The social technology company will halt its hiring plan for about 5,000 additional open roles and is expected to announce its restructuring plans in the coming months to focus on flattening the organisation, cancelling lower priority projects, and decreasing hiring rates
Facebook’s owner Meta has announced plans to execute another round of layoffs by cutting down its workforce by nearly 10,000.
The second round of the job cuts is being done to enhance the company’s financial performance in a “difficult economic environment” to help implement its long-term vision, said Meta CEO and founder Mark Zuckerberg to his employees.
Recently, the company reported a 55% year-over-year decrease in its net income for the fourth quarter of 2022 to $4.6bn.
In addition to the layoffs, the social technology company will halt its hiring plan for about 5,000 additional open roles.
Meta is expected to announce its restructuring plans in the coming months to focus on flattening its organisations, cancelling lower priority projects, and decreasing hiring rates.
It is expected to announce restructurings and job cuts in its technology groups in late April 2023, followed by the business groups in late May 2023.
The implementation could go on till the end of the year to complete the changes.
Zuckerberg said: “After restructuring, we plan to lift hiring and transfer freezes in each group. Other relevant efficiency timelines include targeting this summer to complete our analysis from our hybrid work year of learning so we can further refine our distributed work model.
“We also aim to have a steady stream of developer productivity enhancements and process improvements throughout the year.
“As I’ve talked about efficiency this year, I’ve said that part of our work will involve removing jobs — and that will be in service of both building a leaner, more technical company and improving our business performance to enable our long term vision.”
The technology major also revealed its plan to remove multiple layers of management and urge several managers to become individual contributors.
Meta’s new round of layoffs comes after its decision to cut nearly 13% of the company’s workforce that affected more than 11,000 employees in November 2022.
The layoffs were executed in every organisation across both family of apps (FoA) and reality labs.