Meta’s African team’s future is uncertain after the company announced the layoffs of 11,000 employees on Wednesday.Information Guide Nigeria
This represents 13 percent of Twitter’s global workforce of 87,000 and comes after the company lay off 3,700 employees on Friday. The majority of Twitter’s African staff, who had only recently returned to the company’s office in Ghana, were laid off.
Mark Zuckerberg, the chief executive officer of Meta, said in a message that the layoffs will impact Family of Apps and Reality Labs across all of the company’s divisions. It is still unknown how the layoffs will affect the African team.
He said, “There is no good way to do a layoff, but we hope to get all the relevant information to you as quickly as possible and then do whatever we can to support you through this.
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“Everyone will get an email soon letting you know what this layoff means for you. After that, every affected employee will have the opportunity to speak with someone to get their questions answered and join information sessions.”
While announcing the layoff, Zuckerberg said, “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 per cent and let more than 11,000 of our talented employees go. We are also taking a number of 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 to those impacted.”
According to him, COVID resulted in an increase in revenue growth and an increase in firm investments that did not provide as much return as expected. He added that internet commerce rebounded to pre-COVID levels, but a macroeconomic slump, greater competition, and advertisements signal loss led the company’s revenue to be far lower than anticipated.
The Meta US severance package will consist of 16 weeks of basic salary plus two additional weeks for every year of service, with no cap. They will also obtain health insurance coverage for themselves and their families for a period of six months. They will also receive three months of career support and immigration assistance (if on a visa).
It was also said that people outside of the United States would receive comparable assistance and the company would take into account local employment rules. In addition to layoffs, Meta plans to transfer more of its resources to a smaller number of high-priority growth areas, reduce costs across the business, including decreasing budgets, reducing benefits, and reducing its real estate footprint.
Since the start of 2022, Meta has been laying off employees, joining an increasing number of technology companies. According to layoffs.fyi, 763 startups have fired 106,046 staff in 2022.JAMB Result
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