Workers at Facebook, Snap fear second round of layoffs is on the way
to workers during a call that he did not want a company culture of"managers managing managers," as reported by The Verge. Talk inside the company has moved beyond whether layoffs will happen again, to how many employees will be cut this time. People expect another cut to headcount between 5% and 10%, the workers said. They asked not to be identified discussing company matters.
Mark Schilsky, a financial analyst at Bernstein, also sees"signs that Meta might have further plans to reduce costs" in its decision to rank more employees as lower performing. It's expected that the company is going to announce a $1 billion reduction in operating expenses for this year when it reports earnings on Wednesday, he added.
"Literally you can't get promoted to an engineering manager until you 'accumulate' the right size team," the former employee said."So guess what, people want to build their own empires. The incentives were all wrong for lean times and here we are." "I do not think most of these companies are actually done with layoffs," Shah said."It's a painful thing to do, but the sands are shifting so dramatically and there is such a lack of visibility into future performance, it's being talked about by most management teams."
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