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HomeCURRENT AFFAIRSBUSINESSMeta lays off several employees in India

Meta lays off several employees in India

Meta lays off: Mark Zuckerberg’s Meta has laid off several Indian employees in its latest round of retrenchments. Meta is the parent company of Facebook.According to news reports, Avinash Pant, director of Marketing, Amrita Mukherjee, director of legal affairs and Saket Jha Saurabh, head of media partnerships have been asked to go.The latest round of layoffs happened on Wednesday, May 24.Some employees were waiting for the moment when they would be asked to go like Surabhi Prakash. Formerly a Business Engineer at Meta, she posted on LinkedIn, ‘Sad it ended, but glad it has happened. The anxiousness is over, finally.’So far, Meta has asked 21,000 employees to leave, out of which 11,000 exits happened in November 2022. The remaining layoffs took place in April and May of 2023. Mark Zuckerberg has termed 2023 as the ‘Year of Efficiency’.

Why these layoffs?

Many of these retrenchments have happened in roles like content strategy, e-commerce, marketing, legal and media partnerships. These roles have been adversely impacted by Artificial Intelligence.
Meta’s layoffs also have to do with the Company’s weak performance post the decline of Covid. Many food-delivery advertisers have cut down on their media spending with Meta because consumers have begun venturing out of their homes again. Other advertisers also have cut down their expenditures. According to an Economic Times report, Meta’s fourth-quarter profit slid to $4 billion which is 55% less than last year.Zuckerberg has pledged to trim Meta’s workforce by 13%, thereby saving more than $5 billion.

Flattening the organization

While ordering layoffs, Zuckerberg asked his directors and other leaders to identify the staff who could be fired. He has also asked senior managers to take on junior roles with no reports. By flattening the organization, Mark Zuckerberg plans to move fast and do more essential things.

Also read: Cannes Film Festival 2023: Sunny Leone stuns in a showstopping thigh-high slit shimmery black gown, see pics

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