Facebook-parent company, Meta Platforms has on Tuesday announced a second round of mass layoffs. The firm announced that it would eliminate 10,000 jobs this year. The much-awaited job cuts are a part of a restructuring that will also “flatten” middle management layers, kill off lower-priority projects, and cancel plans to fill 5,000 openings.
This follows the company’s first big layoff last year, which cut more than 11,000 jobs, about 13% of its workforce back then. The majority of the new layoffs, according to Zuckerberg’s message to the staff on Tuesday, will be announced in the next two months, though some will last through the end of the year.
“For most of our history, we saw rapid revenue growth year after year and had the resources to invest in many new products. But last year was a humbling wake-up call,” Zuckerberg wrote.
“I think we should prepare ourselves for the possibility that this new economic reality will continue for many years.”
Meta also plans to close about 5,000 job postings that have yet to be filled, Mr. Zuckerberg said in the memo. The recruiting team, which was already severely impacted by the previous layoffs, will see further reductions in size, according to Zuckerberg. In late April, the tech group would undergo restructuring, and in May, the business groups would experience cuts.
Along with eliminating non-engineering roles, automating more tasks, and at least partially reversing a commitment to “remote-first” work that Zuckerberg made amid COVID-19 pandemic lockdowns, Meta will also remove multiple layers of management and ask many managers to become individual contributors.