Meta is apparently not done firing its employees as a new report has it that the tech giant is likely planning another round of layoffs which could affect thousands more people.
The story was reported by Blomberg on Monday which cited insiders familiar with the story as it develops.
According to the news, Meta is said to be planning to cut another 13% of its workforce despite cutting a similar number back in November which amounted to 11,000 workers getting laid off.
In its bid to be more efficient considering its huge loss in the stock market, the company is said to be flattening its organization while giving buyout packages to managers and then cutting entire teams it deems nonessential.
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It’s not about if but when the decision will be finalized which would in fact affect thousands more employees.
The ongoing mass layoffs have been blamed on the state of the global economy even though this is quite different from the company’s attempt to flatten itself according to those who are familiar with the development.
The tech giant has also seen a huge drop in advertiser spending as it shifted its attention to virtual realities even though it has failed woefully in this department as well.
Still, about the report, the company is said to be requiring vice presidents and managers to list out employees that can potentially be fired.
A Meta spokesperson contacted over the matter refused to comment on the new development.
The new phase could be finalized by next week according to the source. Those who are working on the plan are hoping to have it all ready before the company’s CEO goes on parental leave for his third child which may be imminent according to another source.
The November cuts were a surprise, but another round of firings has been widely anticipated by the Meta workforce. Zuckerberg has dubbed 2023 Meta’s “year of efficiency,” and the company has been communicating that theme to employees during performance reviews, which were completed last week, the people said.
As it stands, many o the company’s employees have reported a heightened level of anxiety and low morale as everyone is scared about who could go next.
Some employees also state that they were worried whether they would receive their bonuses which are set to be distributed this month if they lose their jobs ahead of time.