Meta boss Mark Zuckerberg is planning fresh bloodbath of non-engineering staff
Meta plans to cut thousands of jobs and reorganize its top management structure in a downsizing effort to reduce costs.
Chief Executive Officer Mark Zuckerberg plans to eliminate human resources positions, as well as lawyers, financial experts and top executives.
Facebook’s parent company plans to push some leaders into lower-level roles, reducing management levels between Zuckerberg and the company’s interns.
Experts say Meta expects some employees whose jobs have been converted to quit, which would reduce the workforce.
Earlier this month, Zuckerberg called 2023 the year of “efficiency,” announcing cutbacks at Facebook and Instagram.
CEO Mark Zuckerberg plans to eliminate human resources positions, as well as lawyers, financial experts and top executives.
Earlier this month, Zuckerberg called 2023 the year of “efficiency,” announcing cutbacks at Facebook and Instagram.
Zuckerberg told investors at the meeting: “We closed out last year with some tough layoffs and restructuring some teams.
“When we did this, I made it clear that this was the beginning of our focus on efficiency and not the end.”
A source told the washington outlett that managers might end up overseeing a larger number of employees as their teams grow.
The company is also considering cutting projects and jobs to target divisions across the company and around the world.
No date has been given for the cuts, but they are expected to be implemented in the coming months.
Nicola Mendelsohn and Justin Osofsky received additional mandates as a result of the upcoming departure of business director Marne Levine this summer.
The new layoff comes just three months after the company laid off 11,000 people, with hiring and business teams facing major losses.
At the time, the chief executive told workers that he “did not expect any more layoffs” after the November cutbacks, adding that the job cuts were to “minimize the possibility of having to make broad layoffs like this in the foreseeable future”.
Mark Zuckerberg has called 2023 the “year of efficiency,” however one area he’s not looking to cut is his personal security bill, which is said to increase by at least $4 million this year.
Meta previously laid off around 10 percent of its workforce last year, and recent moves indicate more mass layoffs are on the way.
Nicola Mendelsohn (right) and Justin Osofsky (left) received additional mandates as a result of the upcoming departure of business director Marne Levine this summer.
He said: ‘Obviously I can’t sit here and promise you nothing will happen in the future because it’s a very volatile environment.
“But what I can say is that where we are right now, that’s what I envision.”
It comes after it gave about 10 percent of its employees low job performance ratings in a recent round of reviews.
The company’s preparations to lay off thousands more employees come as the ‘tech wreck’ has swept through Silicon Valley following a post-pandemic financial meltdown.
Despite taking drastic cost-cutting measures in several areas of his company, Zuckerberg has also invested an additional $4 million to beef up his personal security.
Meta, the parent company of Facebook and Instagram, has taken several cost-cutting measures to salvage its failing bottom line, and its highly-paid tech execs will see their bonuses slashed, too.
Marne Levine, Meta’s vice president of global partnerships and business development, will leave in the summer
Meta announced that it will soon charge social media users a monthly subscription fee to verify on Facebook and Instagram.
Meta CEO Mark Zuckerberg is planning another round of ‘large-scale layoffs’, following the first in the company’s history late last year.
The mass layoffs come after Meta nearly doubled its number of employees from 2019 to 2022 to more than 86,000 amid increased use of technology during the pandemic.
But a large portion of Meta’s employees will now be sacrificed, as the company suffers from slowing ad revenue and costly investment in the ‘metaverse’.
According to Nasdaq, the company has experienced an operating loss of nearly $24 billion in the last two years due to its spending on the metaverse.
This has prompted Zuckerberg to unveil his “efficiency” push to reverse falling revenue from Meta, which is said to have reduced its value by $80 billion last year alone.
They also received a lot of backlash after announcing that they were rolling out a new paid verification subscription service called Meta Verified.
Coming soon, for $11.99/mo on web and $14.99/mo on iOs, Instagram and Facebook users will be able to pay to become a verified user, which will include, among other things, a blue verification badge.
The service will be introduced for the first time in New Zealand and Australia this year, and will be available in other nations ‘soon’.
Among Zuckerberg’s latest moves are removing middle managers to ‘flatten’ Meta’s structure and increase productivity by introducing AI to its workforce.
The company has seen an operating loss of nearly $24 billion in the past two years due to its spending on the metaverse.
Zuckerberg will want to avoid the backlash Elon Musk faces over his brutal firings on Twitter
Sundar Pichai, Alphabet’s chief executive, said the company’s mass layoffs will affect teams across the company, including recruiting and some corporate functions.
In addition to sacrificing its workforce and implementing artificial intelligence tools in a bid to ramp up its production on a budget, Meta recently made another cost-cutting move by shutting down Instagram’s “live shopping” marketplace feature.
About half of Meta’s hires have never experienced a performance review at the company, and the hard-hitting nature of the most recent cycle was described as a return to Zuckerberg’s “old-school” hard-line style.
The CEO’s penchant for being short was depicted in his 2010 biopic The Social Network, with one former worker telling the Wall Street Journal that his latest moves are a comeback of ‘OG Mark’ or ‘old school Zuck’.
Following news of the poor performance reviews, a Meta spokesperson said: “We’ve always had a goal-based, high-performance culture, and our review process aims to incentivize long-term thinking and high-quality work, while helping employees get actionable feedback.’
According to reports, 10% of workers who received bad reviews have taken their ratings as a sign that they need to seek new employment opportunities.
However, Meta’s drastic changes already seemed to be paying off, as the company announced a net profit of $4.7 billion for its fourth quarter.
The report broke a massive slide for the tech giant, which had seen its quarterly returns fall three times in a row before its recent earnings.
Zuckerberg’s layoff of about 10 percent of his Meta staff came as several other major companies also laid off large chunks of their employees.
After the acquisition of Twitter by Elon Musk, the businessman brutally fired half of the company’s staff, some 3,750 employees.
Other companies that suffered from the “tech wreck” include Google’s parent company Alphabet, which last month laid off 12,000 employees, about 6 percent of its workforce.
At just seven big tech companies, job cuts announced in recent months total nearly 70,000: Amazon, Alphabet, Meta, Microsoft, Salesforce, HP and Twitter.