Meta Platforms Inc. will eliminate several layers of middle management in an effort to decrease expenses and improve "efficiency" across the board, Chief Executive Officer Mark Zuckerberg has confirmed. The Facebook parent will also seek to reduce non-performing or unnecessary initiatives and enhance the execution of priority.
Mark Zuckerberg announced the upcoming layoffs during Meta's conference call with investors to discuss its fourth-quarter results, Verge quoted sources, as saying. “I simply think we've reached somewhat of a phase transition for the organisation”, Zuckerberg reportedly said. The CEO said that the company's workforce has been expanding regularly for almost 20 years, making it “extremely difficult to truly crank on efficiency while you're growing that rapidly”.
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Additionally, Mark Zuckerberg is quoted in the article as saying that no one wants a management system with more managers than employees. The Meta CEO expressed his happiness with the company's community's growth in a press statement. Meta revealed its plan to layoff 11,000 employees in November 2022, which roughly equated to around 13% of the workforce. Mark Zuckerberg made the announcement in a blog post on his official website. He stated at the time, “I decided to substantially expand our investment levels. Sadly, things did not turn out the way I had anticipated”.
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Q: Is there a hiring halt at Meta?
According to CEO Mark Zuckerberg, Facebook parent firm Meta will freeze the majority of its employment. According to Zuckerberg, the objective is for the social media behemoth to be "slightly smaller" by the end of 2023.
Q: Will Meta lay off workers?
In early November 2022, Meta let off roughly 11,000 people, decreasing its employment by 13% and instituting a recruiting freeze that would last until the first quarter of 2023. The majority of the layoffs will be from Facebook, Instagram, and WhatsApp, with fewer from the metaverse section.