Facebook’s parent company, Meta, is reportedly set to announce another round of layoffs this week. Media reports suggest that a memo leaked on Tuesday reveals the company’s plan to implement the new round of job cuts from Wednesday. The memo also contained comments from Lori Goler, Meta’s head of people, expressing the difficulty of letting go of so many employees who had contributed significantly to the company’s journey.
This new round of job cuts is expected to impact technical teams working across different platforms such as Facebook, Instagram, Reality Labs, and WhatsApp. The company may ask its North American employees to work from home on Wednesday to give them time to process the news.
In March, Meta CEO Mark Zuckerberg had announced plans to lay off 10,000 employees on top of the 11,000 job cuts implemented in November 2022. Last year’s decision to downsize can be attributed to the company’s efforts to streamline its organizational structure, including buyout packages for managers and the laying off of non-essential teams.
The drop in advertising revenues has caused a steady decline in Meta’s financial performance, leading Zuckerberg to declare this year as Meta’s “year of efficiency.” The company has communicated this message to employees during their performance reviews. Zuckerberg had previously stated that they expect to reduce their team size by around 10,000 people and close around 5,000 additional open roles that they haven’t yet filled.
Meta aims to become “a better technology company and improve our financial performance in a difficult environment so we can execute our long-term vision” during its “Year of Efficiency.” The CEO stated that organization leaders will announce restructuring plans in the coming months that will focus on flattening their orgs, cancelling lower-priority projects, and reducing their hiring rates.
Zuckerberg had taken responsibility for the first round of layoffs and admitted that the company had expanded beyond measure during the pandemic. Despite the difficulty of letting go of valuable employees, the company hopes that these layoffs will help it regain financial stability and execute its long-term vision.