Meta; the parent company of Facebook has delayed finalizing the budgets of multiple teams in the firm.
According to Financial Times, this is because the tech giant is preparing for another fresh round of job cuts.
Recently, there had been a lack of transparency as it regards budgets and future headcount, the Financial Times reported, citing two Meta sources.
Earlier this month, Meta disclosed that the company expects its 2023 expenses to be between $89 billion and $95 billion, with the CEO, Mark Zuckerberg calling the period a “Year of Efficiency.”
Last year, the tech giant laid off more than 11,000 jobs which amount to 13% of its workforce.
In early November, Meta let off roughly 11,000 people, decreasing its employment by 13% and instituting a hiring freeze that will last until the first quarter of 2023. The majority of the layoffs will be from Facebook, Instagram, and WhatsApp, with fewer from the metaverse section.
The business and recruiting teams are the most affected. At the end of September 2022, Meta had 87,314 employees. This was a 28% rise over the previous year.
Meta had been on an apparently never-ending hiring drive before the layoffs. It went out of its way to acquire outstanding personnel and provide unusual job benefits, such as 30 days of paid leave every five years.
The corporation is now lowering employee benefit expenditures and selling some of its real estate holdings. Before the layoffs, CEO Mark Zuckerberg had taken steps to reduce costs, but he finally decided to let staff go.
Amazon Inc, Microsoft Corp, and Alphabet; the parent company of Google are some of the other tech giants that have laid off due to the economic downturn.