Meta plans to cut thousands of jobs in fresh round of layoffs

In a fresh round of layoffs, Meta Platforms Inc, the owner of Facebook and Instagram, is contemplating to give pink slips to thousands of employees as soon as this week, according to people familiar with the matter.

The development comes within months of Meta cutting down its staff by 13% in November in a bid to enhance efficiency in the organisation. Earlier, Meta had fired 11,000 workers in its first-ever major layoff. The world’s largest social networking firm has also been working to flatten its organisation, giving buyout packages to managers and cutting whole teams it deems nonessential, Bloomberg News reported in February, a move that is still being finalised and could affect thousands of staffers.

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Financial targets driving layoffs

Sources said the layoffs have become imminent in view of financial targets and these are different from the plans of “flattening” the organisation in most ways, said the people aware of the internal matters, pleading anonymity. Having witnessed a slowdown in advertising revenue, Meta has shifted focus to a virtual-reality platform called the Metaverse. The firm has also issued orders to directors and vice presidents to prepare lists of employees who can be let go, sources said. However, a Meta spokesperson declined to comment on the plans on Monday.

Sources said the fresh round of layoffs could be finalised next week. Those working on the plan are hoping to have it ready before CEO Mark Zuckerberg proceeds on parental leave for his third child, which may be imminent.

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Fresh round of job cuts no surprise

While layoffs in November came as a surprise to many, but another round of job cuts has been widely anticipated by the Meta workforce. Zuckerberg has termed 2023 Meta’s “year of efficiency”, and the company has been communicating that theme to employees during performance reviews, which were completed last week.

Workers at the Menlo Park, California-based company described heightened anxiety and low morale among colleagues lately. Some employees are concerned whether they would get their bonuses, which are set to be disbursed this month, if they lose their jobs beforehand.