Meta may layoff more employees: Report
The social media firm is deputising human resources, legal, finance, and top executives to develop strategies to flatten the organisation’s hierarchy.
parent Meta is reportedly preparing for a fresh round of layoffs that may affect thousands of employees.
The Washington Post reported that the social media firm is deputising human resources, legal, finance, and top executives to develop strategies that flatten the organisation’s hierarchy. The aim is to downsize and reorganise the company.
The management structure between Meta CEO Mark Zuckerberg and the firm’s interns will be streamlined by moving certain executives into lower-level positions without direct reporting, the report added.
YourStory could not independently verify the report. Meta did not respond to the queries sent by YourStory at the time of publication.
Meta also anticipates resignations from those whose jobs will be transformed when managers find their teams have expanded, reducing its staff by default, the report said.
The social media company is also thinking about making more conventional cuts like axing some projects and employment, in addition to focusing on management, it added.
These initiatives, which are aimed at divisions in every country and region of Meta, might not be implemented all at once but will probably take place gradually over the next few months, it added.
A new wave of layoffs would follow Zuckerberg’s announcement in November to reduce the size of its team by about 13%, cutting over 11,000 jobs. Meta’s headcount was 86,482 as of December 31, 2022—an increase of 20% year-over-year. This includes a substantial majority of the employees impacted by the layoff, as per the company.
“Our management theme for 2023 is the ‘Year of Efficiency’ and we’re focused on becoming a stronger and more nimble organisation,” Zuckerberg said earlier this month as the company posted better-than-expected fourth-quarter revenue.
Edited by Kanishk Singh