What’s going on:
Back in March, Meta was the first major tech company to announce a second round of massive layoffs slated for 2023. It’s a move that the company stated will impact an additional 10,000 employees, according to Reuters.
First-round layoffs at Meta previously took place in the Fall, and impacted over 11,000 workers, or 13% of its total employment at the time. The second round of layoffs at Meta placed more of a focus on the company’s technical workers – including programmers and engineers.
The second round of layoffs comes as no surprise to both investors and the company’s employees. Meta’s CEO Mark Zuckerberg previously stated that 2023 will be the “year of efficiency” and he also laid out a plan for the April layoffs on his official Facebook page.
Why it matters:
Last year and early in 2023, big tech companies across the industry announced plans to lay off thousands of workers, as the industry adjusts to new economic factors which affect their online business models – caused in part by the pandemic recovery.
How it’ll impact the future:
Job growth within the tech industry is expected to slow down significantly in the upcoming year as tech giants like Meta, Twitter, Amazon, IBM, Google, Microsoft, and many others lay off thousands of staff.