Meta Platforms Inc., the parent company of Instagram, WhatsApp, and Messenger, is working to improve employee morale after a series of layoffs over the past year. To address the decline in morale and productivity among employees, Meta has reintroduced popular pre-pandemic perks, such as branded T-shirts and happy hours. The revival of these perks indicates a positive sign of the company’s performance, which has exceeded Wall Street’s expectations in terms of profits and revenue for two consecutive quarters.
In addition to bringing back these perks, Meta has also started rehiring some employees who were previously laid off. Employees at the company’s headquarters in Menlo Park, California, have benefited from the reopening of restaurants, earlier dinnertime, laundry services, haircuts, Thursday happy hours, and food stands set up unique vendors. The introduction of these amenities has made in-person work more appealing, especially now that employees are required to work in the office three days a week.
While some perks were continued throughout the pandemic, such as dinner, happy hour, and company swag, other amenities like snack bars and certain beverages were affected during the time when Meta’s stock performance was at its worst. The decline in stock performance led to major layoffs, causing uncertainty and anxiety among employees. However, with the recent improvements in Meta’s stock performance, employees have noticed an overall shift towards a more positive and supportive work environment. They are now more eager to connect and collaborate with each other.
Although Meta’s stock has rebounded and its employees are experiencing increased morale, the company still faces challenges such as stagnating user and revenue growth in its social networks, the ongoing resource drain from virtual reality efforts, and the high cost of progress in artificial intelligence. While certain perks may not be as robust as they were before the layoffs, Meta’s efforts to revive morale have been largely successful. However, the possibility of future layoffs could undermine the progress made in restoring morale. For now, employees are enjoying the renewed perks and a more positive atmosphere at Meta.
Source: Bloomberg
