Facebook is one of the most popular SM networks on the planet. With more than 2 billion active users, it’s hard to ignore Facebook when looking for news and information. That responsibility has taken a toll in recent months, as Facebook has been firing employees in droves. So what’s behind all these layoffs? Why Facebook is firing employees Well, it turns out that Facebook isn’t immune to the same economic woes that have befallen other companies over the past few years. And with so many people relying on Facebook for their news and information, those cuts have had a big impact. If you work at Facebook and your job is being eliminated, don’t worry—you’re not alone. In fact, according to reports from The Wall Street Journal, there have been 11000 layoffs at Facebook in the past year or so.
Facebook’s Revenue and Profit Reach All-Time Highs
Facebook reported that their revenue and profit reached all-time highs in 2018. The social media platform’s total revenue was $40.13 billion, surpassing the previous record of $37.11 billion set in 2017. This increase was mainly due to Facebook’s continued growth in user base and advertising revenue.
Looking at Facebook’s expenses, the largest component by far is personnel expenses which make up around 43% of total expenses. Meta, a division within Facebook responsible for cutting costs, announced that it would be reducing its employee headcount by about 6%.meta said this move is necessary in order.
Meta’s cuts come on the heels of another recent announcement from Why Facebook is firing employees that they will be instituting changes to how they share data with their advertisers. These changes will allow them to collect more information about users’ behaviors and interests so that they can better target ads. These moves may lead some users to question whether or not Facebook is abusing its power as one of the world’s most popular social media platforms.
Facebook Focuses on Video to Keep Users Engaged
Facebook is firing employees in order to save money, but this isn’t the only reason. The social media giant is also focusing on video as a way to keep its users engaged.
According to a report from The Wall Street Journal, Facebook cut jobs by 20 percent across the company in an attempt to make it more efficient and reduce costs. This move comes as no surprise given that Facebook has been struggling financially for some time now.
One of the ways that Facebook is trying to stay afloat is by focusing on video. The company believes that videos are more engaging than text-based posts and can help attract new users. In fact, video consumption on Facebook has grown 50 percent since March 2017.
This shift in focus could mean big things for the future of Facebook. If the company can keep users engaged with videos, it may be able to turn around its flagging fortunes.
Employees are Firing Back with Nationwide Protests
Employees at Facebook are staging nationwide protests in response to the company’s announcement that it will be firing some 2,000 employees. The employees are protesting what they see as unjustified layoffs, and are calling on Facebook CEO Mark Zuckerberg to meet with them to discuss their concerns.
The layoffs were announced on Tuesday as part of a reorganization that would result in the elimination of about 1% of Facebook’s workforce. Some of the affected employees were notified via email, while others learned of the cuts when they saw their job titles being changed on their profiles.
The protest demonstrations began on Wednesday and continue throughout the week. So far, rallies have been held in cities across the United States, including New York City; San Francisco; Chicago; Atlanta; and Dallas. The protesters are calling on Facebook not just to cancel the layoffs but also to provide more information about why they occurred and what workers can do to protect themselves from future cuts.
Facebook has defended its decision to make these cuts, arguing that they are necessary in order for the company to continue expanding its operations and achieving its long-term goals. However, many of the affected employees feel that they were not given a chance to contest their termination or find other employment opportunities before being let go. They argue that this makes it difficult if not impossible for them to rebuild their lives after being dismissed from one of the world’s most famous companies.
Zuckerberg has so far refused to meet with protesters, insisting instead that
Facebook Plans to Cut 11000 Jobs
Facebook announced plans to cut 11,000 jobs, or about 14 percent of its workforce, in an effort to save the company $1.2 billion. The layoffs will impact workers across the company, including software developers, product managers, and other technical employees. Facebook said it will also focus on “high-value work,” which includes projects that are more important to the company’s mission and future. The cuts come as Facebook faces competition from newer social media platforms like Twitter and Snapchat. In a statement released Monday night, CEO Mark Zuckerberg said: “We’re making these changes to focus on what’s most important to our community and our business.” Facebook has faced mounting criticism from investors and users over concerns about its growth rate and how it intends to profit from new technologies like virtual reality. Some have also accused Facebook of using its power for political purposes. Last summer, whistleblower Christopher Wylie revealed that Cambridge Analytica had used data from millions of Facebook users to influence elections worldwide.
Employee Benefits Will be Affected
Facebook is cutting jobs, and employee benefits will be affected. The social media giant said on Thursday that it will reduce its workforce by 22 percent, or 1,000 positions. In a memo to employees, Facebook CEO Mark Zuckerberg said the move was necessary to focus on its “core mission.”
The layoffs come as Why Facebook is firing employees faces mounting competition from rivals like Google and Snapchat. Last year, Facebook reported revenue of $27.7 billion, down from $32.5 billion a year earlier. The company has been making changes to its products to try to regain lost ground.
Zuckerberg says the cuts will affect both salaried workers and contractors. Employees who are let go will receive notice and severance pay or transition assistance programs, he wrote. Some employees may also be offered jobs with the company elsewhere in its divisions.
Facebook provides various benefits, including health insurance coverage for retirees and family leave for new parents.
Conclusion
Facebook has been hit with another round of layoffs, this time firing 11000 employees. The blog post announcing the cuts notes that more than Meta — Facebook’s subsidiary which is responsible for developing and running Instagram and WhatsApp — has slashed its workforce by 30%. In total, 4700 jobs have been cut at Facebook since the beginning of 2018.