The government of Bangladesh has undertaken eight strategic initiatives aimed at transforming the nation into a cost-effective, sustainable, innovative, intelligent, and knowledge-based 'Smart Bangladesh' by 2041. These initiatives are designed to enhance the ICT sector's contribution to the GDP, expand digital services, and foster innovation across various domains. Key Initiatives and Targets ICT Sector Growth: The government aims for the ICT sector to contribute 20 percent to the GDP by 2041. This ambitious target is part of a broader strategy to diversify the nation's economic foundations. Digitization of Government Services: By 2041, 100 percent of government services will be digitized, making them more accessible to the populace. This effort seeks to streamline processes and enhance the efficiency of public service delivery. Boost in ICT Exports and Employment: The plan includes increasing ICT exports to USD 5 billion and expanding ICT employment to 3 million by 2025. Additionally, professional mentorship will be provided to 1,000 Bangladeshi startups by 2025 to nurture emerging entrepreneurs. Innovation Hubs: Establishment of 10 innovation hubs within the top universities aims to stimulate creativity and technological advancement. Startup Ecosystem: The goal to build at least 5 unicorns—startups valued at over USD 1 billion—reflects the government's commitment to fostering a robust startup ecosystem. Specialized Labs for 4IR Technologies: Universities will host specialized labs focusing on cutting-edge technologies such as Robotics, AI, IoT, Big Data, Blockchain, and AR/VR, preparing students for future job markets. Smart Digital Leadership Academy and 4IR Centre: These institutions will play pivotal roles in cultivating leadership and technical skills necessary for the Fourth Industrial Revolution. Read more: Govt to include Smart Bangladesh in mid-term dev plan: Official Document Current Progress and Future Plans With over two-thirds of Bangladesh's population in the workforce, skill development and employment generation, particularly in the ICT sector, are high priorities. The government is actively transforming its large workforce to meet future market demands, as evidenced by the slight decrease in unemployment from 4.2 percent in FY 2016-17 to 3.6 percent in 2022, according to the Labor Force Survey 2022. Prime Minister Sheikh Hasina recently highlighted that the unemployment rate is at three percent. Efforts to decrease this further include the Skills for Employment Improvement Program, implemented by the Finance Division, under which over 600,000 individuals have been trained. Furthermore, the successful implementation of various initiatives has already facilitated employment for about 2 million people in fields ranging from IT freelancing to fintech and e-commerce, according to the official document ‘Medium Term Macroeconomic Policy Statement (2023-24 to 2025-26)’. The Bangladesh Hi-tech Park Authority is also working to convert over 60,000 youths into IT professionals by 2025, with 37,800 already having completed training programs, the document added. Read more: Join hands in building ‘Smart Bangladesh’ under PM Sheikh Hasina's leadership: Envoy Looking Ahead The ICT Division has formulated the "Smart Bangladesh: ICT 2041 Master Plan" centered around four pillars: Smart Citizen, Smart Government, Smart Economy, and Smart Society. These pillars are expected to guide Bangladesh to the next stage of development, leveraging the potential of the 4IR to achieve a smarter and more sustainable future. The initiatives reflect a comprehensive strategy by the Bangladesh government to harness the power of digital technology and innovation, steering the country toward significant economic transformation and enhanced global competitiveness by 2041. Read more: Palak delivers speech on Smart Bangladesh in Singapore

The women employment in the banking sector increased by 1407 in July-December period of 2023, and the overall perrcentage of women employees at banks stood at 16.37 percent in Bangladesh. Meanwhile just 13.51% of board members in the banks are women.  Bangladesh Bank’s (BB’s) latest report on gender equality revealed this information. There are 33346 women employees in 61 banks in the country, which is 16.37 percent of the total employees of banks, according to the report. The BB report shows that among the scheduled banks in 2023, 43 private commercial banks have the highest number of women employees 22,248, which is 16.32 percent of the total employees. Foreign commercial banks have the highest proportion of female officers, 24.18 percent as compared to other banks. In the period July-December 2023, the participation of women as board members was only 13.51 percent. Among them, foreign commercial banks have the highest female board member participation rate at 17.54 percent. Read more: Bangladesh's women empowerment showcased in Myanmar On the other hand, there is no participation of women board members of specialized