Meta delays setting team budgets, triggers speculation of more layoffs
Facebook parent company is reportedly planning another round of job cuts
Facebook's parent company Meta has reportedly delayed finalising the team budgets at multiple levels as it reportedly sets the backdrop for yet another round of job cuts. A report in Financial Times, citing two Meta employees, said that there has been a lack of clarity on crucial matters such as team budgets as well as "future headcounts" in recent weeks. People at Meta have complained that since their managers have been unable to plan their upcoming workloads, their work efficiency is being hampered up to the point of "zero work".
"Honestly, it’s still a mess," Financial Times quoted one of the Meta employees as saying. "The year of efficiency is kicking off with a bunch of people getting paid to do nothing."
Meta executed the layoff of about 11,000 staffers or close to 13 per cent of its total workforce in November. The report added that Meta, which owns Facebook, Instagram and WhatsApp, is planning a fresh round of job cuts.
Zuckerberg's 'year of efficiency' call and layoffs
Earlier this month, Meta-owner Mark Zuckerberg announced that the social media company would continue to bring its costs under control as 2023 should be"the year of efficiency" for the company.Meta had also announced that it expects its 2023 expenses at between $89 billion and $95 billion
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Meta layoffs: Potential timeline for next round
The Financial Times report claimed that the further job cuts at Meta are expected around March, as the company is currently going through performance reviews of staff, the paper said while citingthree current and former employees.
ALSO WATCH |WION Business News | Meta preparing large-scale layoffs
After Meta's November 2022 layoffs, other tech companies such as Amazon and Microsoft too announced thousands of layoffs citing the economic downturn and the need to cut the costs of operations.
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