This week, Meta is set to carry out another round of mass layoffs. According to reports, the layoffs might affect up to 10,000 people. The layoffs follow Meta CEO Mark Zuckerberg’s announcement in March that the business would lose 10,000 more workers in the coming months, on top of the 11,000 cuts made in November.
According to reports, the effects of this decision will be felt across Meta’s family of applicatons , including Facebook, Instagram, WhatsApp, and the recently launched Reality Labs, which work towards the company’s virtual reality aspirations, as well as Quest hardware.
According to the memo distributed to managers, teams will be reorganised and various remaining employees will be reassigned to work under new managers. According to the report, Meta will invite all North American workers who can work from home to do so on Wednesday so that they can comprehend the news.
Lori Goler, Meta’s head of people, was also quoted, “This will be a difficult time as we say goodbye to friends and colleagues who have contributed so much to Meta,” she remarked.
This round of layoffs is part of CEO Mark Zuckerberg’s plans for a “year of efficiency” in 2023. Meta’s cost-cutting and belt-tightening efforts are indicative of a severe economic downturn in Silicon Valley, which has prompted large technology businesses like Meta to cut expenditures.
“During our Year of Efficiency, we will flatten our organisation by eliminating multiple layers of management.” We will ask many managers to become individual contributors as part of this. We’ll also have individual contributors report into practically every level — not just the bottom — to improve information flow between workers and management,” Zuckerberg stated.
This economic slump has drastically altered what was formerly thought to be a free-spending work culture, with endless perks, travel, and nonstop hiring becoming a thing of the past. Almost every large internet business has undergone rounds of layoffs in the last year, but Meta’s have been particularly traumatic, with the company issuing the cuts in waves.