Some Meta Platforms employees are blasting CEO Mark Zuckerberg’s “Year of Efficiency” as the social media company plans further cost-cutting measures, according to a recent report.
The parent company of Facebook, Instagram and WhatsApp is preparing for another round of job cuts after cutting 11,000 jobs to cut costs last fall, according to a report by the Financial Times.
While Meta plans another layoff, FT officials familiar with the matter said there wasn’t much clarity on team budgets or future headcounts, leaving managers unable to plan their workloads. Employees say “zero work” is being done, outlet staff said.
Meta officials declined to comment.
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“The year of efficiency starts with a bunch of people getting paid to do nothing,” said one staffer, adding that “it’s a mess.”
For example, in some cases it took up to a month for priority projects or decisions to be signed. Normally, this process takes days, the outlet continues.
Some managers are even being told to change roles where they are not responsible for managing people or to leave the company, the outlet reported. Staff are concerned it means some staff will essentially be demoted.
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Earlier this month, when the company reported its fourth-quarter results, Zuckerberg said the management theme for 2023 was the “Year of Efficiency” and that it was “focused on becoming a stronger and more agile organization.”
According to Meta, revenue in 2022 fell 1% to $116.6 billion while net income fell 41%. to $23.2 billion.
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Though Meta had a major layoff just months ago, more cuts are expected in March as the company continues to review employee performance, the outlet said. However, a handful of staff said the cuts and uncertainty have left staff feeling unmotivated and “demoralized”.
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Many tech giants like Meta are trying to tighten their belts after hiring too many employees during the pandemic. Businesses benefited from a surge in demand for their products and services as people were forced to work remotely.