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Report: Meta is laying off thousands of employees in a few days
In the past few months, multiple big tech organizations such as Google, Microsoft, Amazon, and IBM have announced major layoffs in a bid to lean out their respective organizations and nullify financial concerns about raised by some investors. After laying off more than 11,000 employees in November 2022, Meta is reportedly laying off thousands more employees very soon.
A new report from Bloomberg has confirmed a previous report indicating that Meta is gearing up for another major round of layoffs. These could reportedly happen as soon as this week and will be in addition to the 13% headcount reduction from November 2022.
Apparently, Meta is taking a two-pronged approach with its layoffs, where it is letting go of people either to flatten the hierarchy in the company or to meet certain financial targets. In the case of the former, it is offering buyout packages to managers and letting go of entire teams deemed non-essential.
However, these latest layoffs will actually serve to meet financial targets. As a part of this process, Meta is asking directors and vice presidents to make a list of people who can be let go without significant impact to the company.
Meta CEO Mark Zuckerberg had previously dubbed 2023 the "year of efficiency", noting that:
According to some employees, there is an environment of "heightened anxiety and low morale" within the company lately as workers fear getting laid off, ahead of receiving their bonuses which are expected to be distributed this month.
