Meta Platforms Inc. intends to cut several thousand more jobs, just months after cutting 11,000 employees, amid an effort to reach financial and “efficiency” goals.
The parent of Facebook, Instagram, and WhatsApp could announce the cuts as soon as this week as directors and vice presidents conclude making lists of employees that can be let go, according to Bloomberg, which cites “people familiar with the matter.”
The anticipated cuts come after performance reviews were completed last week.
[Uh oh — the dreaded corporate “ranking” exercise. It’s been a while for me, but this is what corporations do when considering how to downsize. They use performance reviews to rank their staff in each group and then start slicing from the bottom. That’s actually the most rational basis for org-wide layoffs, but it’s very stressful on the managers and it tends to warp the review process a bit as well. At any rate, assuming that part of the report is accurate, Meta seems poised to make the cuts soon. — Ed]
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