Highlights
Zuckerberg said – more resources will be devoted to the tasks of meta priority.
The number of employees will be reduced in each department. Cost cutting will continue.
Hiring will be banned till March 2023, further decision will be taken later.
New Delhi. Facebook’s parent company Meta Platforms Inc. has laid off more than 11,000 employees. These are the biggest layoffs in the history of the company which started in 2004. Meta CEO Mark Zuckerberg has apologized to the fired employees and also listed the reasons why the company had to take this tough decision.
In a message sent to employees, Mark Zuckerberg has said that Meta will continue to cut expenses even further. Along with this, he also gave information about the priorities of the company. Zuckerberg has made it clear that the ban on new recruitment in Meta will continue until March 2023. Meta CEO said that every effort will be made to provide all kind of assistance to all the fired employees.
Also read- Meta Layoffs: Facebook’s parent company fired 11,000 people, Zuckerberg apologizes
Ban on new recruitment till March 2023
Zuckerberg has said in a message to employees that the company will cut discretionary spending and will continue to hold on to new hiring until the end of the first quarter. Meta follows the calendar year globally. This means that the recruitments in META will be closed till March 2023. Zuckerberg said that the reduction in workforce will be done in all departments of the company and the business team will also be restructured.
I could not understand earlier, my full responsibility
Zuckerberg gave the reason for the employees to be fired, saying that due to the Corona epidemic, there was a significant increase in investment. This investment had a huge impact on growth. This investment has to continue even after the pandemic is over. Zuckerberg said, “Meta’s revenue has declined more than expected due to a downtrend in the macroeconomic, increased competition and declining advertising revenue. I couldn’t figure it out earlier and I take full responsibility for it.”
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Will make the company capital efficient
Meta CEO said that making Meta capital efficient is now the first priority. More resources will be deployed in the priority areas of growth and the priorities will also be reduced. Now the company will put more emphasis in areas like AI Discovery Engine, Advertising and Business Platforms and Metaverse. the company budget Reduced costs, reduced allowances and reduced real estate footprint. Zuckerberg said that even all these measures alone will not bring the company’s expenses in line with revenue growth. Therefore, now a tough decision has to be taken to lay off the employees.
Assistance Assurance
Zuckerberg also told what the company will give to the fired employees. He said that employees in the US and outside the US will be given equal benefits. According to the local employment laws of each country, the fired employees will get benefits. Employees who are being retrenched will also be paid 2 additional weeks for each year they spend in META, along with 16 weeks of basic pay. Outstanding PTO will be paid and health insurance facility will be provided for 6 months.
What about visa holders?
He said that those employees who are in the US on visa, they will also be given immigration help. Zuckerberg said, “It is a difficult time for those who are on visas. The services of immigration experts will be provided to assist the employees whose services have been terminated.
What is the plan for the future?
On the appointments of new employees in Meta, Zuckerberg said that the decision on this will be taken keeping in mind business performance, operational efficiency and other economic issues. Nothing can be said at the moment when the new recruitments will happen.
Cost cutting will continue
In his message, Zuckerberg said that cost-cutting will continue in Meta. Real estate footprint will be reduced and desk sharing system will be implemented. This system will be adopted where more employees stay out of the office due to work. More measures will be taken to cut expenses in the coming months.
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Tags: Business news in hindi, Employment, Facebook, job loss, Mark Zuckerberg
FIRST PUBLISHED : November 09, 2022, 19:30 IST
