Meta gears up for fresh round of firings, thousands could lose jobs: Report
Meta CEO Mark Zuckerberg had hinted at the layoffs
Facebook's parent company Meta is planning another round of mass layoffs that could see thousands lose their jobs, according to a report by Bloomberg. The firings are expected to take place as early as next week, with those overseeing the developments looking to get it done before CEO Mark Zuckerberg goes on parental leave for the birth of his third child.
A global slowdown and an impending recession have decreased the profit margins of nearly every tech giant and Meta - the world's largest social networking company - has borne the brunt of it as well. The fresh firings come in the backdrop of Meta slashing its 13 per cent workforce, or roughly 11,000 employees in November last year.
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The new round of firings was foreshadowed by Zuckerberg himself, who hinted that more such layoffs were in the offing, as the company attempted to make itself leaner at the base level.
“I obviously can’t sit here and promise you that nothing will happen in the future because it’s a very volatile environment,” said Zuckerberg before adding, “But what I can say is that for where we are right now, that’s what I foresee.”
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Zuckerberg has dubbed 2023 as the “year of efficiency” and keeping the motto in mind, the managers have given subpar ratings to the employees in the latest round of performance reviews. Experts believe that it has been done to make sure the layoff process goes on smoothly.
WATCH |Another round of jobs cuts at Meta, thousands of workers could be impacted: Reports
“We’ve always had a goal-based culture of high performance, and our review process is intended to incentivise long-term thinking and high-quality work, while helping employees get actionable feedback,” a Meta spokesperson was quoted as saying by Wall Street Journal.
Meta is not the only company to have announced mass layoffs. Amazon has already slashed its workforce by 18,000 while Google and Microsoft have culled their headcount by 12,000 and 10,000 respectively.
Companies like Twitter, HP Goldman Sachs, Phillips, Adobe, Lyft and Coinbase Global have also cumulatively fired over 14,000 employees.
(With inputs from agencies)
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