Just months after it first undertook a major layoff wherein over 11,000 employees lost their jobs, Meta Platforms Inc is planning a fresh round of sacking, effective as soon as this week.
The largest social media company, which owns Facebook and Instagram, is eliminating more jobs in a bid to become a more efficient organisation, reported Bloomberg. Last November, over 13 per cent of the company employees were sacked after Meta's plan, where it overinvested anticipating increased online activity, failed to pan out the way it expected.
In February, Meta began working to "flatten its organisation" by offering buyout packages to managers and cutting whole teams it considered nonessential. This is still in the process of being finalised and many could lose their jobs.
However, the current layoffs are not connected with the "flattening" but are related to attaining financial targets, Bloomberg quoted anonymous sources. They added that the company has been asking directors and vice presidents to make lists of employees that can be let go.
The latest layoffs could be finalised in the next week and will likely be set in motion before Chief Executive Officer Mark Zuckerberg goes on parental leave for his third child.
The cuts were anticipated after reports emerged that Meta has postponed the finalisation of multiple teams' budgets. This is despite Zuckerberg's statement after the November layoffs that he didn't "anticipate more layoffs."
Earlier this month, he also proclaimed 2023 the "year of efficiency," where he promised to resize the middle management and speed up the company’s decision-making. This hinted that more cuts were in the way.
Meta, which has seen a slowdown in advertising revenue, is also shuffling its top management, reported The Washington Post. While Meta Chief Business Officer Marne Levine announced she was leaving the company after 13 years, vice presidents Nicola Mendelsohn and Justin Osofsky would take on expanded roles in overseeing Meta’s advertising and sales divisions.
Meanwhile, the move has triggered the employees who complain of anxiety and low morale.
Besides Meta, Google’s parent company Alphabet, and Microsoft too announced they were cutting jobs. While Alphabet cut 12,000 jobs, the latter slashed over 10,000 employees. Amazon too joined the bandwagon eliminating over 18,000 workers.