Meta announced a second round of Lay-offs. It is the only big tech company that announced a second round of mass lay-off for 10,000 employees.
Why this sudden decision?
The parent platform of Facebook, Instagram, and WhatsApp let go of as many as 11,000 people the previous year, and it is already preparing to let go of another 10,000, reports The Times Of India.
In the official email, Zuckerberg implied that Meta is experiencing financial difficulties and intends to employ resources more effectively to enhance operations and achieve better outcomes. He said that before 2022, Meta saw rapid expansion, but as competition arose and growth halted, the firm suffered financially.
Meta’s Market position
The pandemic increased demand for Meta’s digital services significantly, leading to a 30% rise in employment in 2020 and a 23% increase in 2021.
Nevertheless, the company’s advertising income has slowed, resulting in its first-ever annual sales decrease in 2022. In response, Zuckerberg has redirected the organization’s efforts and financial resources towards virtual reality and the metaverse, which he sees as the next leading digital platform.
These alterations have caused Meta to streamline its operations and decrease its employees. The organization started laying off staff in November last year when it had approximately 87,000 workers.
CEO Mark Zuckerberg has stressed the need for efficiency, naming 2023 the “year of efficiency” in a recent earnings call. Meta has already begun the “flattening” process, which entails reassigning certain middle managers to individual contributor positions rather than serving as the primary supervisor of other workers.
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