According to the reports, Meta (formerly named Facebook) has asked its Directors and Vice Presidents to list the names of the employees that can be let go in this round of layoffs.
This will be a second round of layoffs. Earlier, The company reportedly conducted ‘quiet layoffs‘ at Facebook 11,000 or about 13 percent of its workforce.
Meta has given poor performance reviews to around 7,000 employees. The company has marked the employees as “subpar” in recent performance reviews. The parent firm of Facebook and Instagram also got rid of a bonus metric.
The reports also suggest that Meta CEO Mark Zuckerberg dubbed 2023 the “year of efficiency”. The company is looking forward to cutting off expenses and increasing speed.
This may even signify that poor performance reviews may even lead to layoff. Earlier, Chief Executive Mark Zuckerberg that he said that he was accountable for the company’s missteps and that his overoptimism about growth had led to overstaffing.
Meta has seen an economic slowdown and a grim outlook for online advertising. The company’s biggest revenue source has contributed to Meta’s woes.
So far in 2023, there have been 601 layoffs at tech companies with 161,882 people impacted (2,453 people per day). In 2022, there were 1,535 layoffs at tech companies 241,176 people were impacted.