The workforce reduction process in the technology industry continued yesterday after another 4,000 Meta employees were fired a few days before the Hari Raya Aidilfitri celebration. This is the second wave of workforce reduction that Meta has done this year with the target of shedding 10,000 workers throughout 2023.
Reductions were made in Meta's "Efficiency Year" to reduce costs and losses due to reduced demand post-pandemic. Last year 11,000 staff were laid off. But after doing an in-depth assessment, more had to be thrown out. In this round, the technical workers will be removed before the second round involving the business staff.
Zuckerberg's bet to focus on the metacity has yet to show results with losses reaching tens of billions. The technology industry in general has been reducing its workforce since the middle of last year due to the economic downturn, reduced demand post-pandemic and changes in company direction.
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BUSINESS & MONEY