In November, Meta announced to let go of more than 11,000 employees in its biggest round of layoffs ever.
American multinational tech giant Meta has reportedly delayed finalizing the budgets of several of its teams, the Financial Times reported over the weekend. This has fuelled speculations of another round of layoffs by the company.
There had been a lack of clarity on crucial matters like team budgets and future headcounts in recent weeks, the report citing Meta employees said. Managers at the tech organization have been unable to plan the workload and several employees are “getting paid to do nothing.”
Reportedly, additional job cuts are likely to happen in March as the tech giant is reviewing staff performance currently. Meta, however, has not given any official comment yet.
Calling 2023 “the year of efficiency,” Meta chief Mark Zuckerberg said earlier this month to bring the company’s costs under control. According to a Reuters report, Meta expects to bring down its expenses to between $89 billion and $95 billion this year. This is a decline from its previous outlook of $94 billion to $100 billion.
In November last year, the parent of Instagram, Facebook, and WhatsApp announced to lay off more than 11,000 employees or almost 13% of its workforce in its biggest round of layoffs ever. Then Meta also announced to freeze new hiring.
The move came at a time when other major tech companies like Alphabet, Twitter, and Microsoft, among several others, are laying off thousands of employees in an attempt to gear up for a global economic slowdown. In a nutshell, a setback in consumer spending due to high inflation and the threat of a looming recession this year has pushed corporates to keep a lid on their spending.