by Arbor Financial President Jeff Small looks at critical names for investors to watch in Making Money.
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.
MARK ZUCKERBERG SAYS HE’S IN RESPONSIBLE WHILE META PREPARES REDUCTIONS: REPORT
“The year of efficiency starts with a bunch of people getting paid to do nothing,” said one staffer, adding that “it’s a mess.”
A security guard stands guard at the Meta sign outside the headquarters of Facebook parent company Meta Platforms Inc. in Mountain View, California November 9, 2022. (Reuters/Peter DaSilva/Reuters Photos)
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.
LAYOFFS 2023: TECH COMPANIES LEAD JOB SHUTDOWN AMONG ECONOMIC UNCERTAINTY
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.
| ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| META | META PLATFORMS INC. | 179.43 | +5.28 | +3.03% |
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”.
GET FOX BUSINESS ON THE GO BY CLICKING HERE
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.
Former Facebook official Kara Frederick examines attempts by GOP members of the House of Representatives to hold Big Tech more accountable in The Evening Edit.
