Meta Platforms Inc. intends to cut several thousand more jobs, just months after cutting 11,000 employees, amid an effort to reach financial and “efficiency” goals.
The parent of Facebook, Instagram, and WhatsApp could announce the cuts as soon as this week as directors and vice presidents conclude making lists of employees that can be let go, according to Bloomberg, which cites “people familiar with the matter.”
The anticipated cuts come after performance reviews were completed last week.
This decision comes after Meta cut 11,000 employees or approximately 13% of its workforce, in November. The fall cuts were the largest ever for the company and made apparent the company’s new shift toward reorganization and prioritizing work on its virtual “metaverse.”
LAYOFFS 2023: TECH COMPANIES LEAD JOB CUTS AMID ECONOMIC UNCERTAINTY
At the time, CEO Mark Zuckerberg did not rule out additional cuts and has since said 2023 would be a “year of efficiency” for the company, committing to “becoming a stronger and more nimble organization.”
“We closed last year with some difficult layoffs and restructuring some teams,” Zuckerberg said last month, according to the Washington Post. “When we did this, I said clearly that this was the beginning of our focus on efficiency and not the end.”
Meta has also set a goal to flatten its organization.
Bloomberg reported the new cuts consist of getting rid of nonessential employees, giving buyout packages to managers, and cutting whole teams. Other managers are being asked to transfer to non-managerial positions, which some employees have deemed demotions.
META EMPLOYEES SAY ‘ZERO WORK’ GETTING DONE AS LAYOFFS LOOM: REPORT
According to the Financial Times, employees at Meta have not been offered a lot of clarity on what they can expect going forward, leaving team leaders and project managers unable to plan their workloads.
Employees told the outlet that “zero work” is getting done as the new cuts loom.
“The year of efficiency is kicking off with a bunch of people getting paid to do nothing,” another employee said, adding that day-to-day work “is a mess.”
MARK ZUCKERBERG SAYS HE’S ACCOUNTABLE AS META PREPARES FOR LAYOFFS: REPORT
The new cuts are expected to be finalized before Zuckerberg goes on parental leave following the birth of his third child, which could happen in the coming weeks, Bloomberg reported.
According to the report, an employee told the outlet performance reviews are typically met with bonuses — but it is not immediately clear if the employees would be cut prior to receiving them.
GET FOX BUSINESS ON THE GO BY CLICKING HERE
Several tech giants, including Meta, are tightening their workforces after over-hiring during the COVID-19 pandemic.
Microsoft Corp and Google-parent Alphabet Inc. have also cut thousands of jobs, Reuters reported.
Amazon also announced its biggest round of layoffs in the company’s history and paused construction on a second headquarters in Virginia.
Fox News’ Daniella Genovese and the Associated Press contributed to this report.