![]() Musk’s move wiped out almost the entire Twitter team in India, which had roughly 230 employees as of Friday last week. He tweeted that there was no choice but to cut jobs “when the company is losing over $4M/day," although he did not provide details about the losses. Last week, Twitter announced widespread layoffs under its new owner, billionaire Elon Musk, who sent out about half of its 7,500 employees, in a chaotic overhaul. It is all resulting in lesser revenues through advertising for these giants,” Faisal Kawoosa, Chief Analyst at Techarc told ET. “Some people are also not happy with the content being thrown up by the algorithm on Facebook and it could be the reason why they are moving away. Some of the pain is company-specific, while some are tied to broader economic and technological forces.Īnalysts also pointed to a “fatigue with the digital lifestyle.” This summer, Meta posted its first quarterly revenue decline in history, followed by another, bigger decline in the fall. It was also impacted by the change in Apple's policies which restricted digital advertising for companies like Meta and Facebook.Īn economic slowdown and a grim outlook for online advertising - by far Meta’s biggest revenue source - have contributed to Meta's woes. But as the lockdowns ended and people ventured out again, revenue growth (from advertising) began to falter. Social media companies, including Meta, had enjoyed a financial boost during the pandemic-led lockdown as digital adoption spiked, stoking greater advertising. The company also spent more during this period, an increase of 19% year-on-year. Meta’s revenues for the July-September quarter of 2022 dropped 4% to $27.7 billion, while global net income dropped 52% to $4.4 billion. The new facility, spread over 130,000 sq ft, houses all three platforms - Facebook, Instagram and WhatsApp. Research has shown that return to office mandates are unpopular with employees and some studies suggest that they often do little to address issues of productivity that organizations believe have stemmed from remote work policies.ĭespite 69% of business leaders having concerns about collaboration and engagement, and 54% of human resources leaders believing their employees are less connected to their organizations than before the pandemic, research and advisory firm Gartner found that employees are 1.6 times more likely to perform better when their teams are dispersed in different locations and time zones.įurthermore, among employees with “radical flexibility,” 53% reported a high degree of connectedness, whereas just 18% of those with low flexibility did so.Last December, Meta India opened its first standalone office in Asia at Gurugram. Last week, both Zoom and Amazon announced they would be requiring workers to be back in the office for two and three days a week, respectively.Įarlier this year, Google came under fire for requiring most of its employees to work from the office three days a week and announcing that attendance would be tied to performance reviews. Meta is the third so-called Big Tech company to recently announce it is rolling back on its post-pandemic remote work strategy. Meta has yet to respond to a request for comment. Under the new policy, workers who have been hired specifically in a remote capacity are being asked not to attend the office more than four days a month, unless there’s a “clear business reasons” for them to be there. “As with other company policies, repeated violations may result in disciplinary action, up to and including a rating drop and, ultimately, termination if not addressed,” she wrote. “Accountability will be central to making this fair and effective,” Goler said, adding that going forward, managers will need to review employee attendance records on a monthly basis and follow up with those who didn't meet the requirements, subject to local law requirements. However, activities such as meeting with clients will count toward an employee’s “in person working” quota and if workers take personal time off, sick days or have travel or family emergencies to deal with, they will not be expected to make up these missed days with additional in-office attendance. “As we shared in June, beginning September 5, people assigned to an office need to spend at least 3 days per week working in person to foster healthy relationships and strong collaboration,” Goler wrote in the post, first published by Business Insider. This week, Goler announced more details about the return-to-office policy, in an internal post on Meta's Workplace platform Thursday.
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