Meta has commenced the process of laying off its workforce after announcing plans to let go of 10,000 employees, reported Bloomberg. The company is expected to continue restructuring for several more years, which may result in additional job losses.
The tech company has attributed its recent layoffs to over-hiring during a period of rapid growth and to stay competitive in the market. However, with the company’s growth rate slowing down and revenue declining, Meta has now decided to reduce its workforce and concentrate on improving its efficiency and overall results. However, it’s worth noting that this is separate from the previously announced plan to cut 10,000 jobs. The new round of layoff includes employees in its HR and recruitment departments.
Mark Zuckerberg, CEO, Meta made the announcement via an official email where he talked about the financial difficulties the company is going through amid the current economic downturn. In the email, Zuckerberg stated that the company will not be laying off all its employees at once. He confirmed that job cuts in engineering and other departments will take place in April, while business groups will be affected by the layoffs in late May. Zuckerberg also mentioned that once the layoffs are completed, Meta plans to lift its hiring and transfer freezes in certain groups. This might come as a surprise, given that the tech company has already laid off 12,500 employees, and plans to cut 8,500 more jobs in the coming months.
During the initial round of layoffs, Meta pledged to provide severance packages to the affected employees. However, there is no confirmation as to whether the latest group of laid-off workers will receive any compensation. Zuckerberg did confirm that the company intends to eliminate 5,000 open positions.
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