“This will contribute to a meaningful cultural shift in the way we operate,” he said. The company will focus on a few smaller “high priority” areas, he said, including artificial intelligence, advertising and the metaverse.
On Tuesday, Zuckerberg met with executives to discuss layoffs, two people who attended the meeting said. One person present said the executive took responsibility for the cuts, saying his company was scaling too quickly. Meta has also canceled travel plans for employees to ensure they can meet with managers, should their team be affected by layoffs, three other people said. The Wall Street Journal before report Mr. Zuckerberg’s meeting with executives on Tuesday.
For those who lose their jobs in the United States, Meta said it will pay 16 weeks of base pay to employees who leave, along with two additional weeks for each year a person works at the company. Each laid-off worker and their family will receive six months of health care.
Join Meta other technology companies, such as Snap, has laid off employees due to worsening economic conditions. While many of these companies have boomed during the coronavirus pandemic, some of the largest have financial results report in recent weeks show they are feeling the fallout of the global economic turmoil. Last week, Elon Musk, the new owner of Twitterlaid off about half of the company’s 7,500 employees, saying the social media service is losing $4 million a day.
“These boom and bust cycles are incredibly destructive in organizations because the people who work there feel like they don’t know themselves,” said Sandra J. Sucher, a professor of management at Harvard. where you stand,” said Sandra J. Sucher, a professor of management at Harvard. By quickly hiring all departments during the pandemic, Zuckerberg set up his company to need to cut staff, she said.
Mr. Zuckerberg telegraphed that Meta would have to cost restraintstarts with cut about the many lavish perks that employees once enjoyed. In March, he announced that the company would cut back or eliminate free services like laundry and dry cleaning. He also scaled back the company’s free dinners, making it harder for employees to bring home dinners for themselves and their families.
In July, Mr. Zuckerberg warned employees that the company was experiencing “one of the worst recessions which we have seen in recent history” and in September Notice of the recruitment freeze.
