Major Layoff Aftermath: Thousands More Cuts on the Horizon, Report Reveals
Meta, a leading tech company, is reportedly planning to cut thousands of more jobs after recently announcing widespread layoffs. The report states that the layoffs could begin as early as this week and affect thousands of employees across multiple departments. This news has caused concern among Meta’s current staff who are already struggling with job insecurity due to the pandemic-induced recession.
The exact number of employees affected by these additional cuts is yet unknown but it will likely be significant given the scale of previous layoffs announced by Meta in April 2020, which saw over a 10% reduction in its workforce globally. In addition to job losses, there may also be pay cuts for some existing staff members along with other cost-cutting measures, such as reduced benefits packages and travel restrictions for those who remain employed at Meta.
These drastic changes come at a time when many people are facing financial hardship due to COVID-19-related economic downturns around the world and have been met with criticism from both inside and outside Meta’s organization. It remains unclear how long these new cost-cutting measures will remain in place or what impact they will have on future hiring plans but one thing is certain: these difficult decisions taken by companies like Meta during this unprecedented crisis period will shape our economy for years ahead.Read more at CNBC