Meta updates RTO policy with stricter mandate, saying workers may lose their jobs if they don’t show up 3 days a week::Meta, formerly known as Facebook, told employees that its new RTO policy would be enforced by management.
Given how bad this company is tanking, I wouldn’t be surprised if this was deliberately done to cut payroll.
“How bad this company is tanking.”
Y’all are ridiculous. Meta isn’t anywhere near tanking. I don’t know why some of you parrots keep saying this.
They lost ~$10b in net income in Q4 '22 and Q1 '23 so definitely a company in some level of distress, but Q2 saw them ~$7.5b in the black.
Meta net income
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Q4 2023: USD 4.652Bn.
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Q1 2023: USD 5.709Bn.
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Q2 2023: USD 7.788Bn.
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Q4 2022: Facebook monthly active users (MAUs) – MAUs were 2.96 billion as of December 31, 2022, an increase of 2% year-over-year.
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Q1 2023: Facebook monthly active users (MAUs) – MAUs were 2.99 billion as of March 31, 2023, an increase of 2% year-over-year.
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Q2 2023: Facebook monthly active users (MAUs) – MAUs were 3.03 billion as of June 30, 2023, an increase of 3% year-over-year.
User stigmata is correct and neither Meta nor Facebook are sinking, despite what we might want to believe.
Absolutely, this return to office stuff has been an absolute gift for CEOs wanting to downsize, it’s the perfect fluffy PR way to turn the thumbscrews. Factor in the popular idea that you’re a slacker if you don’t work hard all the time and you basically have public support too.
I’m sure plenty of people will just suck it up and view the past few years as a very extended break from office nonsense and commuting hassle, but enough will jump ship to fill quotas
Office space costs a lot of money. Desktop computers cost a lot of money. The inability of their co-workers to immediately wake up and solve some emergency costs a lot of money.
Every day they are not continuing remote work practices is another day they are bleeding money.
I suspect that these big corporations were advised by banks and the government to scale back work from home policies to avoid triggering a real estate market collapse in cities by vacating expensive office space en masse. This could cause defaults by landlords and a housing crisis as workers no longer need to pay premiums to live near offices. An exodus from cities would crater housing markets, which would severely damage the overall economy. Thus corporations are only half-heartedly pushing for office returns to avert an economic crisis, despite the cost savings of remote work
The company I work for is still fully committed to remote first. They have closed multiple office locations including the entire headquarters campus. They can’t stop gushing about how much money they’re saving.
Thing is though that often, real estate deals are made over long periods of time. I think a lot of RTO stuff is happening because companies can’t just get out of their leases. They spent years and millions of dollars actually building offices and by god they want to see them get used.
