Tag: Jobless

  • After Twitter, Meta reportedly planning ‘large-scale’ layoffs this week

    After Twitter, Meta reportedly planning ‘large-scale’ layoffs this week

    With plans to layoff thousands of employees this week, Facebook parent company Meta will join a growing list of digital companies that are reducing their workforces.

    As of September 30, Meta has over 87,000 people working for it across its various platforms, which include the social media sites Facebook and Instagram as well as the messaging service WhatsApp. According to WSJ, the social media business had reduced its ambitions to hire engineers by at least 30 per cent in June, and Mark Zuckerberg had advised staff to prepare for a slowdown in the economy.

    In his announcement of Meta’s dismal third-quarter results, CEO Mark Zuckerberg stated that the company’s headcount will not rise by the end of 2023 and might even decline significantly.

    “In 2023, we’re going to focus our investments on a small number of high-priority growth areas. So that means some teams will grow meaningfully, but most other teams will stay flat or shrink over the next year. In aggregate, we expect to end 2023 as either roughly the same size or even a slightly smaller organization than we are today,” Zuckerberg said on the last earnings call in late October.

    Profits for Meta dropped to $4.4 billion in the third quarter, a 52 percent year-over-year decline. The poor findings had a significant negative impact on Meta’s stock price, which dropped by 25 per cent in one day.

    Over the past year, the company’s market value has decreased to $600 billion.

    In a previous open letter to Mark Zuckerberg, Meta’s shareholder Altimeter Capital Management stated that the company needed to streamline by eliminating positions and capital expenditures. They also stated that investors had lost faith in Meta as a result of its increased spending and pivot to the metaverse.

    Owing to increased interest rates, rising inflation, and a European energy crisis, several technological businesses, including Microsoft Corp., Twitter Inc., and Snap Inc., have reduced workforce in recent months.

  • 40 per cent educated women are jobless in Pakistan, 1.5 million people applied for peon position

    40 per cent educated women are jobless in Pakistan, 1.5 million people applied for peon position

    The Pakistan Institute of Development Economics (PIDE) informed the Senate Standing Committee on Planning and Development that 40 per cent of educated women across the country are jobless, Nadir Guramani reports for Dawn.

    The PIDE in its briefing, stated that 24 per cent of educated people were jobless, adding that the unemployment rate in the country has reached an alarming figure of 16 per cent contrary to the government’s claim of 6.5 per cent.

    The meeting was chaired by the Deputy Chairman of the Senate, Saleem Mandviwala.

    According to the PIDE, the study was done by a company abroad as no research has been conducted by the government, although several research institutes were operating in the country.

    The study also states that 80 per cent of people get themselves enrolled in M.Phil after failing to get a job and they have not been included in the given statistics.

    The Senate committee was told that at least 1.5 million people applied for a peon’s position in a high court that was recently advertised. “Among those applying for the job included M.Phil degree holders,” PIDE officials stated.

    The officials proposed that laws should be made to grant licenses to hawkers to enable them to get a job, this would create 20 to 30 million employments for the citizens. They also debated that universities in Pakistan were approved through a “flawed” bill by the Higher Education Commission (HEC).

    In June, the Economic Survey 2020-21 revealed that the spread of the coronavirus pandemic had severely affected businesses and other economic activities due to the imposition of lockdowns which left approximately 20.71m workers jobless.