Meta Fires 11,000 Employees, while Redfin Fires 862—Here Are the Biggest Layoffs in the United States This Year3 min read
Facebook parent Meta Platforms Inc has opted to reduce 13% of its staff and lay off around 11,000 employees, according to CEO Mark Zuckerberg in a blog post. The layoffs at Meta, one of the largest in the social media industry, are anticipated to begin on Wednesday, according to Zuckerberg, who also stated that staff departing today will not be able to access most Meta systems in order to secure sensitive information.
TOPLINE On Wednesday, Facebook parent company Meta confirmed a massive round of layoffs affecting 13% of its workforce (11,000 employees), and real estate company Redfin announced plans to cut 862 jobs—the latest major companies to implement layoffs as employers fear rising inflation and a cooling housing market will push the economy into recession.
Meta will also take more efforts to build a “leaner and more efficient” organisation, including eliminating discretionary spending and extending the employment freeze through the first quarter of 2023, according to Zuckerberg.
Meta reported over 87,000 employees in September. In September, Zuckerberg announced a hiring freeze as well as intentions to restructure teams in order to cut costs.
“I got this wrong, and I accept responsibility,”: Meta Layoffs.
Mark Zuckerberg has published remarks explaining why Meta will be laying off thousands of people. This blog post is about Meta layoffs and addressing all employees. Previously, Zuckerberg indicated that the layoffs will be done to reduce expenses and boost efficiency. Overstaffing was another issue that contributed to huge layoffs.
Meta will be laying off personnel across the board, including the Family of Apps and Reality Labs. According to the CEO’s blog post, certain teams will be more affected than others. According to reports and netizen comments, the Meta layoffs were among the worst tech layoffs ever.
Severance pay, stock compensation, and other benefits are offered in the case of a layoff.
In a blog post shared by Mark Zuckerberg indicated that staff would receive 16 weeks of base compensation plus two additional weeks for every year of service they have provided to Meta, with no cap. Employees will also receive compensated time off.
All employees who were laid off would get their stock compensation (RSU Vesting) on November 15, 2022.
Lay off Employees would also receive six months of health care and insurance coverage for themselves and their families.
Meta will also provide three months of career coaching to employees through an external partner, allowing them early access to unpublished employment leads.
For the Meta layoffs in the United States, the tech company will provide immigration assistance to those who joined on an H-1B visa. According to Zuckerberg’s announcement, employees would have a notice period, as well as visa grace periods, to give them time to work through their immigration situation.
We’re also extending our hiring freeze through the first quarter, with a few exceptions. I’ll be watching our business performance, operational efficiency, and other macroeconomic aspects to see if and how much recruiting should resume at that point. This will allow us to control our cost structure in the event of a prolonged economic downturn. It will also put us on track to attain a more efficient cost structure than we recently presented to investors.
Earlier News by Research Editorial: Meta is to lay off thousands of employees beginning this week, according to a report
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