Meta is Reportedly Planning a Fresh Round of Layoffs

According to a report shared by the Financial Times, Meta is reportedly planning a fresh round of layoffs. The insider information was provided by two people familiar with the matter. There seems to be a lack of clarity on the budget and future headcount at the company. The layoffs are expected to occur in March 2023. However, it is unclear how many people will be affected by these job cuts.

Meta is Reportedly Planning a Fresh Round of Layoffs

The report claims that the lack of clarity has caused employees at Meta to notice that not much work is being done as managers are not clear on how to plan ahead. Certain company budgets that normally should have been passed by the end of the year are yet to be finalized, and some decisions that are usually taken in a matter of days are taking months.

According to a report published by the Financial Times, Meta is reportedly planning a fresh round of layoffs

Earlier this month, Meta’s CEO, Mark Zuckerberg, commented that the company would be continuing with its plan to contain costs. He also said that Meta will be cutting low-priority and low-performing roles in the company.

Also Read: Google Fires 12000 Employees with Early Investments in AI

By November 2022, Meta had laid off 11000 employees, accounting for approximately 13% of the company’s total global workforce. The November job cut was the largest in the history of the company and was made across multiple departments. The company has made it clear that the hiring freeze will continue and extend into early 2023 with only a small number of exceptions.

Meta is not the only major company announcing layoffs, but it is one of the few to expand on its previous layoffs. Amazon had previously announced that it will be laying off about 10,000 workers, but later expanded the figure to 18,000. Coinbase recently laid off 950 employees after laying off 1,100 in June 2022.

The report comes after Meta announced today that its Chief Business Officer, Marne Levine, will be leaving the company after 13 years. Meta also informed that Nicola Mendelsohn and Justin Osofsky will be taking on expanded roles.

The news that Meta is reportedly planning a fresh round of layoffs comes when companies are announcing cut-offs in their workforce. Recently, Zoom too announced that they would be cutting around 15% of their workforce. As uncertainty prevails with Meta’s organizational structure, it remains to be seen how many jobs will be affected by the upcoming layoff.

Recommended: Zoom to Lay Off 15 Percent of its Employees

Source: Financial Times

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