Meta Platforms Inc., the owner of Facebook and Instagram, is planning a fresh round of layoffs.
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The world’s largest social networking company is eliminating more jobs, on top of a 13% reduction in November, in a bid to become a more efficient organization. In its earlier round of cuts, Meta slashed 11,000 workers in what was its first-ever major layoff.
This phase of layoffs could be finalized in the next week, according to the people. Those working on the plan are hoping to have it ready before Chief Executive Officer Mark Zuckerberg goes on parental leave for his third child, which may be imminent, one person said. The November cuts were a surprise, but another round of firings has been widely anticipated by the Meta workforce. Zuckerberg has dubbed 2023 Meta’s “year of efficiency,” and the company has been communicating that theme to employees during performance reviews, which were completed last week, the people said.
Workers at the Menlo Park, California-based company described heightened anxiety and low morale among colleagues lately. Some employees expressed worry about whether they’d receive their bonuses, which are set to be distributed this month, if they lose their jobs beforehand, the people said.
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