commercial banks in the discussed period. According to the reports submitted by banks during the period July-December 2023 shows that the participation rate of women employees is higher at the entry-level 17.04 percent and mid-level 15.79 percent than at the higher levels 9.36 percent. Analysis of the obtained data shows that the participation of women in the banking sector is high at the initial stage. At the same time, the participation rate of female employees under thirty years of age 20.99 percent is more than double that of female officers above 9.58 percent in scheduled banks. Bangladesh’s place has improved by 12 steps in the gender gap report of the World Economic Forum (WEF) in 2023, as women's employment increased in the country. The BB report shows that Bangladesh is holding the 59th position in 2023 improving from 71st in 2022 in the gender gap of WEF, among 146 countries in the world. Read more: PM Hasina keen to create more scopes for women in every sector: Nasrul Hamid Executive Director of CDP Dr. Fahmida Khatun said that women's employment is usually increasing with the developing socio-economic scenario of the country and decreasing the ratio of women's employment does not match that calculation. She focused on the need to study why the ratio of women employment has been decreasing in the banking sector. Bangladesh Bank’s spokesperson Mezbaul Haque told UNB that women's employment has increased in the banking sector following the central bank’s policy to reduce the gender gap in banks and financial institutions. The central bank prefers women both in employment and entrepreneurship development. Loan disbursement and interest incentives have been given to women encouraging them involved in financial inclusion. The BB is still working to ensure a sound environment in the workplace of banks. Facilities including maternity leave and daycare opportunities for women’s employees have increased, he said. Read more: Proven Passive Income Ideas for Women in 2024

There’s a common misconception that all lucrative jobs are technical or IT-related. But the truth couldn’t be further off. While it is true that IT jobs make the most money by 2024 standards, there are other non-tech jobs as well that fetch well over six digits. Here’s what they are and what you’ll need to secure one.  10 Best Careers for Non-Technical Professionals For the sake of uniformity, the job requirements and the annual payout will be according to the US national standard. While the payout might vary across regions, the skill set and requirements remain more or less the same.  PR Specialist  A public relations specialist is essentially the face of any company. The primary responsibilities of a PR specialist include everything related to the customer side interactions. A PR specialist is also responsible for developing PR strategies and overseeing implementation procedures.  Other key responsibilities include drafting press releases, speeches, and other communication materials. In extraordinary cases, a PR specialist is also responsible for crisis management strategies. These include avoidance of negative publicity. Read more: How to Make a Video Resume: A Step-by-Step Guide A PR specialist is expected to have degrees in public relations, communication, or other related fields. An APR certification is an added plus for a specialist role.  The average salary for a PR specialist is around 60,122 USD or around 6,58,6557 BDT per year (1 USD = 109.55 BDT).  Content Manager  A content manager is responsible for curating and executing the content strategy of any business. Additionally, a content manager is expected to create and publish content. The medium includes social networks and media outlets. One of the key responsibilities for this position is to ensure precise consistency in brand messaging. A content manager is also responsible for analyzing different performance metrics.  The position requires a bachelor's in marketing, communication, journalism, or related fields. The annual salary for the content manager position is around 60,634 USD or 6,64,2648 BDT per year.  Read more: Empower Your Tech Career in 2024: Master These In-Demand Skills for Success Market Research Manager  Market research managers are responsible for analyzing the market. It also encompasses the identification of relevant trends within the organization’s operating industry. The position comes with the stringent responsibility of analyzing and drawing insights from the market. The data output helps to make informed decisions. A market research manager is also expected to develop and implement new research methodologies. The goal is to cater to organizational needs and efficiency. Another key responsibility for this position is to maintain liaison with the management.  A market research manager is expected to have a bachelor’s or master’s in marketing, business, statistics, or business analytics. The gross salary for this position is around 60,442 USD or 6,62,1614 BDT per year. 

