Meta, formerly known as Facebook, has undergone significant changes in its workforce over the past few years. From the implementation of a "year of efficiency" to the recent culture of "intensity," the company has experienced multiple rounds of layoffs and hiring freezes. Let's dive into a timeline of these key events:
April 2016
In 2016, Meta laid off approximately 40 account management and sales staff in its publisher adtech division following the closure of certain products in its video supply-side platform LiveRail, which it acquired in 2014.
May 2017
A year later, the company shut down its virtual reality film division, two years after its launch, which came after its acquisition of Oculus VR for $2 billion in 2014.
2020-2021
Due to the COVID-19 pandemic, Meta transitioned to remote work, with plans for up to 50% of its employees to work remotely by 2030.
October 2021
Meta announced its intention to add 10,000 employees to its workforce as part of its rebranding to Meta. The company aimed to build a "metaverse" accessible through AR and VR headsets.
May 2022
Following slower revenue growth than expected, Meta enforced a hiring freeze across the organization in May 2022 to address financial challenges.
September 2022
In September, Meta extended the hiring freeze and hinted at possible restructuring, leading to reductions in team budgets. The company also initiated performance-improvement plans for approximately 15% of its workforce.
Late 2022
In November, Meta officially laid off 10,000 employees, amounting to 13% of its workforce. December witnessed cost-cutting measures, including reductions in health benefits and the departure of key executives.
February 2023
February marked the beginning of Meta's "year of efficiency," with middle managers being asked to resign or change roles to streamline the organization.
March 2023
The company continued its efficiency drive by announcing a second wave of layoffs, affecting another 10,000 employees. Meta also planned to eliminate 5,000 unfilled job positions.
Spring 2024
In 2024, Meta continued its trend of job cuts, impacting teams within Instagram and Facebook Messenger, with more expected in the future.
October 2024
Meta made additional staff reductions in divisions such as Instagram, WhatsApp, and Reality Labs, aligning resources with long-term strategic goals and location strategies.
Current Job Opportunities
Despite the ongoing changes, Meta is actively recruiting for over 1,200 positions globally as of mid-October 2024. However, new hires should be prepared for a challenging environment as the company focuses on efficiency and performance.
Meta's journey through staff cuts and hiring freezes reflects its ongoing efforts to adapt to changing market dynamics and streamline its operations.
—————————————————————————————————————————————
By: sjackson@insider.com (Sarah Jackson)
Title: Meta Layoffs: A Detailed Look at Staff Reductions and Hiring Freezes
Sourced From: www.businessinsider.com/meta-layoffs
Published Date: Mon, 21 Oct 2024 12:04:53 +0000
Leave a Reply