Meta Platforms Inc, the parent company of Instagram and Facebook is planning for a fresh round of layoffs reports indicate. An insider reveals that thousands of employees will soon be asked to leave the office this week. The fresh round of lay offs comes a top of a 13 per cent reduction that was carried out in Novemeber last year.
The world’s largest social networking company through the second round re-affirms its decision on restructing in order to make the bussiness profitable. As per reports, Meta has given “subpar ratings” to thousands of employees during its latest performance review, which hints at more layoffs in the coming months. Reports further hint that the organization had asked directors and vice presidents to list the names of the employees that the company can let go.
Last year, Meta had laid off over 11,000 employees across the world, which accounted for 13% staff globally. The decision followed the slump in revenue growth and faltering of its shares. A severance of 16 weeks was paid with two additional weeks for every years of service with no cap. Moreover, the company announced to cover the cost of healthcare for people and their families for six months.
While sharing the annoucement of layoff, Meta CEO Mark Zuckerberg wrote, “Okay I’m sharing some of the most difficult changes we’ve made in Meta’s history. I’ve decided to reduce the size of our team by about 13% and let more than 11,000 of our talented employees go. We are also taking a number of additional steps to become a leaner and more efficient company by cutting discretionary spending and extending our hiring freeze through Q1.”
Meta is working to flatten its organization, giving buyout packages to managers and cutting whole teams it deems nonessential.