Right after Elon Musk fired thousands of Twitter employees, Meta CEO Mark Zuckerberg laid off 11,000 employees. It now appears that more employees at Meta are going to lose jobs soon. According to a recent report, Zuckerberg has put some middle managers on notice. That hints at more layoffs coming at the tech company very soon.
To recall, in November last year, Zuckerberg fired 11000 employees globally due to tough macroeconomic conditions. Now, Zuckerberg, as reported by the newsletter Command Line, has put several middle managers on notice. As per the newsletter, the Meta CEO has warned some of these managers at a recently held all-hands meeting.
“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,” Zuckerberg told managers during the meeting. The statement possibly hints that Zuckerberg might cut some of these roles soon. In addition to Zuckerberg, Meta Chief product officer Chris Cox has also spoken about the need to “flatten” the organisational structure.
As of September 2022, Meta – including Facebook, Instagram and WhatsApp – reported over 87000 employees, which has dropped by thousands now. Last year, Meta sacked 13 per cent of workforce globally, which is around 11,000 employees. The company also announced plans to become a leaner and more efficient company by cutting extra spending and extending hiring freeze through Q1.
Zuckerberg blamed macroeconomic downturn and increased competition as some of the reasons behind layoffs. He added that the revenue of the company was much “lower” than he expected. “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,” Zuckerberg wrote in a blogpost. “Unfortunately, this did not play out the way I expected,” he added.
Meta announced to offer several benefits, including severance, health insurance, immigration support and more. “We will pay 16 weeks of base pay plus two additional weeks for every year of service, with no cap,” Zuckerberg noted. “I know this is especially difficult if you’re here on a visa. There’s a notice period before termination and some visa grace periods, which means everyone will have time to make plans and work through their immigration status. We have dedicated immigration specialists to help guide you based on what you and your family need,” he further added.
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