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- Published: April 19, 2023 14:26
New Delhi: Mark Zuckerburg-led Meta is set to begin new ‘wave of mass layoffs’ across many verticals of the social media behemoth, as part of company’s restructure program to achieve greater efficiency, a leading business portal reported while quoting a memo issued by the company.
The job cuts will impact employees of many companies including Facebook, WhatsApp, Instagram, and Reality Labs.
According to report, Meta, the parent company of Facebook has already notified managers via a memo to ‘stay prepared’ for announcing another round of job cuts.
The move is part of company’s adoption of austerity measures to cut down costs & operational expenditures. This will mean about 10,000 employees losing their jobs across many verticals including public networking applications — Facebook, WhatsApp & Instagram.
4 points to know
Latest round of retrenchments at Meta will impact employees of Facebook, WhatsApp, Instagram and Reality Labs, housing firm’s virtual reality efforts and Quest hardware.
The memo circulated to managers, spoke about team restructuring for streamlining operations. It says that team will be re-organized after lay-offs and employees will be assigned to report to new managers.
Meta has already announced a hiring freeze on the first quarter. It fired about 13% of workforce, amounting to 11,000 jobs in November last year.
Meta CEO Zuckerberg has said that the company, after restructuring, may lift ban on hiring and transfer freezes in each group.
Meanwhile, those parting ways with the company will be provided with adequate severance packages and also job placement services, as was done during 1st lay off season at the company.
