In order to reach its financial goals, Facebook and Instagram’s parent company, Meta Inc., plans to reduce its employee base as early as this week. Thousands of workers at the tech company will be impacted by the anticipated job layoffs, according to Reuters.
The organisation led by Mark Zuckerberg made this decision in addition to the 13% employment cut it announced in November last year. As the first significant layoff at the tech company revealed, almost 13,000 Meta employees lost their employment. The most recent wave of layoffs has not yet been officially announced by Meta.
The company’s organisational structure was streamlined last year, which included offering buyouts to managers and eliminating entire teams that weren’t deemed necessary. This is what led to the decision to make layoffs last year.
Those acquainted with recent developments, however, claim that the impending batch of layoffs is not related to the same plan.
Since advertising sales at Meta have been steadily declining, the firm has asked its directors and vice presidents to prepare a list of employees who may be let go. This year has been named by Zuckerberg as Meta’s year of efficiency, and the business has been promoting this idea to staff members during performance reviews.
According to rumours, the layoff plans could be completed this week, just before CEO Zuckerberg leaves on paternal leave for the birth of his third kid. The CEO stated that the company had grown unduly during the pandemic and took responsibility for the initial round of layoffs.
While Meta’s staff found the initial layoffs upsetting and totally unexpected, things have turned out to be a little bit different this time. According to media sources, the employees received a poor performance rating, which was a hint that layoffs would soon occur.