Thousands of staff at Meta Platforms Inc, the company that owns Facebook and Instagram, will be let go as soon as this week, according to people familiar with the situation.
In an effort to run a more efficient business, the largest social networking company in the world is cutting even more positions, on top of the 13% drop in November. Meta lost 11,000 jobs in its previous wave of layoffs, which was a big first for the company. In addition, the corporation has been trying to flatten its structure, Bloomberg News reported in February. This effort is still being finalised, but it might have an impact on thousands of employees.
According to the persons, who asked not to be named discussing internal affairs, the impending round of cuts is not related to the “flattening” and is being driven by financial aims. According to the persons, Meta has been asking directors and vice presidents to compile names of staff who can be fired due to a slowdown in advertising revenue and a shift in focus to a virtual reality platform called the metaverse. On Monday, a Meta representative declined to comment on the proposals.
According to the people, this stage of layoffs may be completed within the upcoming week. The plan’s creators hope to have it completed before Chief Executive Officer Mark Zuckerberg leaves his job to care for his third child, which could happen soon, a person stated.
Although the November layoffs came as a surprise, the Meta staff had been expecting more firings. 2023 has been named by Zuckerberg as Meta’s “year of efficiency,” and the business has been promoting that idea to staff members during performance assessments, which were finished last week, according to the sources.
Employees at the Menlo Park, California-based business reported recent increases in anxiety and low morale among coworkers. Some workers expressed concern about receiving their bonuses, which are scheduled to be given out this month, if they lose their jobs first, according to the sources.
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