Meta Platforms Inc. on Wednesday announced another round of layoffs across the company. According to the founder Mark Zuckerberg, the move has been taken to restructure teams and work towards efficiency.The parent company of Facebook has asked the managers to get ready to announce job layoffs. It implies that all of Quests virtual reality initiatives, as well as those of Facebook, WhatsApp, Instagram, and Reality Labs, would be harmed. The move is a part of a cost-cutting effort that will eventually result in the termination of 10,000 positions at the company, according to Zuckerbergs statement in March. There will be further layoffs in May.In November, Meta had laid off 11,000 employees, which was around 13 percent of its staff. Additionally, it prolonged a hiring ban through the first quarter, which was broken up by cost and job-cutting measures taken by other Silicon Valley companies.According to Zuckerbergs remarks, the corporation intends to cut costs and equalize the proportion of technologists and engineers to business and support workers. The memo circulated to the managers of the company indicates that almost all the teams will be reorganised. The company will soon start notifying employees regarding the elimination of the technical teams.According to an official, the new layoff will affect the teams working in Facebook, Messenger, WhatsApp, Instagram and virtual-reality divisions.Metas head of Human Resources, Lori Goler, said “This will be a difficult time as we say Goodbye to friends and colleagues who have contributed so much to Meta. It will take time for everyone, both those leaving and those staying to process tomorrows news, and I know teams will show up for each other with compassion, support and care.”It is anticipated that in the next round of layoffs, the company may probably remove thousands of highly skilled engineers and technical staffers who helped build the products. This is not all. According to the sources, the company is also planning to cut down the bonuses and is even keen on reviewing the employees performance twice a year.Meta CEO on layoffsIn March, Meta said that they are planning to remove almost 10,000 employees from across the teams. Meta CEO Mark Zuckerberg himself said that laying off the employees will be tough and the company is grateful to them. He said, “There is no avoiding how difficult this will be. Leaving behind talented and driven co-workers who have contributed to our success will be difficult. They have given their all to help us accomplish our goal, and I appreciate them all.” “Well continue to provide assistance to people in the same manner that we have in the past, and well show everyone the respect they deserve,” he added.Mark Zuckerberg, the creator of Meta, wrote in a blog post that altogether “we expect to reduce our team size by around 10,000 people and to close around 5,000 additional open roles that we havent yet hired.” The firm has said that it would increase its “Year of Efficiency” efforts to make itself “a better technology company and to improve our financial performance in a difficult environment so we can execute our long-term vision.”Notably, since January 2022, the IT sector has let go of hundreds of thousands of employees, including a sizable number of IT specialists from India.Metas CEO upped his private jet expenseThe 2023 report has disclosed that Metas CEO Mark Zuckerburg spent more than USD 27 million on total remuneration in 2022, despite the companys ongoing layoffs in several areas to save costs. According to the report, he travelled 28 times in a short period in October 2022. This years total is significantly larger than in prior years.
