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Stocks tumble, Meta (Facebook) cuts employee benefits

Most employees are expected to return to the office by the end of March, but will no longer have the same privileges as before, said seven employees at Facebook parent Meta, who spoke on condition of anonymity.

Facebook’s parent company Meta plans to bring longtime online employees back to the office, but employees will no longer enjoy the privileges they once had.

According to a new report from The New York Times, seven unnamed Meta employees said most employees are expected to return to the office by the end of March, but will no longer enjoy the same privileges as before. The company’s stock price is going downhill.

Meta told employees in an announcement Friday that it would reduce or eliminate free services such as laundry, dry cleaning, valet parking, and postpone dinner until after 6 p.m. Employees say the new dinner time is inconvenient because the last bus to pick up employees from the company’s home is also at 6 pm.

The moves reflect Silicon Valley’s changing workplace culture. Tech companies, which often offer living allowances in exchange for employees who work long hours in the office, are preparing to adapt to the new hybrid work model.

At Meta, for example, many employees plan to return to corporate offices on March 28, but some will continue to work from home, while others rarely.

The changes could serve as a warning to employees at other companies preparing to return to the office two years after the pandemic. Google, Meta and others have long offered amenities like on-site medical services, sushi buffets, candy and lounge chairs. Attract and retain employees. pill.

Meta has had a rough time, falling below the $600 billion mark for the first time since May 2020 when Facebook’s market cap (now Meta). Shares fell 2.1 percent to $220.18, pushing the social network’s market value to $599.32 billion on Feb. 8. In March, Meta’s market cap fell to $515 billion.

While company managers said it had nothing to do with the change in allowances, some employees said it was.

The company that has dominated the global social network for years is undergoing a major transformation as growth stalls and younger rivals such as TikTok gain global attention. world.

Investors questioned the long-term prospects of the company’s advertising business model. Some employees are considering a new job when they see the value of stock-based compensation plummet.

Last year, Meta CEO Mark Zuckerberg announced that the company would be shifting its focus to the Metaverse. The entire company has been restructured around Zuckerberg’s vision for augmented and virtual reality products.

Two employees said Meta has been discussing changes to its benefit plan for months as the company studies how to transition to the new hybrid work model. The company also expanded employee health benefits this year from about $700 to $3,000 to offset the elimination of some office benefits. This level of assistance covers everything from physical health to mental health, as well as expenses related to financial planning, childcare, aged care and pet care.

“When we returned to the office, we adjusted our field services and facilities to better reflect the needs of our entire workforce,” a Meta spokesperson said in a statement. .with the staff. “We believe in a future where people and groups will be increasingly dispersed, and we’re committed to creating experiences that help everyone succeed.”

Minutes after the change was announced, employees asked if the company planned to compensate them in some way, and Meta conducted an employee survey to evaluate the change. do not want. How will this change affect them?

Contrary to many objections, some favor change.

Meta’s CTO, Andrew Bosworth, staunchly defends some of these changes. Outgoing CTO Mike Schroepfer also wrote in support of the changes.

Another employee who works on the food service team also supported the change, saying changing meal times would prevent employees from abusing dining privileges and bringing large quantities of food home for free. ..before that, someone would stuff 10 boxes of steaks to take home.

Meta said the food service changes were aimed at employees who were late for work, while the removal of valet parking was aimed at reducing the environmental impact by encouraging employees not to wear umbrellas. .Separate bowl. workplace.

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