Thousands of jobs at this company are on the line again
Meta is looking to lay off thousands of its employees even after a major 13% job cut round in November. Mark Zuckerberg aims for a "more efficient organization," which is why more layoffs are being made.
According to Bloomberg's report, people familiar with the matter said that Meta is planning a fresh round of layoffs, cutting thousands of employees as soon as this week. "A Meta spokesperson declined to comment on the plans on Monday," the website added. The sources also mentioned that the executives have been asking directors and vice presidents to prepare lists of employees that can be let go. The March round of layoffs could be finalized next week. Authorities plan to finalize it before Zuckerberg goes on parental leave for his third child.
Meta is trying to cut more costs and reach financial targets. It also has offered buyout packages to multiple managers to flatten the organization on top of cutting "nonessential" teams. Not everyone expected a huge cut-off in November, but the company parted ways with 11,000 workers. Even though the previous wasn't expected, people close to Bloomberg said that Meta has been giving signals of the upcoming layoffs in company performance meetings. "Our management theme for 2023 is the 'Year of Efficiency,' and we're focused on becoming a stronger and more nimble organization," Zuckerberg said as part of the release of Meta's fourth-quarter earnings report. During performance reviews, the company has reminded the theme to its employees.
After its slowdown in advertising revenue, Zuckerberg's firm shifted its focus to the metaverse, a virtual reality platform that is "hoped" to shape the future. Zuckerberg previously announced that the company is bringing many AI specialists together to form a unified unit. If the metaverse universe gets more recognition and reaches its targets, Meta will be one of the prominent ones.
Some other tech firms, including IBM, Twitter, Google, GitHub, and Microsoft, took similar actions. The pandemic hit the world economy harshly, and internal strategy faults have also prepared the end for some companies. Meta hasn't officially announced the matter, but more information will be revealed soon. If you want to know details on tech layoffs, you can follow this link.
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