Who is META Communications Inc?
META, the parent company formerly named Facebook, Inc, is an American technology conglomerate based in Menlo Park, California dealing with social media and virtual reality. Most notably, its founder CEO Mark Zuckerberg founded this company in February 2004 which owns popular companies like Facebook, Instagram, and WhatsApp, among other products and services.
META is the ticker symbol listed on NASDAQ which is known for the massive social networking, advertising, and business insight solutions provider which has over 87,000 employees. This conglomerate generates a whopping $85 billion in revenue.
Are You Part Of The META Employees’ Mass Layoff? Do this now:
What to do after being laid off from META ( formerly Facebook, Inc.)
- Slow down and get ready to make a plan.
Relax, take a deep breath and tell yourself you’ll will be OK!
- Take a financial inventory
Did you take severance pay? How about cashing out any unused sick or vacation pay? Also, review your 401(k) and any stock options you might have taken advantage of during your time there. Lastly, review all of your layoff documents.
- Decide which assets to use, in order
We recommend working with a financial advisor as drawing money from these accounts can have serious penalties and tax consequences.
- Network and look for a new job!
Update your resume and start leveraging your personal and professional networks such as LinkedIn.
What is the reasoning behind a meta layoff?
Meta claims the layoffs were made in order to make significant changes across the board to operate more smoothly. Most recently, with the economic downturn, increase in interest rates, and competition Meta miscalculated the post-pandemic demand for technology products such as access to the Metaverse and other services. However, Zuckerberg mentioned that he will brace most of the blame for the company’s failures.
What does a layoff mean?
A layoff is defined as a discharge, especially temporary, of a worker or workers. In some cases, you might be entitled to a severance package and unemployment benefits. In Meta’s case, due to the recent economic condition and lack of growth, this is their largest layoff which has reached news outlets such as; The Wall Street Journal, Reuters, Bloomberg, and Business Insider.
What is a quiet layoff?
As a tech giant, Meta is handing over pink slips to about 13% of its workforce. Due to budget concerns Meta’s CEO is utilizing quiet layoffs, which is when they create non-ideal working conditions for some employees which follow team restructuring.
Is Meta on a hiring freeze?
Last week, Meta, Inc confirmed job cuts of nearly 13% which would let more than 11,000 Meta Employees go. CEO Mark Zuckerberg also said they are extending the hiring freeze through Q1 of next year.
Who gets cut first in Meta layoffs?
Meta layoffs were made across all departments however, it is almost certain that the contractor workforce, recruiting, and business teams were affected more than other areas. There is no sure way to tell if an employee was underperforming, failed the performance improvement plan, etc. With over 11,000 layoffs from a social network company, it is hard to have a reason for each and every one.
Who is on the chopping block at Meta?
Meta will bring its “large-scale” layoffs this week and could very well continue into 2023. The big tech company mentioned that it will continue its initiatives to cut costs, including scaling back the budget, reducing employee perks, and shrinking its real estate footprint.
Are any other tech companies doing mass layoffs?
Meta isn’t the only tech company doing mass layoffs. Microsoft in July trimmed less than 1% of its workforce and most notably Twitter laid off 50% of its workforce as Elon Musk took ownership. While some tech companies are choosing mass layoffs, others are expanding, such as competitors TikTok and Amazon.
Is Intel laying off?
Intel confirmed its plan for layoffs in an effort to save $3 billion next year. Still, no headcount has been set on the number of employees being laid off, but according to Bloomberg it will hit Intel’s sales and marking teams particularly hard.