Meta, parent company of Facebook, has reportedly conveyed to the employees that most free services will be done away with. For instance, laundry and dry cleaning services will no longer be available.
That is not all. Dinner time has been delayed by half an hour. Since the last shuttle leaves the office at 6 p.m., shifting the dinner time to 6:30 makes it impossible for employees to stay back. Also, this will keep a check on the practice of employees grabbing food to carry home and eat. Valet services have also been discontinued.
Most of the Meta workforce is expected to return to office by end of March, although some will continue working from home. The Company has embraced a hybrid work pattern, where employees will be required to work from the physical office less frequently.
It is reported that Meta’s valuation has dipped of late. With increased competition, its user growth has become slow and investors seem to be worried about its future profitability.
Employees appear to be worried about their stock-based compensation dropping drastically in terms of value, as market capitalisation has reduced 50 per cent, to $515 billion.
However, the Company has also increased employees’ wellness allowances to $3,000 this year. It was about $700 earlier. This may make up for the cuts made in terms of perks.
These cuts in perks and changes in wellness expenses have been made in alignment with the hybrid approach to work, where employees and teams will be more distributed.