July 27, 2022
According to Insider, Meta employees are preparing for staff cuts of up to 10%, with some employees believing the decision is imminent due to new performance requirements and a tougher market.
An employee said the redundancies had not yet begun, but a decision however remains imminent.
The impending layoffs follow an internal memo earlier this month in which Meta’s chief human resources officer, Lori Goler, suggested cutting employees who can’t meet expectations because the company is starting to work with “increased intensity.” The memo also tells professionals to develop higher-accomplishing teams, ruthlessly prioritize, and make the most of synchronous and asynchronous time with teams.
Meta is expected to post the first decline in revenue in its history as a publicly traded company, down 0.4% to about US$29 billion. The company’s investors are bracing for flat user growth and a third consecutive quarter of profit declines, awaiting signs of cutbacks in hardware projects and slower hiring to manage costs.
Apple’s new privacy policy has implications for the company’s access to user data, and CEO Mark Zuckerberg says the company is now focused on rebuilding its ad system while pursuing the process of doing so.
The sources for this piece include an article in INSIDER.
