Meta, the Facebook owner has started notifying those employees who will be losing their jobs in the wave of 10,000 job cuts. Facebook owner Meta Announces Latest Layoff. According to Mark Zuckerberg, layoffs will make the company more efficient and improve its market value.
Let go of 13% Staff
Due to a sharp slowing down in the ads business last year Meta, who also owns Instagram and WhatsApp is experiencing immense financial pressure. Last year, it had already let go of 11,000 employees who were 13% of its total staff. The staff who received the latest notification regarding layoff have started looking for new job opportunities on various platforms like LinkedIn.
Mark Zuckerberg said last year’s layoff was a ‘humbling wake-up call’. He had declared the March memo last year in which he talked about his future plans. Zuckerberg explained how cuts are necessary to adjust to the ‘new economic reality’ that enables the firm to invest in the future and earn profit.
In the last layoff, people in the recruitment were the first to leave the company. According to the firm’s plans, the latest layoff includes people in the IT team of the firm. Furthermore, another round of layoffs that applies to business and administration teams is predicted to be in the next month.
Facebook owner Meta Announces Latest Layoff
No Layoff for People Working Outside USA
The firm has added that the timing could be different for people who are working outside the USA and some cuts may not be happening until the end of this year. Since the higher borrowing cost happens to slow down business activity and the corporate world is facing a downturn due to a wider financial crisis. However, in the field of the tech industry, the lower borrowing cost can boost investment still the industry has been hit distinctively hard.
Worldwide more than 1,70,000 employees lost their jobs since the beginning of the year who were part of bigger companies like Amazon and Google. Other than this, a separate announcement from the online property firm Opendoor declared that it will reduce its job force with 560 cuts which are roughly 22% of its total staff.
