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FutureStarrMeta India Struggles As Its Senior Executives Face Wave of Layoffs
Meta, the parent company of Facebook, WhatsApp and Instagram is just one of many major technology firms struggling with reduced investment. According to employee accounts, its stock has fallen precipitously and morale is severely dented. Recently, its latest round of layoffs primarily affected recruiting teams; engineering departments will likely also be affected later this month. Furthermore, the company has taken steps to reduce its real estate footprint, including terminating office leases. The layoffs have hit senior executives across the company’s divisions Meta's second wave of layoffs will primarily target its team in India amid major corporate restructuring. Following on the heels of their 11,000 employee layoff in November 2017, this round will target another 10,000 workers. Mark Zuckerberg recently stated that these layoffs will aim at improving efficiency and reducing work force numbers at Meta; these layoffs will impact teams working on Facebook, WhatsApp, Instagram, VR/AR division Reality Labs as well as many other areas within the organization; all expected to conclude by May. Recent pink slips will impact several top executives and senior managers at the company, particularly those responsible for sales, marketing, communications, public policy, partnerships or public affairs. Their departure represents an irreparable loss for its growth potential and global expansion plans. The sudden departure of top executives has created an unrestful climate within the company. Employees have taken to social media in an attempt to express their displeasure - some allege they have been fired while not being compensated properly; others worry for colleagues being laid off and what their future may hold. At Meta India, Ajit Mohan left in early November to pursue new opportunities, followed by Abhijit Bose who led its Instagram and WhatsApp division for four years before leaving to pursue other opportunities. Unfortunately, neither Abhijit or Ajit have found suitable replacements yet within their roles at the company. The company's leadership has placed blame for its current issues on a range of factors, including increased competition from Tiktok and other social networks, changes to Apple privacy controls, regulatory uncertainty and the possibility that returns might take several years from investments in Metaverse technology. This led to hiring freezes, reduced spending on advertising campaigns and global operations restructures - leaving employees from various departments struggling to manage uncertainty and stress caused by this situation. Amit Mukherjee Meta (formerly Facebook) conducted yet another round of layoffs this week that impacted employees at all levels - including those in India - with an impactful blow to employees across India. It marked their third such round this year after eliminating 10,000 roles across two rounds in April and May and 11,000 roles last November. Reports indicate that the latest round of layoffs were undertaken to cut costs and enhance financial performance at the company, following reports of its $3.6 billion loss during its first quarter and revenue decline by 45%. Sources indicate that several Meta employees in India were affected by these latest layoffs, including Avinash Pant - Meta's director of marketing for India; Saket Jha Saurabh - head of media partnerships; and Amrita Mukherjee - director legal. Unfortunately, Moneycontrol could not obtain immediate comment from Meta on these recent events. Sources reported that affected workers were informed via email at approximately 5 a.m. local time about their fate - their employment would end immediately, without severance pay or other benefits; part of a companywide initiative designed to improve profitability and reorganize organizational structures. Sources have reported that Skype was facing intense competition from apps such as WhatsApp which offer free voice and video calling services, in addition to suffering due to global economic fluctuations and reduced advertising revenues. As a result of these challenges, morale at the company has unsurprisingly declined. Employees remain on edge as they await news on whether they will be affected by another round of layoffs. According to sources, absenteeism has increased as employees fear being let go at any moment, prompting many employees to skip work altogether. Some employees have even left the company outright, such as technology professional Neelima Agarwal who joined just two days prior. She posted on Linkedin saying they have been asked to leave. "Sad it ended but glad it happened. Finally the anxiousness is over!" was what she wrote in response. Surabhi Prakash As tech companies attempt to reduce costs in order to remain competitive, thousands of workers are losing their jobs across the industry. Layoffs have hit various industries--from large firms such as Meta to small apps and startups. Some employees resent this decision while others believe that it must happen for survival of the company in today's economic climate. Some employees at Meta have posted online about how their lives were affected by the layoffs. One employee, Surabhi Prakash who works as a business engineer at the company wrote she felt "sad but grateful that it happened, the anxiety is now behind me". Prakash claimed she worked hard and did everything within her power to remain employed, including working extra hours, taking on additional responsibilities, prioritizing company initiatives and attending numerous meetings - she even received positive performance reviews - yet her job had come to an end nonetheless. Unfortunately, however, the company decided that Prakash wasn't suitable anymore and terminated her. Meta recently initiated another round of layoffs as part of its plan to reduce employment by 10,000 jobs this year, citing changing trends in the industry as well as resources being reallocated towards new initiatives as causes. They have been cutting employees in various departments such as marketing, program management, content strategy and privacy and integrity as reasons. Meta's layoffs have affected various employees in India, including Avinash Pant (director of marketing for India), Saket Jha Saurabh (director of media partnerships) and Amrita Mukherjee (head of legal at Hotstar before joining Meta). According to Moneycontrol's report, positions will also be cut across operations, project management and human resources teams. While Meta may be cutting certain roles, they have also hired in areas like marketing, data analytics and design. Furthermore, their increased focus on product development may open up additional employment opportunities down the line. Unfortunately however, recent challenges at Meta have caused many employees to question leadership commitment - leading some employees to leave in protest against its values and its CEO's dedication. Vijay Kumar Meta is still an imposing force today - it currently generates billions in annual revenue! Buoyed by the pandemic that sent consumers and brands racing towards digital platforms, Meta's cash counters are ringing thanks both to hard work (TikTok was banned, opening the way for other short video apps like Instagram Reels) as well as hard luck. But even as Facebook enjoys financial success, the company remains susceptible to challenges of other kinds: data leakage and misinformation on its platforms; as well as making the metaverse a reality - an undertaking expected to consume at least 10 years and likely cost the firm over $10 billion just in 2021 alone. India remains an integral market for Facebook, WhatsApp and Instagram owner Mark Zuckerberg's company; hence Sandhya Devanathan was appointed to head up country operations following Ajit Mohan's recent defection to rival Snap where he now holds the post of president for Asia Pacific. Meta's new leader began her career with Citi in 2000 and boasts 22 years of experience across banking, payments, and technology - she believes Meta is well positioned within India. "We're focused on developing strong and deep relationships with partners, advertisers, creators and driving growth in key channels," the company stated in their statement. One way is tapping into India's expanding community of creators who are beginning to make a living off their work. Beyond advertising revenue, users who watch videos of creators can also make payments using stars in their Meta wallet. Meta has also developed various programmes designed to assist small businesses and help them become more profitable, including one training creators in digital marketing. "Our aim is to add greater value to the ecosystem while also building an active community of creators in India," according to Devanathan. 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