Meta planning another round of layoffs after firing 11,000 people last year, may fire thousands again

In November last year Meta laid off 11,000 employees or about 13% of its global workforce. The hiring and business teams were the most severely hit by the company-wide reductions, which were the greatest in Meta’s history. The social media giant said at the time that its employment moratorium would last until early 2023, with only a “limited number of exceptions." Now though, it seems that Meta is preparing for another round of massive layoffs as it continues to haemorrhage money on various projects as revenue from advertisers and other sources keep dipping. Another massive round of layoffs round the corner Two people at Meta, familiar with the matter told the Financial Times that there has been a lack of clarity around budgets and the future headcount at the company. The job cuts are expected to take place around March, but it’s unknown how people could be affected. Also read: Tech layoffs - What does the Indian law say about severance package and notice period? The report claims that because management have been unable to plan ahead as a consequence of the lack of clarity, employees has noticed that little work is getting done. Budgets that ought to have been completed by the end of the year are still pending, and decisions that ought to have been approved in a matter of days are often taking a month. Tightening purse strings According to the source, the business wants to keep expenditures under control, as Meta CEO Mark Zuckerberg stated earlier this month on an earnings call with analysts. A “year of efficiency” was promised, and he said that Meta will be more aggressive in eliminating low-importance and low-performing jobs.   In order to speed up decision-making, Zuckerberg said that Meta will be streamlining its organisational structure and “removing certain levels in middle management." Major reshuffling for engineers and managers coming ahead. Although it is obvious that Meta is not the only business to have announced layoffs in the last year, it is one of the few to have increased its prior layoffs. For instance, after first announcing that it would fire 10,000 employees, Amazon then increased that number to 18,000. Also read: Why Amazon’s 18,000 employees being laid off is just the tip of the iceberg for 2023 Marne Levine, the chief business officer at Meta, recently revealed that she is leaving the social media giant after 13 years in the position. Levine was the original chief operating officer of Instagram and the vice president of global public policy at Facebook before joining Meta. Justin Osofsky and Nicola Mendelsohn will have additional responsibilities as senior sales and relationship executives going ahead, according to Meta. Read all the  Latest News ,  Trending News ,  Cricket News ,  Bollywood News , India News  and  Entertainment News  here. Follow us on  Facebook ,  Twitter  and  Instagram .