The International Monetary Fund (IMF) has sounded an alarm, indicating that nearly 40% of global employment could be endangered by the burgeoning influence of artificial intelligence (AI). This stark warning, reported by CNN, underscores the seismic shifts anticipated in the global job market. IMF Chief Kristalina Georgieva, in a recent blog post, stressed the critical necessity for governments worldwide to fortify social safety nets and roll out comprehensive retraining programmes. This proactive approach aims to mitigate AI's potentially dramatic effects on employment. Davos 2024: Can AI provide solutions, as Global leaders confront $88.1 trillion debt crisis? Highlighting a key concern, Georgieva pointed out the potential for AI adoption to aggravate existing inequalities, a trend that requires immediate policy intervention to avert escalating social tensions. This issue is set to be a central theme at the upcoming annual meeting of the World Economic Forum (WEF) in Davos, Switzerland, where AI's role in the economy will be a focal point. According to the IMF's analysis, advanced economies might witness the most significant impact, with up to 60% of jobs at risk. Although AI promises to enhance productivity in about half of these roles, the remainder faces a stark reality of diminishing demand, lowered wages, and potential unemployment as AI assumes roles traditionally held by humans. UN chief warns of risks of artificial intelligence Emerging markets and lower-income countries are not immune to these challenges. Here, 40% and 26% of jobs, respectively, may feel the impact. Georgieva raised concerns about these regions' lack of infrastructure and skilled workforces, factors that intensify the risk of AI deepening existing economic divides. Georgieva also warned of an escalating risk of social unrest, especially if younger, tech-savvy workers leverage AI for productivity gains, leaving their older counterparts struggling to adapt. China warns of artificial intelligence risks, calls for beefed-up national security measures At Davos, the implications of AI on employment are a key discussion topic. Prominent figures, including Sam Altman, CEO of ChatGPT-maker OpenAI, and Microsoft's Satya Nadella, are slated to address the impact of generative AI technologies. Despite these challenges, Georgieva did not overlook AI's positive potentials, noting its capacity to significantly boost global output and incomes. She argued that with thoughtful planning, AI could be a transformative force for the global economy, stressing the importance of channeling its benefits for the collective good. Amidst concerns over job displacement, some economists are optimistic, suggesting that AI's widespread adoption may ultimately enhance labor productivity. This could potentially lead to a 7% annual increase in global GDP over the next decade.

Bangladesh's Expatriates’ Welfare and Overseas Employment Minister Imran Ahmad on Sunday (June 11, 2023) said currently there is no market for unskilled labourers abroad but demand for skilled manpower has increased. He said this while addressing as the chief guest at the inaugural programme of newly built Technical Training Centre (TTC) in Raninagar upazila of Naogaon on Sunday. The minister said Prime Minister Sheikh Hasina has taken an initiative to set up TTCs across the country to create employment opportunities and earn foreign currencies through developing skills of people. Also Read: Italy to take skilled workers from Bangladesh, contain illegal migration He said the government has also taken measures to send skilled farmers abroad but the farmers must have certificates on their skills. As per the directive of the prime minister, such training centres are being set up and the government has a plan to establish training centres in each upazila in phases for people’s skill development, he said. The minister said the training centres will have to be taken to a stage so that trained workers can be sent abroad immediately after they get training. Also Read: Malaysia and Bangladesh discuss expansion of labour market and worker safety A total of 880 people will be able to take six-month long training on 6 trades at the Raninagar’s TTC built at the cost of Tk 34.71 crore. Chaired by Bureau of Manpower Employment and Training General Director Md Shahidul Alam, local lawmaker Md Anowar Hossain Helal, Project Director Saiful Haque Chowdhury and additional deputy commissioner Md Zakir Hossain, among others were present. Also Read: 14 dead as truck collides with pickup van carrying construction workers in Sylhet

President Mohammed Shahabuddin on Monday asked the country’s universities to focus more on job-oriented education and research to cater to the need of the employment market. He said this when Jatiya Kabi Nazrul Islam University Vice-Chancellor Professor Soumitra Sekhar and acting Vice-Chancellor of BRAC University Syed Mahfuzul Aziz met with him separately at Bangabhaban. President's Press Secretary Joynal Abedin briefed reporters after the meetings. Also Read: Ensure proper spending of public money: President Shahabuddin The president said that the universities must do more on encouraging the students to take up research and innovative activities, which will be sustainable for the country. VC Soumitra Shekhar briefed the President about the academic and development activities of the Kabi Nazrul University.    

