Meta: Facebook’s parent company, Meta, is getting ready to undertake significant layoffs in a number of waves over the next months. According to a report, the aggregate number of layoffs would be comparable to the 13% employment drop Meta saw last year.
Layoffs on the Horizon for Meta
The size of this layoff is anticipated to be comparable to Meta’s layoff last year, which resulted in the loss of nearly 11,000 jobs, or about 13% of its workforce. The first round of layoffs is anticipated to be announced next week and is likely to be particularly difficult on non-engineering professions. Also, it is anticipated that several active projects and teams would be terminated.
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Mark Zuckerberg’s Prediction Falls Short as Meta Prepares for Layoffs
In the past, Mark Zuckerberg, the chief executive of Meta, has predicted that 2023 will be a “year of efficiency” for the corporation and that various initiatives will probably come to an end. The ultimate tally of the total cuts anticipated for the second quarter, according to the article, is yet unclear. Several wearable devices that were in development at Reality Labs, Meta’s hardware and metaverse subsidiary, are reportedly among the projects that will be axed, indicating a near-term retreat from efforts to popularise virtual and augmented reality products even as longer-term research activities continue. The company’s ongoing layoffs are remarkable in light of Zuckerberg’s October prediction that it will end 2023 with roughly the same number of employees as it did then. According to the study, the corporation used the performance review process to try to promote more attrition.
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