Meta's chief executive Mark Zuckerberg on Wednesday announced a 13 per cent cut in company’s overall workforce. This will amount to over 11,000 people losing their jobs.
Meta, like many US-based tech companies employed many Indian-origin engineers and staff across departments. The company also had offices in India.
Zuckerberg drew an outline of the layoff process for Indians and employees of foreign nationalities employed at Meta’s US office. Zuckerberg said, “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.”
For employees working in India and other offices across the globe, Zuckerberg said that support will remain the same as US employees, which includes 16 weeks of base pay along with two additional weeks for every year of service, with no cap as severance. The company will cover the cost of healthcare for people and their families for six months and will also provide three months of career support.
All employees have lost access to Meta’s systems to avoid breach of sensitive information except emails. Zuckerberg in his post said that email access continues for employees to say good bye to their teams and colleagues.
The job cuts came a couple of weeks after the company reported weak quarterly earnings and issued a grim guidance for the next quarter. The company also received a letter from its shareholders, Altimeter Capital suggesting Meta to streamline costs.
In an open letter, Brad Gerstner of Altimeter Capital wrote, "Meta has drifted into the land of excess — too many people, too many ideas, too little urgency. This lack of focus and fitness is obscured when growth is easy but deadly when growth slows and technology changes."
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