Tech layoffs continue as Meta plans to cut thousands of jobs
2023 is turning out to be a really bad year for tech employees. After firing thousands of employees in January, the big tech companies seem to be going for another round of layoffs. According to reports, Meta will start a second round of layoffs this week.
What?
According to a report released by Bloomberg, Meta is planning to cut off thousands of jobs, after laying off almost 13% of its workforce in order to "enhance productivity" in the months of November and January.
As per the report, Meta has asked Directors and Vice Presidents to list the names of the employees that can be let go in this round of layoffs.
What could be the reason this time?
2023 will be the year of ‘efficiency’, Meta CEO Mark Zuckerberg had said. So, according to Bloomberg, this round of layoffs was very much anticipated, unlike last year’s.
This time, however, Meta has seen a slowdown in advertising revenue and has shifted focus to a virtual-reality platform called the Metaverse.
So, in short, in order to save money, so that they can invest in Metaverse, Zuckerberg’s company has decided to lay off people, which will be finalised next week.
Tech layoffs are far from over
2023 started with layoffs announcement from companies like Spotify, Microsoft, and Amazon. Within 25 days of the first month, 50k employees were laid off with the number now increasing to 1,53,005 people (2,732 people per day).
Tech companies are citing various reasons including, recession, overhiring during covid, or trying make the company more efficient as the reasons for the layoffs. Regardless of the justification, this rise in layoffs has left a lot of IT workers feeling anxious, scared, and depressed. These employees live in constant dread of being fired.