Meta in November 2022 laid off 11,000 workers or 13 per cent of its complete workforce.
The second spherical of layoffs is reportedly being pushed by monetary targets and is separate from the “flattening” of organisation
Meta, the mother or father firm of Facebook and Instagram, is planning a recent spherical of job cuts and can lay off hundreds of workers as quickly as this week, in accordance with a Bloomberg report quoting individuals aware of the matter.
This comes after the corporate in November 2022 additionally laid off 11,000 workers or 13 per cent of its complete workforce.
The report, quoting the sources, mentioned the second spherical of layoffs is being pushed by monetary targets and is separate from the “flattening” of organisation. Meta is also working to flatten its organisation, giving buyout packages to managers and cutting whole teams it deems non-essential.
The latest round of layoffs is likely to be finalised in the next week, according to the Bloomberg report.
The layoffs are part of a plan to reduce costs at Meta following disappointing earnings and a drop in revenue. The staff reductions, part of the first major budget cut since the founding of Facebook in 2004, reflect a sharp slowdown in digital advertising revenue, an economy wobbling on the brink of recession and Meta CEO Mark Zuckerberg’s heavy investment in a speculative virtual-reality push called the metaverse.
Severance Package After November Layoffs
Zuckerberg while announcing the November layoffs gave clarity on what will happen to employees after their exit from the company. Following are the benefits that employees were entitled to after sacking.
Severance Package: Zuckerberg had said Meta will be pay 16 weeks of base pay and two additional weeks for every year of service, with no cap.
Paid Time Off (PTO): The company will pay for all remaining PTO time. Paid time off or PTO is a human resource management (HRM) policy that provides employees with a pool of bankable hours that can be used for any purpose.
Restricted Stock Units (RSU) Vesting: Everyone impacted will receive their November 15, 2022, vesting. An RSU is an award of stock shares, usually given as a form of employee compensation
Health Insurance: Zuckerberg had said the company will cover the cost of healthcare for people and their families for six months.
Career Services: The Meta CEO also said the firm will also provide three months of career support with an external vendor, including early access to unpublished job leads.
Immigration Support: “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 had mentioned.
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