Meta is said to be quietly laying off thousands of employees, which may lead to the elimination of up to 12,000 workers or about 15% of the company’s workforce.
The news comes five months after CEO Mark Zuckerberg announced a hiring freeze, leaving employees bracing for layoffs. Shortly after the announcement, Zuckerberg asked managers to identify 15% of their team members who “need support.”
The idea was to put these flagged employees on a performance improvement plan, which essentially means they have 30 days to find another role within the company or leave.
The layoffs are also expected to impact managers, many of whom have already been put on PIP and asked to find other jobs.
“It might look like they are moving on, but the reality is they are being forced out,” a Meta employee told Business Insider.
“These 15 percent will likely be put on PIP and be let go,” another Facebook worker wrote anonymously in a forum on the Blind app.
Meta’s decision to slash its workforce follows its struggles to drive revenue growth from its advertising business and compete against TikTok. Meanwhile, its continued investment in the Metaverse has yet to yield meaningful revenue growth.