I don't think it's a big deal but I'm really curious how a company known for extravagant perks framed this to employees. I don't care about the perks - I'm just wondering what this says about the company's financial situation. I get that unlimited to-go boxes was being abused by some but why cut laundry and why not just limit to-go boxes to one or two per person like Google. Did they frame it as: "we're bleeding users and our stock is down over 50% so we can't afford perks like free laundry anymore" or "people are abusing the free laundry perk and using it three times a week so we decided to crack down on them" TC: 180k
Money
I see. So I guess they're acknowledging that they're not a high growth company anymore?
Money? We are growing our revenue YoY
The real reason - Plummeting stock price The proclaimed reason - “As we return to the office, we’ve adjusted on-site services and amenities to better reflect the needs of our hybrid workforce,” a Meta spokesman told the Times. “We believe people and teams will be increasingly distributed in the future, and we’re committed to building an experience that helps everyone be successful.”
Companies, especially those with a single shareholder, do not make decisions based on short term stock prices.
What does the stock price have to do with the company's revenue? Stop being dumb!
You don’t need laundry in the metaverse when clothes don’t get dirty
They don't even work virtually though.
Are you sure about that?
Oracle > Meta For the past 5 years based on stock performance
This is the hottest take. Wait no, dumbest
The only appropriate response is that gif of Burns laughing in the shower, in bed, in church, unable to stop.
As the offices open up, people will actually want to use the perks rather than just bragging about them to their buddies who work at Accenture. This will bleed money from Meta, hence the cuts
Neither. Perks change. Some get added and some get removed. Clickbait will usually only focus on those that get removed. Headlines that a company trippled wellness benefits or added pto isn't as exciting as company removed on-site laundry as more workers go remote haha.
Does Square has any ‘unique’ perks?
Only one I can think of is "work from anywhere"
truly anywhere in the world?
https://www.theguardian.com/technology/2022/mar/11/meta-employees-perks-cut-free-laundry TL;DR: more people work remotely/flexibly now, so the laundry perk is less relevant. Also, we throw away like 6 million boxes a year, which is kinda mad when we could just use plates.
Cost cutting measures obviously. Meta now has $100k+ employees
They always did. And despite the stock price going down, the company's revenue is almost unscathed and still majorly profitable.