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Meta, the parent company of Facebook and Instagram, is reportedly set to make another layoff. The second phase of layoffs will cut thousands of employees and will start this week.
The report on the second phase of layoffs on Meta comes from Bloomberg citing a source familiar with the issue. These layoffs follow a previous employee downsizing effort in November 2022 which cut 11,000 employees or around 13% of Meta's total employees.
After announcing the layoffs in November 2022, Meta CEO Mark Zuckerberg said that 2023 would be a year of efficiency for Meta and that the social media giant would focus on lowering the company's spending.
Zuckerberg said Meta has prepared several strategies, including streamlining the company's organization, trimming projects and teams that are deemed unimportant and unprofitable, and eliminating layers of management to make policies more quickly.
This savings was made after Meta went through a challenging year due to uncertain world economic conditions and increasingly fierce competition from competitors such as TikTok. The Menlo Park, California-headquartered company is also losing billions of dollars by 2022 developing the metaverse.
According to a Bloomberg source, the second phase of layoffs at Meta is driven by financial targets and does not include downsizing or flattening. Meta has reportedly asked the company's directors and vice presidents to come up with a list of employees who can be laid off.
The second phase of layoffs will be finalized next week. Employees and managers working on the plan hope to finalize it before Zuckerberg takes time off following the imminent birth of his third child, as quoted by Bloomberg, Wednesday (8/3/2023).
The layoffs announced in November 2022 were a shock announcement, but Meta's surviving employees are already anticipating a second round of layoffs.
The surviving Meta employees claim that work morale among their colleagues is getting lower. Some employees said they were worried they wouldn't be able to receive bonuses because they lost their jobs before the bonuses were distributed this month.