Meta Platforms, the parent company of Facebook and Instagram, is reportedly planning another round of layoffs that could see thousands of employees lose their jobs as early as this week. The move comes as the social media giant seeks to streamline its operations and improve efficiency.
This latest round of cuts follows a 13% reduction in the workforce in November 2021, which saw 11,000 workers laid off. In addition to these job cuts, Meta has been working to flatten its organizational structure, offering buyout packages to managers and eliminating entire teams that are deemed nonessential.
According to reports, the upcoming layoffs are being driven by financial targets and are separate from the “flattening” initiative. Meta has seen a slowdown in advertising revenue, and has shifted its focus to a virtual-reality platform called the metaverse.
To identify employees for the upcoming layoffs, directors and vice presidents at the company have reportedly been asked to make lists of workers who can be let go. The layoffs are expected to be finalized in the coming week, before CEO Mark Zuckerberg goes on parental leave for his third child.
The November layoffs were a surprise to many employees, but another round of firings has been widely anticipated. Zuckerberg has declared 2023 as Meta’s “year of efficiency,” and the company has been emphasizing this theme to employees during performance reviews.
Reports indicate that morale among Meta employees has been low in recent months, with workers expressing anxiety about the possibility of losing their jobs. Some employees have also expressed concerns about whether they will receive their bonuses, which are set to be distributed this month.
A Meta spokesperson declined to comment on the reports of the upcoming layoffs. However, it is clear that the social media giant is seeking to streamline its operations and improve its financial performance as it pivots toward new areas such as virtual reality. It remains to be seen how the layoffs will affect the company’s overall performance, and how they will be received by employees who are already feeling anxious and uncertain about their future at the company.