Meta, the parent company of Facebook and Instagram, is reinstating employee perks after a series of massive layoffs earlier this year. The return of happy hours, corporate swag, and various on-campus amenities such as snacks, laundry services, and haircuts has boosted morale at Meta’s headquarters in Menlo Park, California. The perks are making a comeback as dozens of employees are being rehired and required to report to the office at least three days a week.
Under the new arrangement, on-site restaurants are now serving dinner at 6 p.m., and food vendors are setting up shop again in order to encourage in-person attendance. Additionally, Meta spokespersons have confirmed that dinner, happy hour, and company swag never went away; they were simply adjusted during the pandemic and budget constraints.
The reinstatement of these perks comes after Meta underwent several rounds of layoffs, including the removal of approximately 13% of its overall workforce. The cost-cutting measures, led Mark Zuckerberg’s “year of efficiency,” resulted in disrupted workflows and declining morale among the remaining staff.
However, the company’s efforts paid off, with two consecutive quarters of financial success that exceeded Wall Street’s expectations. In the second quarter, Meta reported an 11% increase in revenue, amounting to $32 billion, and a 16% increase in profits compared to the previous year. Following these positive results, the company rehired dozens of the employees who were previously let go.
Despite the return of perks, some employees have raised concerns about the changes. Laundry services are no longer free, and the quality of on-site food has reportedly declined. Nonetheless, many former engineers have been rehired Meta, albeit with lower pay and seniority.
The revival of employee perks at Meta reflects a positive turnaround for the company, with hopes of regaining employee satisfaction and productivity.
Sources:
- Bloomberg
- Financial Times
- Denver Post
