NEW DELHI: As layoffs continue in technology companies, social media giant Facebook parent firm Meta is reportedly planning to sack more employees as early as this week. According to a report, the Mark Zuckerberg-led company could reduce jobs over and above the 13% reduction in total workforce that took place in November last year.
The reports suggest Meta has also been working towards flattening its organisation and giving buyout packages to several managers. Meta is also reportedly cutting and slashing whole teams that it deems non-essential as per its assessment. The company has completed a recent performance review of the employees, a signal that more job cuts are on the way.
Meta is yet to announce a formal statement on the fresh round of layoffs. In the first round, the Silicon Valley firm had let go about 11,000 employees, constituting 13% of the entire workforce. Meta chief executive officer Mark Zuckerberg has titled 2023 as the ‘year of efficiency’ for the company which is facing pressure to generate revenues. Zuckerberg had told investors he was focused on “continuing to streamline the company,” during its earnings call on February 1.
Beside Meta, other tech companies such as Google, Amazon, Twitter and Microsoft have also slashed their workforce as tech companies have been facing an uncertain global macroeconomic environment for the past few months. Last month, Dell said that it will be laying off 5% of its workforce- about 6,650 employees globally. According to Layoffs.fyi, which tracks layoffs, 292 tech companies have laid off 88,138 employees in 2023 alone.