(FreedomBeacon.com)- Media outlets have reported recently that Meta – the parent company of Facebook and Instagram – may be in some trouble, with major job cuts coming in the near future.
The Financial Times reported recently that there have been major disruptions at the company’s three main entities – Instagram, WhatsApp and Facebook – as they’ve been preparing for another major round of employment cuts. It’s all apparently a part of the “year of efficiency” plan put forth by the company’s CEO, Mark Zuckerberg.
Two employees of Facebook who talked to the Financial Times said there’s a lot of uncertainty at the company internally, since the social media company has delayed the completion of budgets for multiple teams. Many staff members have complained that, as a result, “zero work” is getting done since managers can’t plan their full workloads.
The employees are saying that some decisions that in the past took only a few days to complete are taking as much as one month to finalize now. This is happening even in some of the company’s most crucial departments, such as advertising and the metaverse.
As one of the employees told the Financial Times:
“Honestly, it’s still a mess. The year of efficiency is kicking off with a bunch of people getting paid to do nothing.”
The employees say that staffers overall have become very frustrated by the major uncertainty at the company. This has led them to feel both demoralized and unmotivated at the same time.
In November, Facebook instituted mass layoffs of approximately 11,000 people, which represented 13% of the total workforce at Facebook.
Investors on Wall Street have been none too pleased with the finances of Meta, which includes the $10 billion it’s investing into the metaverse every year as well as its employee headcount, which many believe is bloated.
That’s seemingly the motivation behind the “year of efficiency” Zuckerberg is touting as a way to reduce costs at the company. Meta is in the process of reviewing all employee performance in preparation of more mass layoffs that could happen as early as next month.
During an earnings call last week with some analysts, Zuckerberg said that part of the plan would involve “flattening its org structure,” meaning that some of the middle management layers would be removed so that decisions could be made more quickly.
Meta would also be “more proactive” in terminating projects that were either not of high importance or that have proven to be unsuccessful. Some cases would see managers being asked to transition to other roles that would see them be individual contributors, or they could choose to leave Meta altogether.
Many staffers, though, believe this will essentially be a demotion rather than a reorganization, which has them demoralized even more.
Meta, like many other Big Tech companies, have faced challenging times in recent months as stocks have been sold off in the industry because of the current economic climate and markets tightening their budgets.