Home » News » Meta releases the last stage of its plan to eliminate 10,000 jobs, speeding up its restructuring efforts

Meta releases the last stage of its plan to eliminate 10,000 jobs, speeding up its restructuring efforts

(Image Credit Google)
(Image credit- Goodreturns) According to the reports, Meta, formerly known as Facebook, has completed the final stage of its extensive reorganization plan, which included laying off 10,000 people. With the announcement of this measure, Meta has now announced a second round of sizable layoffs, making it the first large tech company to take such measures. The corporation had previously let rid of more than 11,000 workers back in November after a period of fast expansion, bringing its staff back to mid-2021 levels.

Effects of Recent Job Losses

According to reports, personnel from a variety of areas, including marketing, recruiting, engineering, and research, were largely impacted by the most recent wave of job layoffs. Workers who had been laid off posted their regrettable news on LinkedIn. [caption id="" align="aligncenter" width="1200"]Meta to lay off 10,000 employees in second round of job cuts, says CEO Mark  Zuckerberg - BusinessToday Image credit- BusinessToday[/caption] Surprisingly, Meta's shares increased significantly by 0.5% in a generally lower market despite the continuous reduction measures. According to the reports, Mark Zuckerberg became the 16th richest person in February after Meta's share price even achieved a peak increase of 23%. Due in part to cost-cutting measures and an emphasis on artificial intelligence, the company's stock has more than doubled in value this year.

The Metaphases of Layoff

The majority of the second round of layoffs will take place in three parts, with the majority anticipated to be completed by May, CEO Mark Zuckerberg previously revealed. He did allow that there might be other, smaller rounds of layoffs. The majority of the roles affected by the restructuring process were not engineering-related, highlighting how important coding and technical knowledge are to Meta. Zuckerberg stressed the goal to completely restructure the business teams at the company and create a more equitable distribution of engineers to other positions. Non-engineering positions like content design and user experience research saw significant losses, even within the technical teams. Executives disclosed that 4,000 people were laid off in April, with the recruiting teams seeing a little fall in staff in March, at a company town hall meeting. [caption id="" align="aligncenter" width="1600"]Meta plans fresh round of job cuts months after laying off over 11,000  workers | Mint Image credit- Mint[/caption] The majority of the most recent employment layoffs will be made at Meta's international headquarters in Dublin. It is anticipated that 490 workers, or nearly 20% of the Irish workforce, will be impacted.

Reduction in Force Efforts

This restructuring effort reflects the difficulties Meta is facing, such as slowing revenue growth, rising inflation, and a drop in digital ad spending after the pandemic's spike in e-commerce. Additionally, Meta has poured billions of dollars into its Reality Labs section, which is tasked with expanding the metaverse and improving its technical foundation to support AI projects. The Reality Labs division lost a total of $13.7 billion in 2022 alone. Also read: Amazon’s Gaming Division Hit by Layoffs, Uncertainty Surrounds Its Future Plans As Meta moves on with the last stage of its restructuring plan, it is steadfast in modifying its business practices to be competitive in the quickly changing digital sector. The company's strategic focus on AI and metaverse development, together with its cost-cutting initiatives, will determine its destiny as it negotiates the shifting social media and digital innovation landscape.  

By Jozeph P

Journalism explorer, tech Enthusiast. Love to read and write.


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