Meta to layoff its employees
In an effort to become a more efficient organization, the world’s largest social networking company is eliminating more jobs, on top of a 13% reduction in November. Meta laid off 11,000 workers in its previous round of layoffs, marking the company’s first major layoff.
Meta: A Move That Could Affect Thousands Of Employees
According to Bloomberg News, the company has also been working to flatten its organization, offering buyout packages to managers and eliminating entire teams it deems unnecessary, a move that is still being finalized and could affect thousands of employees.
The upcoming round of cuts is being driven by financial targets and is distinct from the “flattening,” according to the people, who asked not to be identified because they were discussing internal matters.
According to the people, Meta, which has seen a slowdown in advertising revenue and has shifted its focus to a virtual-reality platform called the metaverse, has asked directors and vice presidents to create lists of employees who can be let go. On Monday, a Meta spokesperson declined to comment on the plans.
According to the sources, this round of layoffs could be completed within the next week. Those working on the plan hope to have it ready before Chief Executive Officer Mark Zuckerberg goes on parental leave for his third child, which could happen soon, according to one source.
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The November layoffs came as a surprise, but another round of layoffs has been widely anticipated by the Meta team. According to the people, Zuckerberg has designated 2023 as Meta’s “year of efficiency,” and the company has been communicating that theme to employees during performance reviews, which were completed last week.
Employees at the Menlo Park, California-based company have recently reported increased anxiety and low morale among coworkers. Some employees were concerned that if they lost their jobs before their bonuses were due to be distributed this month, they would not receive them.
