Meta Inc, the parent company of Facebook and Instagram, is planning to slash its workforce as soon as this week in order to meet its financial targets. The expected job cuts will impact thousands of the tech giant’s employees, as reported by Reuters.

This decision from the Mark Zuckerberg-headed entity comes on top of the 13 per cent workforce reduction it announced in November last year. Over 13,000 Meta employees lost jobs in what was the first major layoff announced by the tech giant. Meta is yet to confirm the latest round of layoffs as reported by ndtv.com.

Last year’s decision for layoffs can be attributed to the company following a streamlining of its organizational structure, which includes buyout packages for managers and laying off whole teams considered to be non-essential.

However, the imminent round of layoffs is not part of the same agenda according to people familiar with ongoing developments.

Meta has witnessed a steady drop in advertising revenues, which has further led the company to ask its directors and vice presidents to compile a list of employees that can be laid off. Zuckerberg has dubbed this year as Meta’s "year of efficiency,", a theme that the company has been communicating to employees during their performance reviews.

Finalisation of the layoff plans could happen this week before CEO Zuckerberg goes on parental leave ahead of the birth of his third child as per reports. The CEO had shouldered the responsibility for the first round of layoffs and admitted that the company had expanded beyond measure during the pandemic.

While the first layoffs were shocking and completely unexpected for Meta’s workforce, this time the situation has proved to be a little bit different. As per media reports, the employees had been assigned a subpar rating on their performance, which was an omen for the impending layoffs.