Facebook-parent Meta Platforms Inc is planning a fresh round of job cuts in a reorganization and downsizing effort.
New Delhi: Facebook parent Meta is planning a fresh round of job cuts, according to a Washington Post report. The reorganization and downsizing effort is likely to affect thousands of workers. The report further added that the deputizing human resources, lawyers, financial experts and top executives are asked to draw up plans to deflate the company’s hierarchy.
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The Washington Post report quoting a person familiar with the matter informed that the company is planning to push some leaders into lower-level roles without direct reports, flattening the layers of management between Meta CEO Mark Zuckerberg and the company’s interns.
Last year’s layoffs were the first in Meta’s 18-year history. Other tech companies have cut thousands of jobs, including Google parent Alphabet (NASDAQ:GOOGL), Microsoft Corp (NASDAQ:MSFT) and Snap Inc (NYSE:SNAP).
To recall, the company had hired people aggressively during the pandemic to meet a surge in social media usage. But business suffered in 2022 as advertisers and consumers pull the plug on spending in the face of soaring costs and rapidly rising interest rates.
Last year, the social media giant said it will let go of 13% of its workforce, or more than 11,000 employees, as it grappled with soaring costs and a weak advertising market.
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Meta Gives ‘Subpar’ Performance Ratings To 7000 Employees
Meta has reportedly given thousands of employees “subpar ratings” in a latest round of performance reviews, possibly setting the stage for more layoffs at the company. According to a report in The Wall Street Journal, Meta ranked approximately 7,000 employees as “subpar” in recent performance reviews. The parent company of Facebook and Instagram also did away with a bonus metric, according to the report.
The report, citing people familiar with the matter, said that the leadership at Meta “expects the ratings to lead more employees to leave in the coming weeks”. “The company will consider another round of layoffs if not enough depart,” according to the report.
