Meta, the parent company of Facebook, to slash thousands of jobs in a new round of cuts
- ByStartupStory | March 7, 2023
Sources familiar with the matter report that Meta Platforms Inc, which owns Facebook and Instagram, is set to initiate a new wave of job cuts that will result in the termination of thousands of employees, possibly as early as this week.
In an effort to streamline its operations, the biggest social networking firm in the world is reportedly planning to cut more jobs, building on the 13% reduction it made in November. Meta, which carried out its initial large-scale layoff in which 11,000 employees were let go, has also been pursuing a strategy of restructuring its organisation by offering managers buyout packages and eliminating entire teams deemed redundant, a process that was still underway as of February, and could potentially impact thousands of workers.
According to anonymous sources familiar with internal affairs, the upcoming job cuts are driven by financial objectives and are not related to the company’s organisational restructuring efforts. As Meta’s advertising revenue growth has decelerated and its attention has shifted towards the development of a metaverse virtual reality platform, the company has been instructing its directors and vice presidents to identify individuals who could be laid off.
As per the sources, the upcoming job cuts could be completed within the following week. The individuals involved in the process are reportedly aiming to conclude it before the CEO, Mark Zuckerberg, proceeds on parental leave for his anticipated third child.
Although the November job cuts came as a surprise, the Meta workforce has been anticipating another round of layoffs. As per the sources, CEO Mark Zuckerberg has referred to 2023 as the ‘year of efficiency’ for Meta, and this message has reportedly been conveyed to employees during their performance evaluations, which were concluded last week.
According to sources, employees at the California-based Menlo Park company have recently been experiencing increased levels of anxiety and low morale. Some workers are reportedly concerned about whether they will receive their bonuses, which are scheduled to be issued this month, in the event that they are laid off beforehand.
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