Job hunting is a crucial task The traditional methods of searching job advertisements, submitting resumes, and waiting for a response can be frustrating and time-consuming. In today's digital age, AI tools are revolutionizing the job application process. As artificial intelligence technology continues to evolve, some innovative AI tools can help job seekers to analyze job postings, tailor their resumes and even conduct mock interviews.  Why Should Job Seekers Use AI Tools  AI tools are increasingly being used for job applications because they offer a range of benefits that make the process more efficient and effective. One of the most significant advantages of AI is its speed. These tools can quickly analyze large amounts of data and identify the most relevant job openings for a particular applicant. Additionally, AI algorithms can scan and filter resumes, highlighting relevant experience and qualifications to help applicants stand out from the competition. AI tools can also help job seekers tailor their resumes to specific job requirements, optimizing their chances of success. These tools use natural language processing (NLP) algorithms to analyze job postings and identify the key skills and qualifications required. They can then suggest changes to the applicant's resume or cover letter to better align with the job requirements. Read More: ChatGPT ‘passed’ BCS exam, according to Science Bee’s experiment Another benefit of AI tools for job applications is that they can help applicants prepare for interviews. Some AI-powered tools offer mock interviews, allowing candidates to practice their responses to common interview questions and receive feedback on their performance. Overall, the efficiency and effectiveness of AI tools make them a valuable resource for job seekers looking to navigate the complex and competitive job market. How to Get Your Next Job Utilizing Some AI Tools As the job market becomes increasingly competitive, job seekers are turning to AI tools to gain a competitive edge in their job search. From identifying job openings to optimizing resumes, these tools can help streamline the job application process and increase the chances of landing a dream job. Here are several ways to utilize AI tools for job applications: Job Searching with AI One of the most time-consuming aspects of the job search process is sifting through hundreds of job postings to find the ones that are the best match. With AI-powered job search engines, job seekers can quickly find relevant job openings without spending hours scrolling through job searching websites. Read More: Top 5 AI Chatbot Platforms and Trends in 2023 One such tool is Jobscan (https://www.jobscan.co/), which uses AI to match resumes to job descriptions and identify which skills and keywords are missing. The tool also provides job seekers with a score to indicate how well their resume matches the job description. This can help applicants tailor their resumes to specific job postings and increase their chances of getting an interview. Another useful AI-powered job search tool is Monster's Power Resume Search (https://hiring.monster.com/help-center/traditional-products/power-resume-search/). This tool uses AI to scan millions of resumes and job postings to find the best matches. Job seekers can use filters such as job title, company name, and location to narrow down their search results and find the most relevant job openings. Resume Optimization with AI Crafting the perfect resume is essential to get noticed by hiring managers. AI-powered resume optimization tools can help job seekers improve their resumes and increase their chances of getting an interview. One such tool is Resume Worded (https://resumeworded.com/), which uses AI to analyze resumes and provide feedback on areas that need improvement. The tool identifies grammatical errors, recommends action verbs to use, and provides suggestions on how to make the resume more effective. Read More: Google's AI Chatbot Bard: All You Need to Know Another useful AI-powered resume optimization tool is Zety's Resume Builder (https://zety.com/lp/cv-maker). This tool uses AI to provide job seekers with personalized resume templates and suggestions on how to optimize their resumes for specific job postings. The tool also offers a range of design options and features to help job seekers stand out from the competition. Interview Preparation with AI Preparing for an interview can be nerve-wracking, but AI-powered interview preparation tools can help job seekers feel more confident and prepared. These tools can provide feedback on responses to common interview questions, help identify areas for improvement, and