Meta layoff: Facebook parent may lay off more employees soon, suggests report
By Team Newsable | First Published Feb 23, 2023, 3:32 PM ISTMeta, Facebook parent plans other another round of layoffs after firing more than 11,000 staff or 13% of its workforce. The downsizing and reorganisation endeavour may have an impact on thousands of employees.
Meta, the parent company of Facebook, Instagram, and WhatsApp, is reportedly planning to lay off thousands of employees soon. According to the media report, the latest round of layoffs will "disproportionately" affect positions outside of engineering, and CEO Mark Zuckerberg is reportedly "deputising human resources, lawyers, financial experts, and top executives" to develop strategies to reduce hierarchy at the company.
In November 2022, Meta laid off about 11,000 employees, or 13% of its worldwide staff. At the time, the business blamed the layoff on excessive employment and unfavourable macroeconomic circumstances. Similar factors may have contributed to the most recent round of layoffs, and Meta is also managing expenses in the face of declining income.
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Meta is also thinking about making more conventional cuts, like eliminating some initiatives. These cuts, which are allegedly aimed at different business departments, might not occur all at once but rather gradually. Notably, the news of Meta's impending cutbacks comes just a few days after allegations that the business purposefully gave thousands of workers "subpar scores" during performance evaluations. This gave away the company's intention to reduce employment further.
The business is also attempting novel strategies to increase sales. In addition to new features and a certified blue emblem on Facebook and Instagram, Meta recently revealed a Meta Verified subscription. On the web, it costs $11.99 (roughly Rs 990) per month, and on iPhones, it costs $14.99 (roughly Rs 1,240) per month. The only markets for the membership are Australia and New Zealand (for now). After some digital marketers cut back on spending due to ongoing inflation, the subscription service was introduced.
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