Meta Employees Fear Layoffs As Company's 'Year Of Efficiency' Becomes Permanent: Report
Portfolio Pulse from Ananya Gairola
Meta Platforms Inc. (NASDAQ:META) employees are experiencing anxiety over potential layoffs as the company's 'Year of Efficiency' initiative becomes a permanent strategy. Despite recent financial successes, including a record-high stock price and increased bonuses, the fear of job cuts persists. Meta has already reduced its workforce by 22% in the past 18 months, and ongoing reorganizations could lead to further layoffs. Employees are given three months to find new positions within the company or face termination, with those receiving lower performance ratings offered severance to leave without a formal Performance Improvement Plan.
March 06, 2024 | 5:55 am
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Meta Platforms Inc. faces employee anxiety over potential layoffs as it makes its 'Year of Efficiency' a permanent strategy, despite financial success and a record-high stock price.
The news of Meta making its 'Year of Efficiency' a permanent strategy, coupled with ongoing reorganizations and the potential for further layoffs, could negatively impact investor sentiment and the stock price in the short term. Despite the company's financial success, the uncertainty and fear among employees, along with the history of a 22% workforce reduction, may lead to concerns about the company's internal stability and future growth prospects.
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