Meta, the parent company of Facebook, has been the centre of rumours of further layoffs as CEO Mark Zuckerberg announced 2023 as "the year of efficiency" for the company. Reports have suggested that the company has delayed finalizing the budgets of several teams, as they prepare for a fresh round of job cuts.
In November 2022, Meta laid off 11,000 employees, which was close to 13% of its total workforce. The company has not given any official confirmation of the latest layoffs but has not ruled it out either. Media reports have cited two Meta employees saying that the company is yet to allocate team budgets and there is also a lack of clarity on other key matters from the company side. Employees also complain that their work is getting hampered as their managers are unable to plan on distributing workloads.
In a press release, Zuckerberg stated that he is pleased with the growth of the company's community and mentioned how Facebook had just reached the milestone of 2 billion daily active users. He went on to say that 2023 would be the year of efficiency for Meta and the company is focused on becoming a stronger and more nimble organization.
As far as this latest round of layoffs is concerned, Meta is likely to execute its plan around March, and the company is currently going through performance reviews of its staff. Besides Meta, other tech companies such as Amazon and Microsoft have announced thousands of layoffs in the past, citing the cost pressure due to the economic downturn.