The prevailing economic uncertainty has resulted in widespread layoffs in companies of all sizes. Major tech corporations, including Meta, Google, Microsoft, and Amazon, have laid off thousands of employees over the past few months, and this trend shows no signs of slowing down.
Meta, the parent company of Facebook, Instagram, and WhatsApp, is reportedly preparing for a significant second round of layoffs, as it appears the first was insufficient in reducing the company’s costs and expenses.
According to Financial Times, Meta is currently planning a fresh set of job cuts as part of CEO Mark Zuckerberg’s strategy to improve efficiency and manage expenses at the social media behemoth.
The company has postponed the finalization of several internal teams’ budgets, most likely awaiting the new round of layoffs. The absence of transparency regarding headcount, budgets, and the situation as a whole has created a sense of ambiguity and disorientation among staff.
Meta already sent home 11,000 workers in November, equivalent to 13% of its workforce, but additional reductions are anticipated shortly. Currently, everyone at the company appears to be grappling with a lack of productivity as they wait to see the extent of the downsizing, both in terms of headcount and budget.
It is a chaotic scenario that is expected to persist until the layoffs are eventually confirmed. Moreover, even after the cuts, many of those who lost their jobs may not return to work for the company.
Meta is yet to respond to a request to comment.