Facebook parent company Meta is likely to announce fresh round of layoffs as it has reportedly delayed finalising the budget.
Meta layoffs: Facebook parent company Meta is likely to announce fresh round of layoffs as it has delayed finalising the budget, according to a report by the Financial Times. The report citing sources stated that there had been a “lack of clarity about budgets or future headcount in recent weeks”. As a result, staff have complained that “zero work” is getting done as managers have been unable to plan their coming workloads, the report noted.
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Certain budgets would typically get finalised by the end of the year at the company. “Honestly, it’s still a mess. The year of efficiency is kicking off with a bunch of people getting paid to do nothing,” an employee was quoted as saying.
“In 2023, we are going to focus our investments on a small number of high-priority growth areas. So that means some teams will grow meaningfully, but most other teams will stay flat or shrink over the next year. In aggregate, we expect to end 2023 as either roughly the same size or even a slightly smaller organization than we are today,” Mark Zuckerberg had said last year.
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Around 11,000 employees worldwide were laid off by Meta last year as part of cross-cutting measure. Meta Founder and CEO Mark Zuckerberg had then said that as a severance measure, the company will pay 16 weeks of base pay, along with two additional weeks for every year of service, “with no cap”.
The worst lay-off in the global tech industry by Meta hit India teams across verticals. Meta had about 400 employees in the country.
