Meta Plans Fresh Round Of Layoff In Coming Weeks: Report
Meta had laid off over 11,000 employees across the world, which accounted for 13% staff globally. The decision followed the slump in revenue growth and faltering of its shares.
New Delhi: Tech billionaire Meta is planning to fire more employees globally in coming week whose numbers could go in thousands, according to the reports. It will be the second in the less than 4 months when tech giant is restructuring its business and cutting its global workforce in order to make profitable. According to the people related to the development, this phase of layoffs could be finalized soon.
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Last year, Meta had laid off over 11,000 employees across the world, which accounted for 13% staff globally. The decision followed the slump in revenue growth and faltering of its shares.
While sharing the annoucement of layoff, Meta CEO Mark Zuckerberg wrote, “Okay I’m sharing some of the most difficult changes we’ve made in Meta’s history. I’ve decided to reduce the size of our team by about 13% and let more than 11,000 of our talented employees go. We are also taking a number of additional steps to become a leaner and more efficient company by cutting discretionary spending and extending our hiring freeze through Q1.”
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Meta paid 16 weeks of base pay plus two additional weeks for every years of service with no cap. Moreover, the company announced to cover the cost of healthcare for people and their families for six months.