Some employees of Meta Platforms are blasting CEO Mark Zuckerberg’s “year of efficiency” as the social media company plans more cost-cutting measures, according to a recent report.
The parent of Facebook, Instagram, and WhatsApp is readying another round of job cuts after axing 11,000 positions last fall to reign in costs, according to a report from the Financial Times.
While Meta plans another layoff, employees familiar with the matter told the FT there hasn’t been a lot of clarity around team budgets or future headcount, leaving managers unable to plan their workloads. Staff says “zero work” is getting done, employees told the outlet.
Representatives for Meta declined to comment.
“The year of efficiency is kicking off with a bunch of people getting paid to do nothing,” one employee said, adding that “it’s a mess.”
For instance, signing off on priority projects or decisions has taken upward of a month in some cases. Usually, this process takes days, the outlet continued.
Some managers are even being told to shift roles where they aren’t responsible for managing anyone or to exit the company, the outlet reported. Employees are worried that this means some employees are essentially being demoted.
Earlier this month, as the company reported its fourth-quarter results, Zuckerberg said that the management theme for 2023 is the ‘Year of Efficiency’ and that it’s “focused on becoming a stronger and more nimble organization.”
Meta said revenue fell 1% to $116.6 billion in 2022 while net income dropped 41%. to $23.2 billion.
Even though Meta had a major layoff just a few months ago, further cuts are expected in March as the company continues to review employee performance, according to the outlet. However, a handful of employees said the cuts and uncertainty have left staff feeling unmotivated and “demoralized.”
Many tech giants, like Meta, are trying to tighten their belts after over hiring during the pandemic. The companies benefited from a surge in demand for their products and services when people were forced to work remotely.
* Article from: Fox Business Network
