs.
Mark Zuckerberg sent a message to employees about the change, and Meta shared that message on its Newsroom. Every part of the company will be affected by the job cuts, though some will be affected more than others.
uniport post utme 2022 timetables exams
The company is cutting the size of its team by a lot, cutting spending on things that aren’t necessary, and putting a freeze on hiring until the first quarter of 2023. And because it plans to hire a lot fewer people next year, the layoffs will have a “disproportionate” effect on the recruitment team.
Zuckerberg says that he wants to be responsible for how Meta got into this situation. At the height of the pandemic, when people were spending more money on e-commerce, he seems to have decided to significantly increase Meta’s investments. “Many people thought this would be a permanent speed-up that would keep going even after the pandemic was over,” he said. His bet didn’t pay off, though, because e-commerce went back to the way it was before the pandemic and the economy was worse than expected.
Meta (Facebook) is cutting 11 000 jobs -News
JOB- Finance Business Partner at Credit Direct Limited
Meta has chosen to focus on its most important growth areas, such as its advertising and business platforms and, of course, its long-term vision for the metaverse.
The CEO says that employees will soon get an email about the layoffs. In the US, those who lose their jobs will get 16 weeks of their base pay plus two extra weeks for every year of service, with no limit. It will also pay for the employees and their families’ health care for the next six months. The company says it will help them find new jobs by using an outside vendor to give them access to job postings that haven’t been made public. It also says it will help employees on visas by having a team of immigration experts to help them. People in other countries will get the same kind of help, with some differences based on the employment laws in their own countries.
Meta says that it has already taken away system access for those being fired today because it has access to so much sensitive information. But their email addresses will be working all day, so their coworkers won’t have to guess who’s still there. On the other hand, Twitter is said to have cut off people’s access to their emails before they even knew they were fired. In the first few days after the layoffs began, it was unclear who still worked there.
Lecturer II (Basic Clinical Sciences) Enugu State University of Medical and Applied Sciences
In an email signed “Twitter,” the social network owned by Elon Musk said that it was laying off half of its staff. Then, the employees had to wait for a follow-up email that would tell them if they still had a job or not. If it came to their work email, they still had a job. But if it went to their private email, they were fired. Bloomberg says that Twitter has been asking some of its former employees to come back after realizing that it fired them by mistake or that their skills are needed to build the features that Musk wants.
The Wall Street Journal was the first to report that layoffs were coming, and it also said that Meta’s recruiting and business teams would be hit hard.
Mark Zuckerberg has been hinting for a while that there might be cuts. During the last earnings call for the company, the CEO said that by the end of 2023, Meta could be “a slightly smaller organization.” He is also said to have told managers to find people who should be fired and to have told employees, “Really, there are probably a lot of people at the company who shouldn’t be here.” The company has already stopped hiring new people and cut some Reality Labs projects.
Best 2022 portable Bluetooth speakers
Meta has been losing billions of dollars on its investments in the metaverse, and Reality Labs lost more than $10 billion in 2021. The company has said that it expects to lose “significantly” more money in 2023. Apple’s changes to how apps track ads have also hurt Facebook’s advertising income in a big way.
Meta and Twitter are cutting a lot of jobs, but they aren’t the only big tech companies that have done this in the past few months. Snap also let go of about 20% of its employees over the summer.