Meta Platforms Inc is likely to announce fresh round of layoffs across Facebook, Instagram and Reality Labs where around 4,000 high-skilled employees are likely to be impacted.
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New Delhi: Meta Platforms Inc is reportedly preparing for another round of job cuts across its platforms Facebook, Instagram and WhatsApp as part of team restructuring to reach Mark Zuckerberg’s goal of greater efficiency. The Facebook parent company had already informed managers via a memo to prepare for the announcement of layoffs, according to Bloomberg News.
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Meta layoffs – 5 Points To Know
- Facebook, WhatsApp, Instagram and Reality Labs are likely to be impacted by the latest round of job cuts. Around 4,000 high-skilled employees across the company are set to lose their jobs in the fresh round of layoffs at Meta Inc, according to a report in Vox, citing sources.
- In an internal memo seen by The Washington Post, Meta said that “the company will begin notifying employees on its technical teams whose jobs are being cut”. Meta will also announce newly reorganised teams and management hierarchies, the report mentioned.
- This will be the third round of layoffs after the company announced over 11,000 job cuts in March. Another round of layoffs across Meta platforms are likely to take place in May.
- The worst lay-off in the global tech industry by Meta, saw 11,000 employees being shown the door earlier. The previous layoffs had hit India teams too, albeit marginally.
- Meta Founder and CEO Mark Zuckerberg fired about 13 per cent of the global workforce and extended hiring freeze through Q1 2023.
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What Mark Zuckerberg said
In March, Mark Zuckerberg announced to sack an additional 10,000 employees via several job cut rounds in the coming months. Zuckerberg said that overall, “we expect to reduce our team size by around 10,000 people and to close around 5,000 additional open roles that we haven’t yet hired”.
Zuckerberg said that overall, “we expect to reduce our team size by around 10,000 people and to close around 5,000 additional open roles that we haven’t yet hired”. In a separate filing with the US SEC, Meta said the new job cuts will lower the high end of its expense guidance for the year by $3 billion.
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Zuckerberg said that after restructuring, Meta plans to lift hiring and transfer freezes in each group. Earlier, Meta planned lower bonus payouts for some workers in its ‘Year of Efficiency’. Employees who get a “met most expectations” rating in performance review will get a smaller percentage of their bonus and restricted stock award which are due in March 2024, reported the Wall Street Journal.
Thousands of workers have received the affected pay grade in a recent review round. The rating, which is the second lowest of the five available for Meta workers, will reportedly earn employees 65 per cent of their eligible bonus, reduced from 85 per cent.
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“We understand that while this is a significant change that might disappoint some people, it aligns with our continued focus on maintaining a high-performance culture,” according to an internal memo sent to managers this week.
“We are making changes to our performance process taking into account learnings and feedback over the last year while optimising for the future. These changes are not related to workforce restructuring,” a company spokesperson was quoted as saying.
