Facebook parent Meta It was the largest-ever layoffs Last November saw the loss of approximately 11,000 employees. But more According to it, jobs could soon be eliminated.
Mark Zuckerberg, CEO of Facebook noted this in a Facebook post post On February 1st “We closed last year with some difficult layoffs and restructuring some teams. When we did this, I said clearly that this was the beginning of our focus on efficiency and not the end.” The same day, during earnings calls, he also revealed that 2023 was being announced. Meta’s “year of efficiency.”
However Meta workers wonder who will be deemed inefficient, The company has delayed finalizing multiple teams’ budgets, according to the Financial Times. Anonymized employees spoke out to the British newspaper under the condition that they remain anonymous. They said low morale in the company and very little was being done by some departments. as They are awaiting abnormally slow budget decision.
Meta Responding to a request for comment, she declined to respond. The Sunday Review.
“Honestly, it’s still a mess,” One employee spoke out for the FT. “The year of efficiency is kicking off with a bunch of people getting paid to do nothing.”
According to other workers, the newspaper will be experiencing the next round in job losses next month.
The middle managers should be worried.
‘More proactive about cutting projects’
Zuckerberg posted the following Facebook message: “We’re working on flattening our org structure and removing some layers of middle management to make decisions faster, as well as deploying AI tools to help our engineers be more productive. As part of this, we’re going to be more proactive about cutting projects that aren’t performing or may no longer be as crucial, but my main focus is on increasing the efficiency of how we execute our top priorities.”
The metaverse is one of these priorities. It’s a virtual world with little to no realization that users have been struggling to use and will take many years before it becomes profitable. The company’s metaverse division, Reality Labs, notched a loss of $13.7 billion for Increased to $10.2 billion in 2022 from 2021’s loss of $10.2 million
Investors attempted to press Zuckerberg for a reduction in the size of his metaverse investments.
John Carmack, the pioneer of virtual reality, quit his top-ranking consulting position at IBM in December. MetaThere he was involved in the creation of the metaverse. He tweeted on the way out, “I have always been pretty frustrated with how things get done at FB/Meta. Everything necessary for spectacular success is right there, but it doesn’t get put together effectively.”
The metaverse is slowing down and there have been three quarters in a row of revenue declines year over year. not stopping stock buybacks At Meta. According to its most recent earnings statement Meta It stated that it has increased its share purchase authorization to $40 billion. This is in addition to the fact that it purchased back approximately $28 billion last year.
Many tech firms over-hired during this pandemic. as The demand soared for Services have done large layoffs Recent months have seen clashing headlines. as According to the U.S. latest jobs report, there has been the lowest rate of unemployment in fifty years.
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