Tag : freeze

San Francisco (The Hawk): Mark Zuckerberg, founder and CEO of Meta, fired about 11,000 workers on Wednesday, or nearly 13% of the company's global workforce, in one of the largest layoffs in corporate history. He also extended a recruiting embargo through Q1 2023. Given the extent of access to sensitive information, the corporation also disabled most Meta systems for departing employees, "keeping email addresses active throughout the day so everyone may bid farewell." The corporation will pay 16 weeks of basic pay as severance, plus two more weeks for each year of service, "with no cap." Over 87,000 people are employed by the parent firm of Facebook (NASDAQ:META) and Instagram (as of September). Zuckerberg announced in a statement that the business will take additional measures to become leaner and more effective, including reducing discretionary spending and extending its hiring freeze through Q1. According to Zuckerberg, "today I'm sharing some of the most challenging adjustments we've ever undertaken at Meta. I've decided to cut the size of our team by around 13% and let go of more than 11,000 of our great employees." I know this is terrible for everyone, and I'm especially sorry to those impacted, but I want to take accountability for these decisions and for how we arrived at this point, he continued. Everyone will shortly receive an email informing them of the implications of this layoff, according to the CEO of Meta. Then, he continued, "any affected employee will have the chance to speak with someone, get their issues answered, and participate in educational sessions." Everyone impacted will get their November 15, 2022 share vesting, and Meta will cover any remaining paid time off (PTO) hours. According to Zuckerberg, ...