Facebook Employees Anticipate Job Cuts Up To 10% While Company Denies: Report

Facebook Employees Anticipate Job Cuts Up To 10% While Company Denies: Report
  • Meta Platforms Inc META owned Facebook employees fear job cuts as high as 10% as Meta cracked down on low performers, the Business Insider reports.
  • Meta employees braced for sweeping job cuts after executives suggested the company planned to significantly heighten performance expectations and "transition out" anyone who missed the cut.
  • Recently Meta's HR Chief, Lori Goler, sent a memo suggesting cuts to employees who failed to meet expectations as the company began to operate with "increased intensity." 
  • An employee described the feeling of a "witch hunt" at work.
  • A different employee said Meta recently gave them an "offer to leave" the company, essentially a negotiated severance package. 
  • "We don't have any plans for layoffs at this time," a Meta spokesperson said.
  • Goler's memo directed managers to build high-performing teams, ruthlessly prioritize, and make the most of synchronous and asynchronous time with teams, according to an employee.
  • Facebook lost 40% of its value in just six months as it battled advertising challenges kicked off by Apple Inc's AAPL privacy changes and Russia's invasion of Ukraine. Its metaverse segment lost $10 billion in a year.
  • Facebook, which changed its name to Meta Platforms last year, had aggressively hired over the past two years.
  • Meta employees previously said they expected layoffs in early May after the company implemented a partial hiring freeze and a companywide hiring slowdown.
  • Separately, Shopify Inc SHOP prepared to slash 1,000 workers, or 10% of its global workforce, amid surging interest rates, supply-chain crisis, and the reversal of pandemic trends.
  • Price Action: META shares traded lower by 1.50% at $164.15 on the last check Tuesday.
  • Photo by JD Lasica via Wikimedia Commons

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