In accordance with Bloomberg Reports, Meta formerly known as Facebook will layoffs companywide as it plans to restructure teams and works towards the goals.
As Chief Executive Mark Zuckerberg earlier in February declared 2023 the “year of efficiency.” The company has informed managers to prepare for the job cuts. It indicates the layoffs will affect employees from Facebook, WhatsApp, and Instagram.
It is expected that a fresh round of layoffs is set to follow in May.
Earlier, Zuckerberg in March announced a cost-cutting that will eventually affect 10,000 positions at the company. Previously, Meta already cut about 13% of its workforce, or about 11,000 jobs, in November.
However, the company has yet to comment on the current layoffs. Recently, Facebook employees have expressed dissatisfaction with the decline in cafeteria options in an effort to reduce costs.
The company has declined facilities including a lack of snacks and cereals at the office, as well as the elimination of free food services and other benefits.
Apparently, Major tech companies are laying off employees exponentially due to economic uncertainties. The move of layoffs is part of a larger trend of tech companies cutting jobs and slowing hiring as investors become increasingly fearful of a recession. Tech companies have either frozen the hiring process or laid off many employees.
Recently, the consulting giant Accenture shocked the industry by announcing plans to trim its workforce by 19,000 over the next 18 months. Around 40% of Accenture employees are based in India and around 7,000 jobs will be eliminated in the country.
Amazon sacked 27,000 employees in the last three months. Recently, the company announced to layoff of 9000 employees. The major companies that laid off employees include Infosys, Amazon, Google, Byju’s, Wipro, and Salesforce laid off a maximum number of workers globally.
According to trueup, So far in 2023, there have been 799 layoffs at tech companies with 226,333 people impacted (2,076 people per day). In 2022, there were 1,557 layoffs at tech companies 243,318 people impacted (667 people per day).
