Meta Platforms, the company that owns Facebook and Instagram, has announced further rounds of layoffs and will fire hundreds of workers this week. The company’s financial objectives are the focus of these cuts after a decrease in revenue.
Laying Off Thousands of Employees
The largest social networking firm in the world, Meta Platforms, is cutting back on staff after many rounds of layoffs in recent months. This might be connected to the company’s efforts to simplify its structure and eliminate teams it deems unnecessary, according to a report from Bloomberg.
These recent cuts are being made, according to the people who wished to remain anonymous. Since focusing on the Metaverse, Meta has seen a decline in revenue, particularly in advertising. The business has been requesting that directors and vice presidents compile a list of the staff members who will be impacted by the reductions.
This round of layoffs might be finished by next week. The people behind these efforts, according to the story, hope to have the list completed before Chief Executive Officer Mark Zuckerberg takes a paternity leave because he is expecting his and his wife’s third child.
Employees from Menlo Park, where the Meta headquarters are located, were quoted in The Strait Times as describing recent increases in worry and low morale among their coworkers. When asked if they would still receive their bonuses this month if they lost their jobs first, some of them showed irritation.
Previous Layoffs
In November of last year, Meta executed mass layoffs that had a greater impact than Twitter’s own mass layoffs. 18 years after the company’s founding, this was regarded as the first mass layoff in corporate history.
11,00 employees were impacted by the reduction of almost 13% of its staff. In addition to this, more actions were taken, such as extending the company’s employment freeze and reducing discretionary spending. Mark Zuckerberg said, “I want to accept responsibility for these choices and how we arrived at this point. I’m sorry in particular for those affected, but I understand that this is difficult for everyone.”
He continued by saying that the business would concentrate its efforts on a select few high-priority growth sectors. As a result, certain teams will experience significant growth. Several teams, however, will stagnate or lose ground this year.
These layoffs are not shocking given that TechTimes previously revealed that Meta had anticipated conducting additional layoffs due to delays in annual budgets that should have been completed last month. The employees are frustrated and no longer motivated to work for the organisation because of these rumours and the lack of clarity.
Affected workers received 16 weeks of base salary during the major layoffs last year, plus an additional two weeks for every year of service with no cap, paid PTO, vesting of RSUs, six months of health insurance, three months of assistance with career services, and immigration support. It is yet unknown if Meta will provide the same for the new cuts.
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