Meta laid off more than 11,000 employees in November last year amid a grim global economic outlook.
American multinational tech major Meta Platforms is planning a fresh round of job cuts as soon as this week, according to a Bloomberg report. This would be the second job cut by the company in four months and this time as well, thousands of people are expected to be laid off.
Directors and vice presidents in the company are asked to make lists of employees that could be let go, the report added. The layoffs could be finalized in the next week before Meta chief Mark Zuckerberg goes on parental leave for his third child.
Furthermore, Meta employees widely anticipate this round of layoff as during their performance reviews, which were completed last week, the theme of “year of efficiency” was reiterated. The media report suggests that heightened anxiety is being witnessed among the Meta workers.
Additionally, the job cuts are over and above what Bloomberg reported in February about the company’s plans to push some managers into lower roles and that some converted Meta employees would eventually quit, reducing the workforce organically. The reorganization and downsizing measure will not happen in one day and is expected to roll out in the coming months, across various divisions and around the globe, the media organization reported at that time.
In November last year, Meta laid off more than 11,000 employees or almost 13% of its workforce in its biggest round of layoffs ever. Then the company also announced to freeze new hiring.
Calling 2023 “the year of efficiency,” Meta chief Mark Zuckerberg said last month to bring the company’s costs under control. According to a Reuters report, the tech major 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.
While there is no official confirmation from the parent of Facebook, WhatsApp, and Instagram, the latest phase of job cuts is reportedly driven by financial targets.s