Meta LayOff is not as Bad!

Meta is not alone in feeling the pain of a market downturn. The tech sector has been facing a dizzying reality check as inflation, rising interest rates and more macroeconomic headwinds have led to a stunning shift in spending for an industry that only grew more dominant as consumers shifted more of their lives online during the pandemic.

The layoffs occur as Meta faces numerous threats to its main business and places a risky and expensive wager on shifting to the metaverse. It also happens to coincide with a wave of recent layoffs at other tech companies as the booming industry responds to high inflation, rising interest rates, and concerns about an impending recession.

Considering the dynamics it was the best decision made on the part of Mark Zuckerberg and here is why:

For Employees:

• Monthly Salary: All employees who have been paid off would be paid 4 months of salary continuously.
• PTO: Meta has committed to pay for all remaining PTO time.
• RSU vesting: Everyone impacted will receive their November 15, 2022 vesting.
• Health insurance: Meta will cover the cost of healthcare for people and their families for six months.
• Placement Services: Meta will provide three months of career support with an external vendor, including early access to unpublished job leads.
• Immigration support: There is a notice period before termination and some visa grace periods, which means everyone will have time to make plans and work through their immigration status. Meta have dedicated immigration specialists to help guide you based on what you and your family need.?

Source: Meta

For Meta

As soon as meta announced the layoff, its shrinking share value rose by as high as 8%.

Source: Wall Street Journal

Considering these changes, being the CEO, Mark made the best decision. If there is a counter opinion, I would like to hear what else he would have done to save the dooming company.

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