Meta Platforms, the parent company of big brands like Facebook and Instagram, has announced another major layoff. The company will show the way out to 10,000 employees. Apart from this, the 5 thousand positions on which recruitment was to be done have also been put in cold storage. All this has happened, just four months after 11,000 job cuts. Meta’s CEO Mark Zuckerberg gave this information through a letter to the company’s employees on 14 March.
Big retrenchment after just 4 months
The company had laid off 11,000 employees about 4 months ago, which is 13% of the total employees of the company.
The company has decided to close less important projects, reduce the hiring rate. Mark Zuckerberg has declared 2023 as the Year of Efficiency. Now they want to take these decisions and follow this plan.
The company will lay off its tech group in April and start the process of layoffs in the business group in May.
Laid off in november
Meta has laid off 13% people in November in an attempt to manage costs. In the first round of layoffs, Meta had shown the way out to 11,000 employees, which was Meta’s first major layoff. The company is working to streamline the organization, offering buy-out packages to managers and eliminating teams it deems unnecessary.
Focus on revenue
In February, Meta said it was launching a subscription service called Meta Verified that would include additional features, including Facebook and Instagram account verified badges for paying users. It will cost $11.99-$14.99 per month if purchased through the iOS app.