Meta is currently conducting quiet layoffs at Facebook, and over 12000 underperforming employees or about 15% of the workforce would lose their jobs. Seemingly, the fear of recession has made the company do this. The 15% of employees that will be sacked will be on a PIP (performance improvement plan) and be let go. Under the Facebook employee review process, employees who are identified as in need of support, as considered underperforming employees and will be laid off.
The company conducted a quiet layoff wherein the underperforming employees were given 30 days to find a new position at the company or leave. Fearing the recession, Meta has declared a pause in hiring new employees and further restructuring. Following these decisions made by Facebook, other major tech companies such as Apple, Microsoft etc have also started giving out pink slips to staff and freezing the hiring process, in order to rationalise costs and maintain operating margins.
In a session with the company employees, Mark Zuckerberg said that he had hoped that the economy would stabilize by now but that is clearly not the case so they have thought and made plans conservatively. He also said that budget costs would be reduced and teams will have to manage the reduction in headcount. And more layoffs may happen in the future. Reducing the headcount among various teams will also help the company shift energy to other areas inside the company. Further layoffs are likely to happen due to the economic downturn and fear of recession.
"It might look like they are moving on, but the reality is they are being forced out," an employee told Business Insider.
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