According to a report in Bloomberg, Meta Platforms Inc., the company that owns Facebook and Instagram, is planning a new round of layoffs and might fire hundreds of workers as soon as this week.
In an effort to streamline its operations, the largest social networking firm in the world is axing more positions in addition to the 13% reduction in November. In its previous wave of layoffs, Meta eliminated 11,000 employees, marking its first-ever significant mass dismissal.
According to a February article by Bloomberg News, the corporation has also been trying to flatten its structure by offering buyout incentives to managers and disbanding entire departments it deems unnecessary. This move is still being finalised and could have an impact on thousands of employees.
The sacking is driven by financial aims
According to the report by Bloomberg, the impending round of cuts is not related to the "flattening" and is being driven by financial aims. The report further states that 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.
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 work to care for his third child, which could happen soon.
2023 is the year of efficiency for Meta
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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