What’s going on:
Meta Platforms Inc., the parent company of Facebook, has started its final round of a three-part series of layoffs, eliminating 10,000 roles as announced in March, according to Reuters. The latest cuts are expected to impact around 490 employees at its international headquarters in Dublin, or almost 20% of the company’s Irish workforce.
Reportedly, this round of layoffs may affect engineers; however, it’s Meta’s non-engineering roles that have been hit the hardest. The rounds of layoffs are a major part of the company’s efforts to restructure its business teams.
Why it matters:
The massive cuts in labor at Meta reflect the broader technology industry constriction. Meta is among the long list of other tech giants like Twitter, Amazon, IBM, Google, Microsoft, and many other tech companies that have laid off thousands of staff this year.
How it’ll impact the future:
By restructuring its workforce and reallocating resources, Meta aims to streamline its operations and focus on new products and technologies in 2023.
The layoffs negatively impact thousands of workers who will now be searching for a new position. This could potentially lead to a more competitive job market in the technology industry, which ultimately will slow down job growth for the industry significantly in the upcoming year.
The impact on the affected employees and the broader job market raises questions about the need for retraining, reskilling, and providing support for workers navigating transitions in the technology sector.