New Delhi, Feb 23: Meta, the organisation that owns Facebook, Instagram, and WhatsApp, will soon let go of thousands of workers. According to the Washington Post, the latest round of layoffs will ‘disproportionately’ affect positions outside of engineering, and CEO Mark Zuckerberg is reportedly ‘deputising human resources, lawyers, financial experts, and top executives’ to develop strategies to reduce hierarchy at the company.
In November 2022, Meta laid off almost 11,000 employees, or 13% of their global workforce. At the time, the corporation blamed the layoff on excessive hiring and unfavourable macroeconomic conditions.
Similar factors may have contributed to the most recent round of layoffs, and Meta is also managing expenditures in the face of declining income. The corporation said that its sales for the fourth quarter of 2022 were $32.17 billion and for the entire year of 2022 was $116.61 billion, down 4% and 1%, respectively, from the previous year.
According to the source, Meta is also thinking about making more conventional savings, such eliminating some initiatives. These cuts, which are purportedly aimed at several firm divisions, might not occur all at once but rather gradually.
Significantly, the news of Meta’s impending layoffs comes just a few days after allegations that the business purposefully gave thousands of workers ‘subpar ratings’ during performance evaluations. This gave away the company’s intention to reduce employment further.
According to The Washington Post, after telling employees that things might be getting better and mentioning 11,000 job cutbacks in November, Zuckerberg again alluded to layoffs during his most recent earnings call.
If the socioeconomic situation doesn’t improve, not just Meta, but other tech juggernauts may also fire staff in the upcoming months. Amazon had originally intended to fire 10,000 staff, but earlier this year, the corporation opted to let more than 8,000 people go. Twitter, which is now owned by Elon Musk, is finding every possible solution to cut costs.