A piece of terrible news is coming from Meta. Reportedly, the company has announced more job cuts. As per the information from CEO Mark Zuckerberg, the company is going to lay off 10,000 employees. Besides this, the company will be closing hirings for 5,000 open positions.
Companies lay off employees in order to cut costs in the US. As per a report from Crunchbase, tech companies in the US have laid off around 94,000 employees so far in 2023. Last year in November, Meta cut almost 11,000 jobs. Furthermore, the company announced that another 10,000 jobs will be removed soon. Given these layoffs, the headcount of the company will be around 66,000.
According to reports, Meta is redesigning its different departments. For this reason, the company has halted further hiring. The CEO says that the process will complete by the end of this year specifically for the headquarter of the company in the US. Well, we can anticipate that the company starts fresh hiring after this transition phase. Reportedly, the tech department of the company will be restricted in late April. Whereas the business team will undergo modifications in late May.
The letter by CEO indicates that the company will decrease the departments as well as managers to reduce the bureaucracy. Furthermore, the letter indicates that the company intends to focus on high-priority projects. The CEO assured that the company “will ask several managers to become individual contributors.”
According to reports, employees at Reality Labs’ hardware and metaverse business will be impacted. Since the business has lost $13.7 billion on the reality Labs division. Besides this, the company has discounted the Meta Quest headsets by up to 33% due to low sales. Furthermore, the company has introduced Meta Verified. Where the verified Meta Badge is priced at $11.99 per month for the web and $14.99 per month on mobile apps.
Furthermore, according to Zuckerberg, 2023 will be “the year of efficiency” for Meta. According to him, the company is now operating “faster” as a result of the layoffs from the previous year. “A leaner organization will carry out its top priorities more quickly. Individuals will work harder and more joyfully, increasing their productivity, said Zuckerberg.