According to a Bloomberg story, Facebook’s parent company Meta is contemplating another round of massive layoffs that might result in thousands of people losing their employment. Those in charge of the situation want to finish the job before CEO Mark Zuckerberg leaves on paternity leave for the birth of his third kid, so the firings might happen as soon as next week.
Meta, the largest social networking firm in the world, has been particularly hard hit
Nearly all computer giants have seen their profit margins shrink due to the global downturn and coming recession, and Meta, the largest social networking firm in the world, has been particularly hard hit. The most recent layoffs follow a November 2017 reduction in Meta’s employment of 13%, or around 11,000 workers.
In an effort to make the company leaner at the ground level, Zuckerberg himself intimated that there might be more layoffs of this nature in the near future. “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.”
Google and Microsoft have reduced their workforces by 12,000 and 10,000 respectively
In keeping with Zuckerberg’s declaration of 2023 as the “year of efficiency,” managers have recently issued their staff members below-average performance assessments. According to experts, it was done to ensure that the layoff procedure went smoothly. “We’ve always had a goal-based culture of high performance, and our review process is intended to incentivize long-term thinking and high-quality work while helping employees get actionable feedback,” a Meta spokesperson was quoted as saying by Wall Street Journal.
There are other businesses that have announced mass layoffs besides Meta. While Google and Microsoft have reduced their workforces by 12,000 and 10,000 respectively, Amazon has already reduced its employment by 18,000 people. Around 14,000 people have been let go by organizations including Twitter, HP, Goldman Sachs, Philips, Adobe, Lyft, and Coinbase Worldwide combined.