MEta-facebook: There is a flood of negative employee evaluations. New layoffs in sight?
The big American high-tech companies are now preparing for several waves of layoffs, in an unfavorable economic situation for these mega listed companies. We've seen layoffs everywhere from auto companies like Ford, to investment banks like Goldman, to technology companies, especially those that once had the name "disruptive."
Tech giant Meta appears to be poised to continue this trend. In fact, just hours ago the news that, although the company has already laid off 11,000 employees, has classified thousands of new employees as "not up to par" in their latest performance reviews. This obviously sets these employees up for another wave of layoffs.
CEO and founder Mark Zuckerberg has previously said 2023 would be an "effective year" for the company, signaling to Wall Street that such cuts were likely imminent. The company's stock reacted with an increase of more than 100% from its 52-week lows, near $88 a share. Investors seem to like the message, so why shouldn't the company follow suit?
According to Fortune , company executives have given about 10 percent of its employees a negative rating, reverting to a standard the company used before the pandemic, before Zuckerberg allowed some leniency in performance ratings.
The news comes just days after the company said it would delay finalizing financial statements, and Zuckerberg wrote in a Facebook post this month: “We are working to lighten our organizational structure and remove some layers of middle management to make decisions faster, as well as implement AI tools to help our engineers be more productive. In this context, we will be more proactive in cutting projects that are not working or that may no longer be so crucial”.
Fortune reports that the company's "Metaverse" division is likely sheltered from future cuts. Other segments, however, won't be as lucky.
“We ended last year with some difficult layoffs and the restructuring of some teams. When we did that, I made it clear that this was the beginning of our focus on efficiency and not the end,” concluded Zuckerberg. In short, the layoffs are not over.
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The MEta-facebook article: there is a flood of negative employee evaluations. New layoffs in sight? comes from Economic Scenarios .
This is a machine translation of a post published on Scenari Economici at the URL https://scenarieconomici.it/meta-facebook-licenziamenti/ on Mon, 20 Feb 2023 07:00:56 +0000.