Is Meta gearing up for more layoffs?
Meta Founder and CEO Mark Zuckerberg have reportedly put middle managers at the company on notice. Zuckerberg warned managers at a recent all-hands meeting, according to the newsletter Command Line by The Verge’s Alex Heath.
Meta Chief product officer Chris Cox has also spoken about the requirement to “flatten” the organizational structure.
The Meta CEO apparently told them, “I don’t think you want a management structure that’s just managers managing managers, managing managers, managing managers, managing the people who are doing the work.”
The statement appears to be indicating that the company, which will make its quarterly results public this week, may sack more employees.
In a statement, Zuckerberg said the company is going to take a number of additional steps to become a leaner and more efficient company by cutting discretionary spending and extending its hiring freeze through Q1. He blamed the macroeconomic downturn, increased competition, and ads signal loss for the move, saying it caused “revenue to be much lower than I’d expected”.
In one of the worst lay-offs ever in the tech industry, Zuckerberg in November sacked more than 11,000 employees — about 13 percent of the global workforce — and extended the hiring freeze through Q1 2023.
The Facebook and Instagram parent company reported over 87,000 employees (as of September 2022).
“At the start of Covid, the world rapidly moved online and the surge of e-commerce led to outsized revenue growth. Many people predicted this would be a permanent acceleration that would continue even after the pandemic ended. I did too, so I made the decision to significantly increase our investments. Unfortunately, this did not play out the way I expected,” said Zuckerberg.
[With Inputs from IANS]
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Indiscriminate expansion/recruitment, & now exactly indiscriminate & directionless demobs. Software professionals to think before joining such meaningless, worthless & directionless organizations