According to a report from Vox News, Meta Platforms, the parent company of Facebook, is reportedly preparing for another round of layoffs. This comes just two months after a previous round of job cuts that occurred in April. During a recent Q&A session with company executives, Meta's President of Global Affairs, Nick Clegg, mentioned that the upcoming layoffs would follow a similar process to the previous round.
The Head of People at Meta will inform affected employees one day before the layoffs, providing details about the timing and which teams will be impacted. It is expected that the layoffs will primarily affect the business teams within the company.
Clegg acknowledged the anxiety and uncertainty surrounding the layoffs and expressed his admiration for the resilience and professionalism exhibited by the employees. He also mentioned that the company would encourage employees whose job functions allow them to work from home during the process, recognizing the importance of providing support during this challenging time.
Before the Q&A session, Melinda Davenport, the Director of Internal Communications at Meta, addressed the staff, acknowledging the ongoing layoffs and restructuring efforts. She acknowledged that the company may not have all the answers, but assured employees that they are committed to addressing their questions and concerns to the best of their abilities.
When questioned about potential future layoffs, Meta's Chief Technology Officer, Andrew "Boz" Bosworth, stated that the company currently has no planned layoffs. He emphasized Meta's commitment to continue building and growing. However, he acknowledged the inherent uncertainty of the future, particularly with factors such as fluctuating revenue, economic conditions, and rising costs.
Meta has been focused on making 2023 a "year of efficiency" to improve its financial performance and achieve long-term goals. To this end, the company is implementing measures such as flattening its organizational structure, cancelling lower-priority projects, and slowing down hiring. Meta has faced challenges due to decreased advertising spending from companies, which can be attributed to the post-pandemic slump, high inflation, and rising interest rates, as reported by Reuters.
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