Meta plans to lay off thousands of employees this week: Report
The social media company's imminent round of workforce reduction is being driven by financial targets, said the report by Bloomberg News.
parent Meta is reportedly planning a fresh round of layoffs that may affect thousands of employees as early as this week.
Bloomberg News has reported that the social media giant is cutting additional jobs to become a more efficient organisation. The imminent round of workforce reduction is being driven by financial targets and is separate from the effort at "flattening” the organisation, it added.
YourStory could not independently verify the report. Meta did not respond to the queries sent by YourStory at the time of publication of this news.
Last month, The Washington Post had reported that the social media firm was deputising human resources, legal, finance, and top executives to develop strategies that flatten the organisation’s hierarchy.
According to the Bloomberg report, the impending round of layoffs may be finalised in the next week. People working on the plan are hoping to have it ready before Meta CEO Mark Zuckerberg goes on parental leave for his third child, which may be imminent, it added.
This fresh wave of layoffs, if it occurs, would follow Zuckerberg’s announcement in November to reduce the size of its team by about 13%, cutting over 11,000 jobs.
Meta’s headcount was 86,482 as of December 31, 2022, an increase of 20% year-over-year. This includes a substantial majority of the employees impacted by the layoff, as per the company.
“Our management theme for 2023 is the ‘Year of Efficiency’ and we’re focused on becoming a stronger and more nimble organisation,” Zuckerberg had said earlier this month, as the company posted better-than-expected fourth-quarter revenue.
After Meta, other BigTech firms such as Amazon, Microsoft, and Google have disclosed their plans to cut 18,000, 10,000, and 12,000 positions from their respective workforces.
Edited by Swetha Kannan