Meta, Facebook’s parent company, is cutting around 5 per cent of its workforce as part of its plan to cut more than 3,000 jobs. This action is the company’s step toward restructuring with the aim of boosting performance and efficiency. Employees to be let go will be sent emails Monday about the terms of their severance packages.
Also Read: Meta Q4 2024 Earnings: AI, Ad Growth, and Metaverse
All about the ‘Mega Layoff’
- Over 3,000 jobs will be cut, affecting 5% of Meta’s global workforce.
- Employees will receive an email notification on Monday morning, which will include details about severance packages.
- For international employees, the layoff process will begin on Sunday at 2:30 PM IST, and U.S. employees will be notified at 6:30 PM IST on Monday.
- Meta’s hybrid work model requires employees to work from the office for three days a week, but affected employees can work remotely on the day of notification.
Despite the layoffs, Meta’s offices will remain open. Teams that lose members will need to adjust, but employees who are able to work from home will be allowed to do so.
Future of Impacted Jobs:
Job Replacements: Some impacted jobs will be replaced, but no date has been provided.
Manager Replacements: If a manager is let go, a new manager will be hired to lead their team.
Confidentiality: Meta will not make public the names of the employees affected by the layoffs.
Mark Zuckerberg’s Announcement:
Earlier, Meta’s CEO Mark Zuckerberg told employees about the layoffs. He said Meta is raising its performance standards. According to him, the company will now eliminate low-performing employees more quickly than before. Traditionally, Meta removes employees based on annual performance reviews, but this round of layoffs is based on recent evaluations.
Layoffs Across the Tech Industry:
Meta is joining a growing list of major tech companies to lay off staff. Here’s an overview of other recent layoffs in major tech companies:
| Company | Job Cuts | Impact on Workforce | Reason |
|---|---|---|---|
| Amazon | ~1,000 | Multiple departments | Restructuring and cost-saving measures |
| Salesforce | ~1,000 | Global workforce | Adjusting to changing market conditions |
| ~12,000 | 6% of global workforce | Focus on optimizing performance and cost | |
| Microsoft | ~10,000 | 5% of total workforce | Streamlining operations for higher efficiency |
| X (Formerly Twitter) | ~3,700 | ~50% of workforce | Major cost-cutting and restructuring under new ownership |
This chart illustrates the widespread trend of significant layoffs within the tech industry as companies attempt to improve their financial performance and maintain a competitive edge.
Layoffs – A Broader Trend
This move by Meta to reduce jobs is part of a larger trend in the tech sector, where companies are looking for ways to make their operations more efficient and improve performance. Workers will have to adjust to changing structures and nuances of employment because layoffs are becoming increasingly common among the big tech companies. So, Meta’s future strategy seems to be working on efficient completion, and workers must adapt to these changes.
Did You Know: Google, Meta to rival Jio, Airtel with subsea cable projects
