Meta asked its employees to find a new role within the organization in thirty days or leave
Due to its plans to downsize its many departments, social networking company Meta has given some of its staff 30 days to find a new position or go. Recently, Meta cut back on staff and eliminated various departments. Instead of immediately terminating employees, the corporation has chosen to give notice periods. Meta just disclosed significant revenue losses for this year. The wealth of Mark Zuckerberg, the creator of Meta, decreased by almost 71 billion dollars this year. Since 2021, it has also stopped adding new subscribers. Zuckerberg dropped out of the top twenty this year after losing fourteen positions on the list of the world’s richest people. The share price of Meta has decreased recently as well. According to rumors, Meta is investing a sizable sum in the Metaverse.
Early in the year, Meta’s CEO made a point of moving its resources. The idea of reducing the personnel was presented at a meeting in July of this year by Meta’s founder. He stated that the corporation is reducing its employees across departments in order to put more emphasis on other areas. In the same month, Meta also asked its managers to fire any workers who were not doing their jobs well.
“Our plan is to steadily reduce headcount growth over the next year. “Many teams are going to shrink, so we can shift energy to other areas inside the company,” Zuckerberg said during the company’s quarterly earnings call in July.
According to reports, Meta has a history of giving 30-day notice periods. However, up to this point, only ineffective employees had received the thirty-day notice. This year, the business has also given this notice to its top-performing staff. In 2019, 10% of the Meta workforce may lose their jobs. A thirty-day notice period is being given by Meta in order to protect the talent it feels it might lose.
Google, another well-known tech company, also fired its employees using a similar process. According to reports, the company gave its employees 90 days’ notice before asking them to find a new position with the world’s largest search engine or quit. Prior to this, Google provided a sixty-day notice period. Snap, a social networking, and camera firm, has recently announced a 20% reduction in staff. Reports say that the recession is to blame for the fact that tech companies are currently hiring fewer people.