Meta is reportedly seeking help from lawyers, financial consultants and human resources personnel to prepare plans to shrink the hierarchy within the firm.
The parent company of Facebook, Instagram and WhatsApp, is said to be preparing for another round of layoffs, after having let go about 13 per cent of its global team in November 2022.
Like last time, the Company is citing overhiring and uncertainty of the economy as reasons for the layoff. Additionally, the Company is also endeavouring to cut costs amidst dipping revenues.
This news of a second round of layoffs comes close on the heels of Meta giving below average performance reviews to a significant 10 per cent of its employees. About 7,000 Meta employees received poor scores in their yearly reviews, which may be a hint of the upcoming layoffs.
As per the process followed at Meta, employees who are rated as ‘meets some’ are the lowest rated, while those with ‘meets most’ are the second lowest rated. Those who manage the ‘meets most’ rating two times in succession are put on a PIP or performance improvement plan. Those who receive scores below these are assigned to the performance review plan, reports The Washington Post.
Meta posted about $32.17 billion in revenue in the fourth quarter of 2022 followed by about $116.61 billion in 2022. That means, there was a dip of four per cent year-over-year in Q4 and year 2022, respectively.
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