even conduct mock interviews. One such tool is InterviewMe (https://interviewme.tech/), which uses AI to analyze the candidate's responses and provide feedback on areas that need improvement. The tool also offers a range of interview questions and scenarios to help job seekers prepare for different types of interviews. Another useful AI-powered interview preparation tool is My Interview Simulator (http://myinterviewsimulator.com/). This tool conducts mock interviews and provides feedback on the candidate's performance, including body language, tone, and content. This can help job seekers feel more confident and prepared when going into an actual interview. Read More: ChatGPT by Open AI: All you need to know Skill Development with AI AI-powered skill development tools can help job seekers improve their skills and increase their chances of getting hired. These tools use AI to identify areas of improvement and provide personalized learning plans to help job seekers upskill and reskill. One such tool is Coursera (https://www.coursera.org/learn/building-ai-powered-chatbots), which offers online courses in a range of topics, including business, technology, and data science. The platform uses AI to analyze the learner's progress and provide personalized feedback and recommendations for further learning. Another useful AI-powered skill development tool is Udacity (https://www.udacity.com/courses/all), which offers courses in high-demand fields such as AI, cybersecurity, and cloud computing. The platform uses AI to provide personalized feedback and recommendations based on the learner's progress and areas of interest. Conclusion In today's highly competitive job market, job seekers need every advantage they can get. That's where AI tools come in. From job searching to resume optimization, and interview preparation to skill development, AI-powered tools can help streamline the job application process and increase the chances of getting hired. These tools offer personalized feedback, targeted recommendations, and invaluable insights that can help job seekers stand out from the competition.  Read More: 7 Top AI Writing Tools, Software to Generate Human-Like Text

The financial institution division (FID), a wing of the Ministry of Finance is formulating 'The Employment, Promotion and Posting Policy-2023' for the appointment and promotion of senior officers of state-owned commercial banks of Bangladesh. A committee led by the finance minister will appoint and promote people to these posts based on the basis of 100 marks in 8 categories, a source of the ministry told UNB on Sunday. Apart from this, the candidates will be scrutinized before the appointment. A committee of 6 members will be formed, led by the finance minister. Read: Investors’ financial literacy must to boost capital market: Commerce Minister According to the sources, contractual recruitment and posting for a maximum of three years will be made for the posts of Managing Director (MD) and Chief Executive Officer (CEO) through selection from among the Managing Directors working in state-owned commercial banks, specialized banks, and financial institutions or through promotion from Deputy Managing Directors (DMDs). Sources of FID said recommendations will be made by the selection committee following the seniority, experience, report of the NSI and Anti-Corruption Commission, and the circular issued by Bangladesh Bank from time to time. Contractual appointments will be made to the posts of Managing Director and CEO with the recommendation of the committee with the approval of the Prime Minister. Read: Bangladesh earned $27.22b from exports in July-Dec amid new records A senior official of FID said apart from this, promotion, appointment, posting and inter-bank transfers to the post of Deputy Managing Director in specialized banks and financial institutions will be restricted to specialized banks and financial institutions. However, in the interest of the state, posting and inter-bank transfer can be made from among the deputy managing directors of state-owned commercial banks to the post of deputy managing directors in specialized banks and financial institutions. As per the policy, in the case of promotion, the candidates eligible for promotion-educational qualification mark 15, length of service in a bank or financial institution -5, banking diploma-5, professional degree-5, professional publications -5, employment record 5, annual confidential application -40 and interview -15), etc will be selected by the committee on the basis of their mark out of a total 100 marks. Read More: Govt to save Tk10,000 cr annually from importing edible oil: Agri Minister.

