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Meta rumored to be planning latest batch of job cuts after losing 11,000 employees
https://www.whatjobs.com/news/usa/us-business-news/meta-rumored-to-be-planning-latest-batch-of-job-cuts-after-losing-11000-employees
By Nithya Bose in US business news, posted March 7, 2023
Meta employees are bracing themselves for another round of layoffs that could lead to thousands more job losses.
The move follows the massive downsizing in November when the Facebook owner axed 13 percent of staff, or 11,000 jobs, to become more efficient.
The Menlo Park-based firm is still aggressively looking at ways to flatten its headcount.
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It has offered buyout packages to managers and eliminated entire teams that it considers unnecessary.
That is an ongoing process that might impact thousands of employees.
Now, sources say the impending wave of cuts is driven by financial goals and is unrelated to the "flattening."
While advertising revenue has slowed, Meta has moved its attention to its metaverse, a virtual-reality platform.
Sources said Meta has been asking directors and vice presidents to compile a list of staffers who can be let go.
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This round of layoffs could be completed within a week.
Those working on the plan expect to make the cuts before CEO Mark Zuckerberg takes parental leave for his third child, which might happen soon.
The November layoffs came as a surprise, but the Meta employees have widely foreseen another batch of job cuts, after Zuckerberg dubbed 2023 as the “year of efficiency.”
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Zuckerberg has dubbed 2023 as the “year of efficiency.”
The company has been sharing that theme with staffers during performance reviews, which were finished last week.
Meta employees have recently reported increased anxiety and low morale among colleagues.
Sources said some were concerned about receiving their bonuses, which were scheduled to be issued this month, if they lost their jobs beforehand.
A Meta spokesperson declined to comment on the plans.
Source: Bloomberg
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