The layoffs across the tech industry will likely continue until investors are happy
Economic uncertainty has caused rough rounds of layoffs across companies both big and small. Big Tech companies like Meta, Google, Microsoft, and Amazon have laid off thousands of people over the past few months, and this trend doesn’t look like it’s slowing down any soon. Meta, the parent company of Facebook, Instagram, and WhatsApp, is apparently gearing up for a brash second batch of layoffs, as it looks like the first one didn’t do enough to cut down costs and expenses at the company.
As per the Financial Times, Meta is in the midst of preparing for a new round of job cuts. It’s supposed to be part of Mark Zuckerberg’s plan to increase efficiency and contain costs at the social media giant. The company has internally delayed finalizing the budgets of multiple internal teams, presumably pending this new round of layoffs. The lack of clarity about headcount and budgets, and about this whole situation, has caused uncertainty and confusion among employees.
Many employees are struggling to work on their assigned tasks, as managers are unable to plan their workloads. The situation has led to delays in decision-making, even for Meta’s top projects — decisions that would normally take a few days are reportedly now taking over a month. And of course, everyone is demotivated over all this uncertainty.
Meta has already cut 11,000 jobs in November, which represents 13% of its workforce, but further cuts are expected soon. At the moment, though, it looks like everyone is struggling to get things done at the company as they await to see how drastic of a cut this will be, both in headcount and in budget.
It’s a messy situation, and one that will likely continue until the layoffs are finalized. And even then, a lot of those people won’t come back to work anyway.
We have reached out to Meta for comment about this report, and we’ll update this article if we hear back.
