Meta Planning Fresh Round Of Layoffs
According to the Financial Times, Facebook's parent company, Meta Platforms Inc., has delayed finalising the budgets for several teams as it gets ready to make more job layoffs. According to two Meta employees quoted by The FT, there has recently been confusion surrounding finances and projected workforce levels. Reuters was unable to contact Meta for comment after regular business hours.
The business expects its expenses to range between $89 billion and $95 billion this year, according to CEO Mark Zuckerberg, who recently dubbed 2023 as a "Year of Efficiency." In November, Meta, the company that owns WhatsApp, announced the layoffs of more than 11,000 workers, or 13% of its workforce. This followed similar announcements made by other tech behemoths like amazon and Microsoft, who also announced significant layoffs as a result of the current economic climate.
In preparation for yet another wave of employee cuts, Facebook's parent company Meta apparently put off finalising the team budgets at various levels. According to a Financial Times investigation quoting two Meta employees, there has recently been a lack of clarity on important issues including team budgets and "future headcounts." Following this, employees at Meta have complained that their job productivity has been negatively impacted to the point of "zero work" because their managers have been unable to anticipate their impending workloads.