Bangladesh Prime Minister Sheikh Hasina today (December 06, 2022) officially opened Bangladesh Special Economic Zone (widely known as the “Japanese Economic Zone”) at Araihazar in Narayanganj. She joined the event virtually from her official residence Ganabhaban in Dhaka. According to Bangladesh Economic Zones Authority (BEZA), the Japanese Economic Zone would draw USD 1.5 billion investment and create more than one lakh jobs. Forty foreign companies, including 30 Japanese, have expressed interest to invest there, BEZA said. Noting that an excellent investment climate prevails in Bangladesh, PM Hasina said, “I think Bangladesh is the most attractive destination for investment. We are offering the highest (investment) opportunities and facilities.” Read: Women entrepreneurs can avail special opportunities in economic zones: PM She also said that women entrepreneurs can avail special opportunities at the country’s economic zones. “If women entrepreneurs come forward, we will give them special opportunities. Separate plots will be provided for them.” Sheikh Hasina said her government has been working for the overall development of the nation through planned industrialization, while protecting arable land and the environment. The PM said foreign entrepreneurs are also expressing interest to make investments in the country. “In terms of geographic location, Bangladesh is perfectly positioned to be a bridge between the East and the West,” she said. Read: Stop arms race, use resources for health, education: PM to global leaders Sheikh Hasina said her government has been strengthening connectivity with South Asia and Southeast Asia – two most densely populated regions with a large market of 300 crore people. Besides, the government has increased the purchasing power of people – a market of 17 crore people, she added. The PM said the government is also offering special facilities for young entrepreneurs so that they can make investments in the economic zones. She opened the commercial operation of the Japanese Economic Zone, being developed on 1000 acres of land under the joint venture of Bangladesh and Japan. Executive Chairman of BEZA, Shaikh Yusuf Harun, in his welcome speech, said the inauguration of Bangladesh Special Economic Zone would open a new era for attracting Japanese and other foreign investments to Bangladesh. Read: Bangladesh a role model for women's participation in UN peacekeeping: PM Hasina He said Singer, a renowned company, has already started the construction of its factory in the economic zone. Harun also said two Japanese companies were going to sign agreements after the opening ceremony to set up their factories in the economic zone. Japanese Ambassador to Bangladesh Ito Naoki and President of Sumitomo Corporation Masayuki Hyodo also spoke on the occasion. BEZA and Japan’s Sumitomo Corporation are jointly working to develop the economic zone. The process of the joint venture started with Prime Minister Sheikh Hasina’s visit to Japan in 2014. Read: Karnaphuli Tunnel first such project in South Asia: PM Hasina

Facebook parent Meta is laying off 11,000 people, about 13% of its workforce, as it contends with faltering revenue and broader tech industry woes, CEO Mark Zuckerberg said in a letter to employees Wednesday. The job cuts come just a week after widespread layoffs at Twitter under its new owner, billionaire Elon Musk. There have been numerous job cuts at other tech companies that hired rapidly during the pandemic. Zuckerberg said that he had made the decision to hire aggressively, anticipating rapid growth even after the pandemic lockdowns ended. “Unfortunately, this did not play out the way I expected,” Zuckerberg said in a statement. “Not only has online commerce returned to prior trends, but the macroeconomic downturn, increased competition, and ads signal loss have caused our revenue to be much lower than I’d expected. I got this wrong, and I take responsibility for that.” Meta, like other social media companies, enjoyed a financial boost during the pandemic lockdown era because more people stayed home and scrolled on their phones and computers. But as the lockdowns ended and people started going outside again, revenue growth began to falter. Also read: Competition with TikTok: Facebook parent Meta reports revenue down Of particular concern to investors, Meta poured over $10 billion a year into the “metaverse” as it shifts its focus away from social media. Zuckerberg predicts the metaverse, an immersive digital universe, will eventually replace smartphones as the primary way people use technology. Spooked investors have sent company shares tumbling more than 71% since the beginning of the year and the stock now trades at levels last seen in 2015. An economic slowdown and a grim outlook for online advertising — by far