Meta plans to cut costs by at least 10 percent in the coming months and has increasingly put more workers whose jobs are being cut on the traditional “30-day list,” the Wall Street Journal reports.
On the other hand, the parent of Google
“Facebook parents want to cut costs by at least 10 percent, people familiar with the plans said, while Google has required some employees to apply for new jobs,” the report said.
Meta has a “long practice” of resigning employees who are fired if they cannot find a new job internally within a month.
The Mark Zuckerberg-run company had 83,553 employees at the end of the second quarter of this year.
“Google typically gives employees 60 days to apply for other positions in the company if their jobs are cut,” the report said.
Last month, Google fired more than 50 employees at its Area 120 incubator and gave them an extra 30 days to find another job with the company.
A Google spokesperson said nearly 95 percent of employees found a new position within the notice period.
Sundar Pichai, CEO of Alphabet and Google, aims to make the company 20 percent more efficient, signaling job losses as the tech giant recently canceled projects from its in-house research and development (R&D) division, Area 120.
Speaking at the Code Conference in the US this month, Pichai said the more the company tries to understand macroeconomic conditions, it feels very insecure about it.
“The macroeconomic performance is correlated with ad spend, consumer spending and so on,” he told the audience.
Google has suspended hiring new employees and has reportedly ordered some existing employees to “fix up or leave” if expectations aren’t met.
In a company statement reviewed by Insider, the Google Cloud sales leadership has threatened employees with a “general survey of sales productivity and productivity in general” and that if next quarter’s results aren’t looked up, there’ll be blood on the streets. will flow”.
As Big Tech companies lay off workers and freeze new hires,
Zuckerberg admitted that the social network has entered an economic downturn that will have a broad impact on the digital advertising industry, saying that many “teams will shrink so we can shift energy to other areas within the company.”
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