Starting this week, Meta is anticipated to let go of about 6,000 workers. The company already laid off 11,000 workers in November and announced the termination of another 10,000 workers in March 2023.
As Facebook’s parent company, Meta has already laid off 4,000 employees, leaving 6,000 more people affected by the layoffs anticipated for May of this year. The economic crisis and Meta’s slow expansion, which has led to a decline in revenue growth, have been cited as the main causes of the layoffs.
The company previously admitted in an email that it over hired recently to satisfy business demands. According to media sources, Meta officials are preparing to issue a statement to staff members outlining the timeline for the layoff process and the teams that would be impacted. A notice of the upcoming layoffs will be sent to the affected employees through email.
In addition, the company is anticipated to offer compensation comparable to that which was given to workers who were previously laid off. One could wonder why Meta is laying off such a large number of people. Founder and CEO Mark Zuckerberg has already given justifications for this decision.
The economic slowdown and Meta’s slow expansion are two factors that have contributed to the decline in revenue growth. The business stated in an email that it had recently over hired in order to satisfy business demands. However, Meta is currently reducing its workforce to solve these issues due to the current difficulties of poor growth and income struggles.
According to Meta’s CTO, Andrew Bosworth, there are no scheduled layoffs at the company. He highlighted that the company would carry on with a focus on expansion and building. Bosworth admitted that unforeseen events like a drop in sales, a downturn in the economy, or unanticipated cost hikes might have an effect on the company’s future.
He underlined how difficult it is to forecast such events and how uncertain the future is. The company has also praised the staff for their professionalism and resiliency in spite of the difficult circumstances, given the uncertain atmosphere.