Meta’s biggest revenue source — have contributed to Meta's woes as well. This summer, the company posted its first quarterly revenue decline in history, followed by another, bigger decline in the fall. Some of the pain is company-specific, while some is tied to broader economic and technological forces. Last week, Twitter laid off about half of its 7,500 employees, part of a chaotic overhaul as Musk took the helm. He tweeted that there was no choice but to cut the jobs “when the company is losing over $4M/day," though did not provide details about the losses. Snap, the owner of Snapchat, also recently laid off 1,000 workers and online real estate broker Redfin said Wednesday it is cutting 862 employees. Meta and its advertisers are bracing for a potential recession. There’s also the challenge of Apple's privacy tools, which make it more difficult for social media platforms like Facebook, Instagram and Snap to track people without their consent and target ads to them. Although Meta has been hurt by broader economic trends that have curtailed spending on digital ads, the company’s challenges have been compounded by the rise of TikTok at the same time Zuckerberg is pouring billions into a metaverse that so far seems like a distant mirage, said Forrester Research analyst J.P. Gownder. “They are making a big bet on something that may not happen for another five to 10 years,” Gownder said. “What they need to be doing is trying to solve some of their fundamental business problems. This (mass layoff) is only a stopgap.” Zuckerberg said Meta is cutting costs across its business, but he added that this alone won't big costs in line with its revenue growth. In addition to the layoffs, a hiring freeze at the company will be extended through the first quarter of 2023, Zuckerberg said. The company has also slashed its real estate footprint and he said that with so many employees working outside of the office, the company will transition to desk sharing for those that remain. More cost cuts at Meta will be rolled out in coming months, Zuckerberg said. Zuckerberg told employees Wednesday that they will receive an email letting them know if they are among those being let go. Access to most company systems will be cut off for people losing their jobs, he said, due to the sensitive nature of that information. “We’re keeping email addresses active throughout the day so everyone can say farewell,” Zuckerberg said. Former employees will receive 16 weeks of base pay, plus two additional weeks for every year with the company, Zuckerberg said. Health insurance for those employees and their families will continue for six months. Even with Wednesday's reductions, Meta still has more than 75,000 workers around the globe. In fact, the company had 71,970 workers at the end of 2021, and less than 59,000 at the end of 2020. Brad Gerstner, the CEO of Meta shareholder Altimeter Capital, wrote an open letter to Zuckerberg last month urging him to tighten Meta's belt. “Meta has drifted into the land of excess — too many people, too many ideas, too little urgency,” Gerstner wrote. “This lack of focus and fitness is obscured when growth is easy but deadly when growth slows and technology changes.” Gerstner urged Zuckerberg to streamline costs and focus the company in an open letter posted on Medium. His suggestions include cutting 20% of the company’s workforce — which still would only set Meta back to 2021 levels of staffing, backing Gerstner’s point that the company has become bigger than it needs to be. Meta's Wednesday layoffs, while historic for the company, breaks no tech industry records. Hewlett Packard let go about 2/3 of its workforce between 2010 and 2021, going from 324,600 employees to 111,000 as of Oct. 31, 2021 for HP Inc. and HP Enterprises, which had been one company back in 2010. And its peak in 1986, IBM had about 400,000 employees worldwide. At the end of last year, IBM had about 282,000 full-time workers. It's not yet clear if Meta — and the social media economy — is on a similar trajectory. A decade ago, Facebook successfully pivoted its business from running a website on desktop computers to an app — then multiple apps — on smartphones. While it is possible that it will be able to make the switch again to a new communications platform in the metaverse, the world — and the company — have changed tremendously. “Meta has three huge problems to overcome: It is no longer an innovative groundbreaker; its grip on market domination is dwindling; and the promise of the metaverse, the centerpiece of Zuckerberg’s vision for the future of his company, has been diminished by a combination of consumer apathy, business skepticism, and the realities of a sinking worldwide economy,” Gerstner wrote. Shares of Meta Platforms Inc. added $5, or 5.2% to close at $101.47 on Wednesday.