Mark Zuckerburg-led Meta is set to begin a new ‘wave of mass layoffs’ across many verticals of the social media behemoth, as part of the company’s restructuring program to achieve greater efficiency, a leading business portal reported while quoting a memo issued by the company.
The job cuts will impact employees of many companies including Facebook, WhatsApp, Instagram, and Reality Labs.
According to the report, Meta, the parent company of Facebook has already notified managers via a memo to ‘stay prepared’ for announcing another round of job cuts.
The move is part of the company’s adoption of austerity measures to cut down costs & operational expenditures. This will mean about 10,000 employees are losing their jobs across many verticals including public networking applications — Facebook, WhatsApp & Instagram.
Latest round of retrenchments at Meta will impact employees of Facebook, WhatsApp, Instagram and Reality Labs, the housing firm’s virtual reality efforts and Quest hardware.
The memo was circulated to managers and spoke about team restructuring to streamline operations. It says that the team will be reorganised after lay-offs and employees will be assigned to report to new managers.
Meta has already announced a hiring freeze in the first quarter. It fired about 13% of the workforce, amounting to 11,000 jobs in November last year.
Meta CEO Zuckerberg has said that the company, after restructuring, may lift the ban on hiring and transfer freezes in each group.
Meanwhile, those parting ways with the company will be provided with adequate severance packages and job placement services, as was done during 1st lay off-season at the company.