According to a report from TheStreet, on August 17th social media company Meta Platforms, formerly known as Facebook, made a controversial announcement regarding its employees and the new stipulations surrounding their employment.
Meta is known for its innovative products, which calls for its employment of highly skilled tech workers and programmers. During the COVID pandemic the company went on a hiring spree to fulfill the increasing demand for home entertainment. Unfortunately, Meta’s multibillion-dollar investment into the Metaverse diminished profits last year, offsetting a wave of budget restructuring that called for the elimination of many jobs.
In March 2023, Meta announced its intent to lay off 10,000 employees, bringing the total number of staff receiving pink slips to approximately 21,000 in the past year, nearly one-fourth of its workforce.
Meta CEO Mark Zuckerberg’s decision to reduce the workforce has likely put staff on alert. Nonetheless, budget cuts are padding Meta Platforms' bottom line. In the second quarter, earnings jumped 31% year-over-year.
Increasing profitability has been a benefit for Facebook's stock. Meta Platforms' shares have more than doubled since last fall. Investors are pleased with those returns, but less workers may mean longer development times for Facebook, Instagram, and WhatsApp features.
This sentiment may be quite accurate, given Meta Platforms announcing crucial new artificial intelligence projects designed to rev up advertising and user engagement.
The increase in workload could be one reason behind Mark Zuckerberg taking aim at Meta employees. On September 5, one day after Labor Day, employees assigned to an office must appear in person for at least three days weekly. If they fail to comply, they could be terminated.
Meta Platform’s Head of People, Lori Goler, delivered the news in an internal memo on August 17th.
The social media company's decision is based on the belief that requiring employees to return to work is key to promoting collaboration.
Company managers will track office attendance to ensure compliance. Anyone who fails to adhere to the new policy could be impacted via performance reviews or face a more severe consequence,
termination.
The new policy doesn't affect those who were hired in the capacity of remote employees. Management informed them that they should remain home, limiting office visits to four days or less every two months.
Still, Meta Platform's mandate could trigger opposition among employees, many of whom may have been brought on board during the COVID-era when work-from-home options, including hybrid work, became an essential hiring incentive across tech companies.
Meta isn’t the only company hoping to return to in-office work. Elon Musk banned remote work after purchasing social media platform Twitter in 2022.
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