Meta, has announced it will lay off 13 percent of its global workforce.
Parent company of Facebook, Meta, has said it will reduce 13% of its global employees. CEO of Meta, Mark Zuckerberg, who verified this yesterday, stated that the purge would affect around 11,000 people. Additionally, the corporation will reduce discretionary spending and maintain its employment ban through the first quarter of 2023, delaying recruiting until after the designated time frame. It was learned that a portion of this cost-cutting involves letting go of thousands of employees globally, which would also affect Nigerians in Africa and the diaspora.
18 talented Nigerians were working closely with Zuckerberg as of 2016, some of whom travelled to Nigeria with him when he paid visits there in 2016 and 2018. According to sources keeping tabs on events at the social media platform, the rise in the number of Nigerian employees at Meta over the past five years is attributable to their talent. The enormous layoffs, the first in Meta’s 18-year history, come in the wake of thousands of job losses at other significant digital firms, such as Twitter, owned by Elon Musk, and Microsoft Corp.
Apart from layoffs the company is taking other measures to cut costs.
In a message to the Meta staff published in the Meta Newsroom, Zuckerberg detailed additional cost-cutting measures the business is implementing in addition to the layoffs. He made a suggestion that the business had started COVID-19 with excessive investment and was now working to fix it. He claimed to be disclosing some of the most challenging adjustments the organization has ever made to Meta. They made the decision to lay off more than 11,000 of their outstanding workers in order to reduce the size of their staff by roughly 13%. They are also reducing discretionary spending and extending their hiring freeze through Q1 in order to create a smaller and more effective organization.
He continued by saying that everyone finds it difficult to accept responsibility for these choices and how they came to be. As opposed to before, Meta now anticipates expenses of up to $100 billion by 2023, with greater resources going toward things like artificial intelligence, advertising, commercial platforms, and the metaverse. Following multiple quarters of underwhelming earnings and a decline in revenue, Meta, whose stock has fallen 71% this year, is taking steps to reduce costs.
Employees will have access to their emails to say goodbye to colleagues.
The company’s most severe cutbacks since Facebook’s founding in 2004 are the result of a sharp slowdown in the digital advertising market, a shaky economy on the verge of a recession, and Facebook founder Mark Zuckerberg’s multibillion-dollar investment in the speculative metaverse virtual reality initiative. Employees will still have access to their emails so they may say farewell to co-workers, according to Zuckerberg at Meta, even after they have been disconnected from more critical business systems.
According to him, terminated U.S. employees would also receive 16 weeks of their base pay in severance pay, plus an additional two weeks for each year of employment. The organization also provides career assistance, immigration support, and six months of health insurance coverage. In accordance with regional employment legislation, packages will be comparable outside of the US. Late in September, Zuckerberg had informed the staff that Meta planned to reduce spending and reorganize teams in order to adjust to a shifting market. The CEO of the Menlo Park, California-based business, which also owns Instagram and WhatsApp, stated at the time that Meta anticipated headcount to be lower in 2023 than it is this year.
Meta the company that does not discriminate based on gender and race.
Giving people the ability to create communities and unite the planet is the goal of Meta. They search for talented individuals that enjoy creating things and have the guts to take on challenging problems that improve everyone’s lot in life. At Meta, things happen quickly, so one will have the chance to have an influence both on the first day and every day after that. Meta takes pride in being a company that values diversity and equal employment opportunities. They do not discriminate on the basis of age, ethnicity, religion, sexual orientation, gender, color, national origin, sex, gender identity, gender expression, protected veteran status, genetic information, political affiliation, or any other legally protected characteristic.
The content on AskNigeria.com is given for general information only and does not constitute a professional opinion, and users should seek their own legal/professional advice. There is data available online that lists details, facts and further information not listed in this post, please complete your own investigation into these matters and reach your own conclusion. AskNigeria.com accepts no responsibility for losses from any person acting or refraining from acting as a result of content contained in this website and/or other websites which may be linked to this website.
Fact Checking Tool – Snopes.com