Winning Bizness Desk
Mumbai. To say that Adani and his company are in trouble, but the layoffs of the employees are being done in Facebook. Meta, the parent company of Facebook, Instagram and WhatsApp, has announced plans to layoff more than 10,000 employees. The company will make these layoffs under the second round, Meta had fired 11,000 employees in the earlier round, which was 13% of the entire workforce.
For the first time in the company's 18-year history, such a large number of employees were retrenched. The announcement to remove the employees was made by the company's CEO Mark Zuckerberg. He attributed this to the decline in revenue due to wrong decisions. Zuckerberg has said that this decision is very difficult, but necessary. After closing 10,000 jobs, the company will keep 5,000 posts vacant. Zuckerberg wrote in a message to the staff that the company suffered a setback in 2022 when it came to know that its revenue had fallen significantly.
What did Zuckerberg say?
Zuckerberg said, "Increased interest rates in the US, volatility in the world and increase in regulatory law are responsible for the decline in the company's earnings." Zuckerberg said in the message, 'I think we should be ready to deal with the new economic situation because this phase is going to be a bit long.' Zuckerberg said, 'He will first tell the company's recruitment team whose job has gone and whose job is left. Zuckerberg has said that this thing will be clear by Wednesday. "It is expected that the restructuring and retrenchment will begin in technical groups in April and the process of impacting business groups will begin in May," he said.
Gave msg to employees
In a message to employees, Zuckerberg wrote, "We have cut the cost of business, including reducing budget, reducing perks and reducing real estate footprint. We are restructuring teams to increase our efficiency. But these measures alone will not bring our expenses in line with our revenue growth, so I have also taken the difficult decision of letting people go. In some cases, we will complete the entire process by the end of the year."