Giant tech company Meta has revealed plans to implement another round of layoffs next week, which was revealed by executives at the company during a Q&A session with employees.
Reports reveal that the layoffs would predominantly target Meta’s business departments and could potentially impact a significant number of employees.
Speaking on the layoffs, Meta President of global affairs Nick Clegg during the company-wide meeting said,
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“The third wave is going to happen next week. That affects everybody in the biz teams, including in my organization. It’s just a time of great anxiety and uncertainty. I wish I could have some easy way of providing solace or comfort. It is uncertain. And, it’s increased my admiration for the way that everyone notwithstanding that uncertainty you’re just displaying such resilience and professionalism.”
Clegg added that the layoffs will follow a similar process to April’s cuts, in which 4,000 roles were eliminated from Meta’s tech departments.
The afternoon before the layoffs happen, Meta’s head of people will post a note to employees with details about when the layoff process will begin and which teams will be affected. Employees impacted by the layoffs will then be notified, followed by non-impacted employees.
While Clegg did not confirm the number of people that will be impacted, Meta’s proposed round of layoffs is coming after the company’s CEO Mark Zuckerberg had earlier hinted at possible job cuts in May, to eliminate 10,000 positions, following an initial reduction of 11,000 positions in November.
Meta’s incessant round of layoffs is occurring after the company declared year 2023 “The Year of efficiency” as it focuses on becoming a stronger and more nimble organization.
The company disclosed that since it reduced its workforce last year, one surprising result is that many things have gone faster. The company’s CEO Mark Zuckerberg via a memo stated that he underestimated the indirect costs of lower priority projects, noting that a leaner organization will execute its highest priorities faster.
He added that people will be more productive, their work will be more fun and fulfilling, and Meta will become an even greater magnet for the most talented people. The company in its Year of Efficiency is focused on canceling projects that are duplicative or lower priority and making every organization as lean as possible.
In the coming year, Meta has disclosed that it may incur additional restructuring charges as it progresses further in its efficiency efforts. The company has noted that it expects to record about $1 billion in restructuring charges in 2023 due to its efforts to consolidate its footprint.
Meanwhile, Zuckerberg doesn’t expect the financial outlook for Meta to dramatically improve any time soon. He believes that the company should prepare for the possibility that the new economic reality will continue for many years.
He however added that Meta has put together a financial plan that enables the company to invest heavily in the future while also delivering sustainable results as long as it runs every team more efficiently.
Zuckerberg said he is still committed to building the metaverse and that Meta’s single largest investment is in advancing Al and building it into every one of its products.