Meta, the parent company of popular social media giants like Facebook and Instagram is ready to conduct a second round of layoffs. A new report claims that Meta will be firing thousands of employees as early as this week. According to a report by Bloomberg, thousands of Meta employees will lose their jobs this week. The report cited people familiar with the matter. The report suggests that Meta has asked directors and vice presidents to list the names of the employees that can be let go in this round of layoffs.
As per Bloomberg News, the second round layoffs can be done to meet financial goals. The report states that Meta, which used to make a lot of money from advertising, but now wants to focus on the "metaverse". The company needs to save money, so they're planning to cut jobs. These job cuts are not related to another thing called "flattening" that the company is doing. The people who know about this plan to cut jobs say that it's being done to meet financial goals, and that directors and vice presidents are being asked to make lists of people who can be let go. The company hasn't said anything about this publicly.
The Wall Street Journal reported that the senior officials at Meta expect that the low ratings will lead to more employees leaving the company in the coming weeks. If not enough employees leave voluntarily, the company may consider another round of layoffs. The ratings may have a negative impact on employees, as many may take them as a sign to look for new job opportunities.Meta has reportedly been planning to reduce its headcount further to maintain efficiency. Zuckerberg said that it wants 2023 to be the year of efficiency for Meta. This has caused some staff members to complain that "zero work" is getting done because managers have been unable to plan their coming workloads.