On Tuesday, meta platforms released 10,000 employees and it is the first Big tech company who announced second round of mass release. After four months the number goes upto 11,000 employees. Mark Zuckerberg chief executive officer said that from 10,000 employees it was expected to reduce around 5000. The tech industry has cut 2,80,000 jobs since the beginning of 2022 and about 40 per cent of these layoffs happened in 2023, according to layoff tracker website layoffs.fyi.
As from November the Meta has promised to give base pay of 6 weeks and also two additional weeks for every year. Employees will also get a cost of healthcare service for six months. Meta shares upto 2% in premarket trading.
In November meta move to headcount by 13% in its 18 year old history of first mass layoffs. From a year ago it stood upto 20%. According to tracking report of site layoffs.fyi nearly 290,000 of workers had been laid off by the tech industry since starting year of 2022. “We don’t expect to grow headcount as quickly, it makes more sense to fully utilize each manager’s capacity and defragment layers as much as possible,” Zuckerberg said.