OscarminiOscarmini
  • Home
  • Reviews
  • Computers
  • How Tos
  • Travel & Lifestyle
  • Phone ROMs
  • Contact
    • Advertise
    • About Us
Facebook Twitter Instagram
  • Advertise With Us
  • Newsletter
Facebook Twitter Instagram
Oscarmini Oscarmini
  • Home
  • Reviews
  • Computers
  • How Tos
  • Travel & Lifestyle
  • Phone ROMs
  • Contact
    • Advertise
    • About Us
OscarminiOscarmini
Home»News»Meta to Lay Off and Compensate 11,000 Employees
News

Meta to Lay Off and Compensate 11,000 Employees

joshuaegeonuBy joshuaegeonu2 Mins Read
Share
Facebook Twitter LinkedIn WhatsApp Pinterest Email
Meta Platforms, the parent company of Facebook, WhatsApp, and Instagram, announced the layoff of around 11,000 employees, or 13% of its global workforce.

According to Meta CEO Marck Zuckerberg, the company will reduce discretionary spending and extend its hiring freeze through Q1 2023, delaying hiring until after the specified time frame. The move is coming barely a week after Twitter cut its staff by 3,700.

In addition to the layoffs, the company is also adopting additional cost-cutting initiatives, according to Zuckerberg. Part of this cost-cutting includes laying off thousands of staff across the world, also affecting Nigerians in the diaspora and Africa. He commented that the business had started COVID-19 with excessive investment and was now working to fix it.

Must Read: Meta to Monetize WhatsApp Business

Mark Zuckerberg Writes Meta Staff, Emphasises 'Updating' Company's Values

In his words, he says: “Today 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 several additional steps to become a leaner and more efficient company by cutting discretionary spending and extending our hiring freeze through Q1. I want to take accountability for these decisions and for how we got here. I know this is tough for everyone, and I’m especially sorry for those impacted,” he added. 

Zuckerberg said the company also chose to cut costs from other sources before letting teammates go, adding that the layoffs were a final resort. Overall, he claimed, this will result in a significant cultural shift in the way the business is run.

Must Read: Elon Musk Fires Twitter-Africa Employees in Mass

In the turn out of events, it also appears the affected employees aren’t leaving empty-handed, especially the ones based in the USA. Zuckerberg stated in an email to employees and on its website that he will pay 16 weeks of base pay plus two additional weeks for every year of service, with no cap, pay for all remaining PTO time, everyone impacted will receive their vesting on November 15, 2022, cover the cost of healthcare for people and their families for six months, provide three months of career support with an external vendor, including early accretion.

According to Meta, international employees will receive comparable compensation to those in the United States in compliance with local laws.

 

Get the most important happenings in your inbox weekly

facebook Meta

Related Posts

Kenya to Produce Its First Electric Buses

February 2, 2023

IBM to Lay off 3,900 Workforce Globally

January 30, 2023

Airtel Introduces eSIM in Nigeria

January 30, 2023
Add A Comment

Leave A Reply Cancel Reply

Latest Posts

Kenya to Produce Its First Electric Buses

February 2, 2023

AfriGo, Nigeria’s First National Payment Card

February 2, 2023

IBM to Lay off 3,900 Workforce Globally

January 30, 2023

Airtel Introduces eSIM in Nigeria

January 30, 2023
Get the best African tech newsletters in your inbox
Oscarmini
Facebook Twitter Instagram YouTube
© 2023 Oscarmini Co. Designed by illBytes.

Type above and press Enter to search. Press Esc to cancel.