In order to prevent widespread layoffs, companies like Google LLC and Meta Platforms Inc. are reportedly quietly eliminating positions by dissolving teams and divisions.
The impacted employees will have a limited period of time to seek for new positions within their company when the divisions are closed, according to a Wednesday story in the Wall Street Journal. Employees who can’t find new jobs are fired.
The Journal’s allegation was not confirmed or denied by the Meta spokesman Dave Arnold, who instead cited Mark Zuckerberg’s comments from July.
A Google spokeswoman cited CEO Sundar Pichai’s July announcement that the business would decrease the pace of its hiring in a statement. The spokesman stated in the statement that the business continues to hire for “engineering, technical and other important roles” notwithstanding its overall hiring strategy.
According to The Journal, both businesses are restructuring their departments to reduce expenses without formally using employees. Google last week warned Area 120 research division staff that the unit’s initiatives will be reduced in half. Meta said last month that it will postpone this year’s summer intern full-time employment offers.
According to The Journal, firms provide employees whose divisions are eliminated limited windows of time to seek for new positions. While Google provides employees 60 to 90 days to search other jobs within the firm, Meta only allows select employees 30 days.
Since Facebook became Meta, things have not improved. In the midst of stagnating Facebook user growth and slowing ad revenue, the metaverse’s sluggish pickup with clunky hardware is not compensating for this. Since the beginning of the year, Meta’s stock price has halved.
Consequently, Zuckerberg’s personal wealth has been reduced by $71 billion. According to Forbes magazine, the 38-year-old was the third richest person in the world in July 2021. His position has now fallen to 22nd.