Meta to Cut 5% of Workforce While Planning New Hires
Meta Platforms, the parent company of Facebook, has announced plans to lay off 5% of its workforce identified as “low-performing employees,” with the intention to hire for these roles anew, a spokesperson said on Tuesday, as reported by Reuters.
CEO Mark Zuckerberg has previously cautioned employees about stricter performance management measures that could lead to such layoffs.
As of September 30, 2023, Meta employed over 72,000 people globally.
Many tech companies, including Cisco and IBM, are shifting their focus toward artificial intelligence (AI) investments. Meta is also heavily investing in AI-related infrastructure, which is expected to increase the company’s expenses this year.
In 2022, as part of its restructuring, Meta laid off approximately 11,000 employees. Following this, in 2023, which Zuckerberg labeled as the “Year of Efficiency,” the company eliminated an additional 10,000 positions.
Recently, Meta also discontinued its fact-checking program in the United States and relaxed restrictions on discussions surrounding topics like immigration and gender identity. These decisions are perceived as responses to pressure from conservative groups, especially in light of former President Donald Trump’s potential political resurgence.
