Meta Plans Another Round of Layoffs
On March 7, according to people familiar with the matter, Meta is planning a new round of layoffs, with thousands of layoffs as early as this week. In the last…
On March 7, according to people familiar with the matter, Meta is planning a new round of layoffs, with thousands of layoffs as early as this week. In the last round of layoffs with a proportion of up to 13%, Meta cut 11000 employees, which is the company’s first large-scale layoffs. The source also said that the upcoming round of layoffs was driven by its financial goals. Meta has seen the slowdown in advertising revenue and shifted its focus to a virtual reality platform called “Meta Universe”. The company has been asking directors and vice presidents to list employees who can be dismissed.
Meta will conduct a new round of layoffs after 13% layoffs last November
Interpretation of the news:
Meta, the parent company of social media giant Facebook, is reportedly planning to initiate another round of layoffs, which may see thousands of employees being laid off this week. The information, provided by anonymous sources, reveals that the layoffs are driven by the company’s financial goals, as Meta has experienced a slowdown in advertising revenue.
This upcoming round of layoffs comes after Meta’s first large-scale layoffs in 2021, where it cut 11,000 employees, constituting 13% of its workforce. The company aims to focus on its virtual reality platform, namely “Meta Universe,” which promises to become the company’s next big thing.
Sources reveal that Meta management is requesting directors and VPs to develop lists of employees who can be terminated. This means that while the company is continually expanding its virtual reality platform, it is also trimming down its workforce to meet its financial goals.
The news of another round of layoffs raises concerns among the already jittery labor force, as employees are uncertain about their job security. Additionally, it may also impact the company’s image, as layoffs become more publicized, potentially alienating customers and stakeholders.
In summary, Meta’s financial goals are the driving force of its second round of layoffs. The company aims to focus on its virtual reality platform – ‘Meta Universe.’ While this move may be beneficial for the company’s future, it has also led to a slowdown in advertising revenue. The workforce trimming may have a detrimental effect on Meta’s image and cause uncertainties within the organization.
Overall, this news emphasizes the importance of sound financial management in businesses as companies seek to scale up, develop new products and services, and expand their global footprint. Companies must strike a balance between growth opportunities and financial goals while placing their employees’ welfare at the heart of their operations.
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