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Reports of more looming job cuts from tech giant Meta are on the cards.
The Financial Times among other reports signal budget woes which may indicate fresh plans for some early-year job cuts around March.
Facebook parent company Meta let go of a massive 11 000 workers last November, which had CEO Mark Zuckerberg noting how difficult their last quarter was.
The job cuts were intended to streamline and restructure some teams to focus on efficiency.
Meta, which also owns Instagram and Whatsapp, has seen some challenging times.
Low morale and possible job trimming may be on the cards this year, which should make tensions even more unbearable.
While a confirmation of further job cuts its still pending, smoke in the tech world usually means there’s a fire somewhere.
Fallen stock levels including mounting expenses led to Meta’s large scale layoffs.
In an effort to follow Twitter’s example to cut costs, Facebook planed to cut costs by at least 10%.
Staff reductions are a suggested plan for Google, Twitter and now Meta it seems.
Tech industry retrenchment is a word circulating among tech companies such as Google, Twitter and now Facebook as a large set of employees are expected to be shown the door.
Last year, while Zuckerberg hung on to the Metaverse vision to bare fruit, staff hiring was put on pause with employees who travel reportedly asked to pause unnecessary travel.
Meta’s investor confidence buckled last year, which then led to a streamlined strategy to cut jobs in order to reduce capital expenditure.
A reduction in the number of jobs in an organization is inevitable especially considering drastic tech changes which make production simpler not to mention more efficient.
The economy is tilting toward an unfavorable position for most industries and the tech industry seems to be the quickest to see the impact.
Tech workers are some of the hardest hit by layoffs as Meta, Twitter and more companies have fired thousands with some of the organizations implementing a hiring freeze.
Tech billionaire Elon Musk took over Twitter only to later unceremoniously fire much of the Twitter’s workforce by email.
Although most of the employees have initiated legal action against him, tightening Twitters’ employee belt is one of Musk’s business strategy overall.