Meta has reduced its workforce by more than 20,000 jobs in order to decrease expenses due to a decrease in demand caused by concerns of an economic downturn. On March 14th, the technology company declared that it would execute a second wave of job cuts, targeting 10,000 positions to be eliminated this year.
Meta has implemented a significant reduction in its workforce, letting go of more than 20,000 jobs, to cut costs due to a decrease in demand stemming from concerns over an economic downturn. The technology company announced on March 14th that it would carry out another round of job cuts, aiming to eliminate 10,000 positions this year.
According to a spokesperson for Meta who spoke to Reuters, the company is modifying its performance process to better align with its future goals while considering feedback and lessons learned from the past year. The spokesperson clarified that these changes are not linked to any restructuring of the workforce.
Despite the workforce reduction already implemented by Meta, which has amounted to over 20,000 jobs, the company plans to carry out an additional round of layoffs on March 14th, targeting 10,000 positions. Additionally, the tech giant will cancel its plans to fill 5,000 job openings as part of its restructuring efforts.
Meta’s most recent round of layoffs comes after a previous announcement in November, where the company disclosed its intention to cut jobs. In total, last year, Meta planned to eliminate more than 11,000 positions, equivalent to approximately 13% of the company’s total workforce.
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