Meta, the parent company of some of the world’s most popular social media platforms, Facebook, WhatsApp, and Instagram, has been grappling with the aftermath of its largest layoffs in company history. In November 2022, the tech giant cut its workforce by a staggering 13%, amounting to around 11,000 employees. However, it seems that the company is far from done with its downsizing efforts.
According to a recent report by the Financial Times, more job cuts are on the horizon. The company is in the midst of performance reviews, and sources close to the matter expect additional layoffs to take place in March. The uncertainty surrounding the fate of Meta employees has led to low morale and has also caused a ripple effect on the company’s operations. Managerial teams are reportedly in a state of flux, unable to finalize their annual budgets as they wait for more information about the size of their teams next month.
Meta’s CEO, Mark Zuckerberg, had promised a “year of efficiency” during his last earnings call. However, workers have reported the opposite, with one employee telling the Financial Times that the “year of efficiency is kicking off with a bunch of people getting paid to do nothing.” The company’s stock may have soared after the initial round of layoffs, but the future remains uncertain for Meta, as Zuckerberg struggles to introduce users to the Metaverse, an online space that many have criticized for being uninteresting and poorly defined.
Meta is not alone in its downsizing efforts, as the Federal Reserve’s fight against inflation has prompted several companies to cut jobs. Amazon‘s Zappos laid off 300 employees last month (WSJ report), and Microsoft recently announced a new round of layoffs. The tech sector, in general, has seen a trend of companies trimming their workforce.
Large layoffs can be a source of chaos and uncertainty for employees who remain, leaving them in a state of limbo as rumors of additional cuts circulate. The recent report by the Financial Times highlights that two Meta employees have expressed frustration with the lack of clarity surrounding budgets and headcount, leading to a feeling of “zero work” being accomplished.
Meta’s recent and upcoming job cuts have led to low morale and uncertainty among employees, causing a ripple effect on the company’s operations. The tech giant’s CEO, Mark Zuckerberg, had promised a “year of efficiency,” but workers have reported the opposite. The Metaverse, Zuckerberg’s latest venture, remains a point of contention among users, and the future of the company remains uncertain.
