Facebook Employees Anticipate Job Cuts Up To 10% While Company Denies: Report

Meta Platforms Inc META owned Facebook employees fear job cuts as high as 10% as Meta cracked down on low performers, the Business Insider reports.
Meta employees braced for sweeping job cuts after executives suggested the company planned to significantly heighten performance expectations and "transition out" anyone who missed the cut.
Recently Meta's HR Chief, Lori Goler, sent a memo suggesting cuts to employees who failed to meet expectations as the company began to operate with "increased intensity."
An employee described the feeling of a "witch hunt" at work.
A different employee said Meta recently gave them an "offer to leave" the company, essentially a negotiated severance package.
"We don't have any plans for layoffs at this time," a Meta spokesperson said.
Goler's memo directed managers to build high-performing teams, ruthlessly prioritize, and make the most of synchronous and asynchronous time with teams, according to an employee.
Facebook lost 40% of its value in just six months as it battled advertising challenges kicked off by Apple Inc's AAPL privacy changes and Russia's invasion of Ukraine. Its metaverse segment lost $10 billion in a year.
Facebook, which changed its name to Meta Platforms last year, had aggressively hired over the past two years.
Meta employees previously said they expected layoffs in early May after the company implemented a partial hiring freeze and a companywide hiring slowdown.
Separately, Shopify Inc SHOP prepared to slash 1,000 workers, or 10% of its global workforce, amid surging interest rates, supply-chain crisis, and the reversal of pandemic trends.
Price Action: META shares traded lower by 1.50% at $164.15 on the last check Tuesday.
Photo by JD Lasica via Wikimedia Commons

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