Meta, the parent company of Facebook, is reportedly facing rumours of further layoffs as CEO Mark Zuckerberg has announced 2023 as “the year of efficiency” for the company. As the company prepares for a fresh round of job cuts, reports suggest that it has delayed finalizing the budgets of several teams.
In November 2022, Meta had laid off around 11,000 employees, which was almost 13% of its total workforce. While the company has not officially confirmed the possibility of more layoffs, it has not ruled them out either. According to reports, the company has yet to allocate team budgets, and there is a lack of clarity on other key matters from the company side. Employees have expressed concerns that their work is getting hampered, as their managers are unable to plan on distributing workloads.
Zuckerberg stated in a press release that he is pleased with the growth of the company’s community and mentioned that Facebook had recently reached the milestone of 2 billion daily active users. He went on to say that Meta’s focus for 2023 is on becoming a stronger and more nimble organization, with a focus on efficiency.
It is likely that Meta will execute its plan for layoffs around March, and the company is currently going through performance reviews of its staff. Other tech companies such as Amazon and Microsoft have announced thousands of layoffs in the past, citing the cost pressures due to the economic downturn. It remains to be seen how Meta’s plans will unfold, and how the company will adapt to become more efficient in the coming year