Work at Meta is coming to a standstill as the company prepares for a fresh round of job cuts in the coming weeks, according to a report by the Financial Times Saturday. As part of Mark Zuckerberg's "year of efficiency," the company delayed finalizing budgets for multiple teams across Meta, which owns Facebook, Whatsapp, and Instagram.
The news comes after Meta laid off 11,000 employees in November — around 13 percent of its headcount — the most dramatic reduction in the company's 20-year history. According to current employees that spoke with the Financial Times, the staff at Meta have been "demotivated and demoralized due to the cuts and uncertainty." The Financial Times reports that in an earnings call last week, Zuckerberg said the company would be getting "more proactive" about the gutting of projects considered low-priority or low-performing. Meta is also reportedly working on "flattening" the organization's structure by removing middle management.
With Amazon, Google, and Microsoft all cutting jobs in recent months, Meta is far from the only big tech company touched by layoffs. The Financial Times reports that Meta's fourth-quarter results sent shares up 18 percent after their line of cuts in November. Amazon laid off over 18,000 employees, and Google (Alphabet) laid off 12,000 employees in January. (You can read Mashable's continuing coverage of the recent wave of tech industry layoffs here.)
According to sources that spoke with The Financial Times, managers are being asked to either leave the company or move to roles where they don't manage anyone or, individual contributor roles. Internally, this is being called "the flattening" and "calibration," the Financial Times reports, with some staff concerned about potential demotions and job mergers.
Meta did not immediately respond to Mashable's request for comment.
from Mashable https://ift.tt/sL6GohR
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