Large IT companies like Google and Microsoft announced layoffs and fired thousands of employees throughout the world at the beginning of this year. To further reduce expenses and address the persistently unfavourable market conditions, companies like Amazon even went forward with the second round of layoffs. Many rumours suggest that Mark Zukerberg is considering another round of layoffs across the Meta division among all the recent ones. According to reports, Meta is reportedly preparing to fire as many workers as it did in the first round of layoffs, or roughly 11,000 people.
A brief about Meta begins to fire 11000 employees in the upcoming days
Bloomberg recently revealed that Meta is preparing for additional job losses in the upcoming days due to the company’s low earnings and sales. According to the article, Meta may even be asking its directors and vice presidents to compile names of workers who can be fired. Meta is simultaneously granting managers buyout payments and seeking to reduce its organisational structure. The new round of layoffs, according to the article, are however distinct from the company’s initiative to flatten the organisation and are motivated by Meta’s desire to meet financial targets.
Although Mark Zukerberg is anticipated to announce the layoffs before departing on paternity leave for his third kid, the latest round of job cuts is anticipated to begin soon.
MarK Zukerberg stated that 2023 will be the company’s “year of efficiency” after announcing the layoffs last November, and the same message was distributed to all employees at annual performance assessments.
Significantly, Meta completed its performance evaluations last month and gave unsatisfactory evaluations to 10% of its staff. As a result of their subpar work, almost 7,000 employees have received bad evaluations. The lowest performance rating of “meets some” was given to these workers. “We’ve always had a goal-based culture of high performance,” a Meta representative told the Wall Street Journal. “Our review process is intended to reward long-term thinking and high-quality work while assisting employees in receiving relevant feedback.”
The employees who received negative evaluations in the performance assessment are probably going to be affected by the latest wave of layoffs.
Around 11% of the company’s staff, or 11,000 workers, were let go last year across all platforms, including Facebook and Instagram. The decision was made in response to the unfavourable macroeconomic circumstances that significantly hampered the rate of revenue growth. Zukerberg added, “I want to take ownership for these actions and for how we got here. I want to take full responsibility for the layoffs. I apologise in particular to those affected, as I am aware that this is difficult for everyone.