According to reports, people familiar with the matter revealed that Meta, the parent company of Facebook and Instagram, is planning a new round of layoffs. The company will lay off thousands of employees as soon as this week.
In November, the world’s largest social media company undertook a round of layoffs that accounted for 13% of the company’s total workforce. On this basis, the company will carry out a new round of layoffs to improve the efficiency of the enterprise. In the last round of layoffs, Meta lost 11,000 employees, the first mass layoff in the company’s history.
Reports in February said the company had been working to flatten its organization, offering buyouts to executives and cutting entire teams it deems non-essential, a move that is still being finalized and could affect millions of employees. Thousands of employees.
The upcoming round of layoffs is driven by financial goals and has nothing to do with the “flattening” goal, the people said. Advertising revenue at Meta has slowed and has shifted focus to Metaverse’s virtual reality platform, and the company has been asking directors and vice presidents to draw up a list of employees it can fire, these people said. A Meta spokesman declined to comment on the plans on Monday.
This phase of layoffs could be completed by next week, the people said. There is urgency in the plan as those who make the plan want to have it ready before Chief Executive Mark Zuckerberg takes parental leave for his third child, one of the people said.
The layoffs in November came as a surprise to many, but many employees had expected a new round of layoffs at Meta. Zuckerberg is calling 2023 Meta’s “year of efficiency,” a theme the company has been conveying to employees in performance reviews it completed last week, people familiar with the matter said.
Employees at Meta, based in Menlo Park, Calif., reported heightened anxiety and low morale among colleagues recently. Some employees expressed concern about whether they would receive bonuses scheduled for this month if they lost their jobs early, these people said.
