Nearly four months after slashing 13 per cent of its global workforce, Facebook parent company Meta is again looking to issue pink slips to thousands of employees in another round of layoffs. In November 2022, the Mark Zuckerberg led-tech giant had sacked over 11,000 workers.
The world’s largest social media company is planning to fire thousands of employees as soon as this week in order to become a more efficient organisation, according to sources quoted by Bloomberg. Meta has been asking directors and vice presidents to share a list of employees that can be fired as it faces a slowdown in advertising revenue.
The report stated that the layoffs at Meta could take place as soon as next week before chief executive officer Mark Zuckerberg goes on parental leave for his third child. Bloomberg last month reported that Meta has also been working to flatten its organisation, giving buyout packages to managers and slashing teams it deems nonessential.
To recall, Zuckerberg in his November statement, while announcing the layoffs, had suggested that that recruiting will be disproportionately affected since they are planning to hire fewer people next year. We’re also restructuring our business teams more substantially, the CEO added.
It is yet to be seen how the employees, who will lose their jobs, will be compensated. In November last year, those fired were offered a severance pay, PTO pay, RSU vesting, health insurance, career services along with immigration support.
“I view layoffs as a last resort, so we decided to rein in other sources of cost before letting teammates go. Overall, this will add up to a meaningful cultural shift in how we operate. We’ll roll out more cost-cutting changes like this in the coming months,” Zuckerberg had said in November.
Meta will continue its hiring freeze through Q1 with a small number of exceptions and CEO Zuckerberg assured that he will keep a watch on business performance, operational efficiency, and other macroeconomic factors to determine whether and how much they should resume hiring at that point.
