Even as Meta Platforms, the parent entity of social media platform Facebook, has laid off 11,000 employees or 13 per cent of its total workforce, the question arises about the future of the sacked employees. Unlike Twitter’s Elon Musk, Meta’s Zuckerberg has given big clarity on what will happen to employees after their exit from the company.
Also Read: Mark Zuckerberg Confirms Meta Layoffs, Lets Go Of 11,000 Employees; Read Full Letter Here
“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,” Zuckerberg said in a letter to employees.
He also said everyone will get an email soon letting them know what this layoff means for them. “After that, every affected employee will have the opportunity to speak with someone to get their questions answered and join information sessions.”
What Employees Will Be Getting
Severance Package: Meta will be pay 16 weeks of base pay and two additional weeks for every year of service, with no cap.
Paid Time Off (PTO): The company will pay for all remaining PTO time. Paid time off or PTO is a human resource management (HRM) policy that provides employees with a pool of bankable hours that can be used for any purpose.
Restricted Stock Units (RSU) Vesting: Everyone impacted will receive their November 15, 2022, vesting. An RSU is an award of stock shares, usually given as a form of employee compensation
Health Insurance: Zuckerberg said the company will cover the cost of healthcare for people and their families for six months.
Career Services: The Meta CEO also said the firm will also provide three months of career support with an external vendor, including early access to unpublished job leads.
Immigration Support: “I know this is especially difficult if you’re here on a visa. There’s a notice period before termination and some visa grace periods, which means everyone will have time to make plans and work through their immigration status. We have dedicated immigration specialists to help guide you based on what you and your family need,” Zuckerberg said.
The layoffs are part of a plan to reduce costs at Meta following disappointing earnings and a drop in revenue. The staff reductions, part of the first major budget cut since the founding of Facebook in 2004, reflect a sharp slowdown in digital advertising revenue, an economy wobbling on the brink of recession and Zuckerberg’s heavy investment in a speculative virtual-reality push called the metaverse.
Zuckerberg in the letter said, “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.”
He said the company is 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.
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