Based on a Financial Times report Facebook has postponed the finalization of the budgets of several teams as Meta prepares a fresh round of layoffs. Meta formerly known as Facebook has declared that the expenses of the organization are expected to be between US$89 billion and US$98 billion. Mark Zuckerberg stated that he wants the 2023 period to be the "year of efficiency".13% workforce of meta was shed in November and another round of Meta layoffs will happen in the future.
Meta is one of the giant tech companies namely Google, Microsoft, and Amazon started laying off thousands of employees. The main reason for the layoffs is the ongoing economic downturn. Every giant tech company has started estimating the organization's budgets and job cuts to face expenditures.
Considering the worldwide employee count, last year Amazon has discarded 10,000 jobs, and this year Amazon discarded 18,000 jobs. Google also discarded 12,000 employees and that's the biggest layoff count in the history of Google company till now.
Meta needs to be very careful in navigating any moment in this challenging period. The layoffs in Meta are related to the budget of the organization.
Setting the budget for several teams has been paused, and led the employees to doubt the idea of layoff in the Meta organization.
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