Stock Markets

WP learns of a “morale crisis” at Meta due to Zuckerberg’s policies

Published

12 months ago

May 1, 2023

Meta falls in confidence in its head Mark Zuckerberg amid the crisis and the firing of employees, writes The Washington Post (WP), citing more than two dozen current and former employees of Meta, who wished to remain anonymous.

The publication notes that last November, the company announced the dismissal of 11,000 employees; now the total number of employees dismissed will exceed 20,000. The new layoffs became known from the recording of the meeting inside the company, which came into possession of the newspaper. Other problems include investments in the “metaverse” that do not show a quick payback, WP points out.

According to Meta employees, Zuckerberg has lost his vision and is leading the company to a “crisis of morale. The newspaper cites its source as saying that an internal survey conducted in October showed that only 31% of employees said they were confident that Meta’s leadership is leading the company in the right direction. In May 2022, there were 11% more.

“What was special about Meta was the confidence. <…> But that’s been destroyed, so it feels like a betrayal,” one current employee told the paper.

As WP notes, Meta used to actively recruit, offering candidates high salaries and generous benefits. During the pandemic, it hired more than 40,000 people. As the newspaper’s sources noted, Zuckerberg often made hiring decisions over the objections of other executives. Now he is taking part in downsizing.

However, other IT giants are pursuing a similar policy now, amid global economic instability. For example, online retailer Amazon announced about nine thousand job cuts in March. Like Meta, the company laid off about 10,000 more employees last November.

Earlier, we reported that Credit Suisse ended the quarter with a profit of 12.8 billion francs thanks to a bond write-down.

Stock Markets

US Labor Department corrects productivity data

Published

13 mins ago

April 27, 2024

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Stock Markets

Insights from Token2049: How crypto wealth is made

Published

13 mins ago

April 27, 2024

Stock Markets

Oak Valley Community Bank Named One of Central Valley’s Best Places to Work

Published

13 mins ago

April 27, 2024

OAKDALE, Calif., April 26, 2024 (GLOBE NEWSWIRE) — Oak Valley Community Bank, a wholly-owned subsidiary of Oak Valley Bancorp (NASDAQ: OVLY) is pleased to announce that it was named by Best Companies Group as one of 2024 Best Places to Work: Central Valley. At the same time, OVCB was recognized by Opportunity Stanislaus for Growing the Economy by increasing their workforce by 10% or more throughout 2023.

We are honored to be acknowledged for our growth and named one of the Best Places to Work in the Central Valley. This recognition is a testament to our commitment to fostering a positive and supportive workplace environment and excellence in all that we do. Our success is built on our service culture, which is embraced by all members of our team. Our exceptional service is what distinguishes us. It’s not just about meeting expectations; it’s about exceeding them in ways that build lasting trust and loyalty. By delivering on this promise consistently, we create our own brand ambassadors “ who speak highly of the bank and refer colleagues and friends. We would like to take this opportunity to recognize our team. We are grateful for their loyalty and commitment to our customers, our communities, and each other, stated Chris Courtney, CEO.

Best Places to Work: Central Valley is a survey and recognition program dedicated to celebrating those employers locally who excel at creating quality jobs and environments where employees are happy to work. As a research-driven program from Best Companies Group, Best Places to Work examines a company’s practices, programs, and benefits and surveys employees for their perspective. All companies that participated in the 2024 Best Places to Work: Central Valley program receive an in-depth evaluation identifying strengths and weaknesses according to their employees. In turn, this report can be used in developing or enhancing employee retention and recruitment programs.

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We are honored to be recognized with this year’s Best Places to Work recipients; Automation Group; O’Dell (NYSE:) Engineering, Inc., Grimbleby Coleman Advisors & Accountants, Haggerty Construction, Inc., ITSolutions-Currie, One Digital, The Wonderful Company, and Community Hospice & Health Services.

Best Places to Work: Central Valley is brought to you by Opportunity Stanislaus. For more information on Best Places to Work: Central Valley visit www.bestplacestoworkcentralvalley.com.

About Opportunity Stanislaus Opportunity Stanislaus is a local economic development organization focused on improving the economic vitality of Stanislaus County. To do so, they help local entrepreneurs start and grow businesses and work to attract innovative companies to the county. For more information visit www.opportunitystanislaus.com.

About Oak Valley Community Bank OVCB offers a variety of loan and deposit products to individuals and small businesses. They currently operate through 18 conveniently located branches: Oakdale, Turlock, Stockton, Patterson, Ripon, Escalon, Manteca, Tracy, Sacramento, Roseville, two branches in Sonora, three branches in Modesto, and three branches in their Eastern Sierra Division, which includes Bridgeport, Mammoth Lakes, and Bishop. For more information visit www.ovcb.com.