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Meta layoffs: CEO Mark Zuckerberg hints at more job cuts, middle managers at stake, say reports
After firing 11,000 employees in November last year, Meta layoffs are planning for more layoff as Meta Founder and CEO Mark Zuckerberg has now put middle managers at the company on notice, said reports.
During a meeting with the employees of the company, Mark Zuckerberg, warned the managers about the job cuts, according to the newsletter Command Line by The Verge’s Alex Heath.
Meta CEO told at the meeting, “I don’t think you want a management structure that’s just managers managing managers, managing managers, managing managers, managing the people who are doing the work.”
The reported statement by Mark Zuckerberg indicated that the company, which is scheduled to declare its quarterly earnings results publicly this week, may fire more employees.
Chris Cox, chief product officer of Meta, also discussed about the need to “flatten” the organizational structure.
In November last year, Zuckerberg laid off more than 11,000 workers—around 13% of employee across the globe, in one of the biggest and worst layoffs in the tech industry, and extended the hiring freeze through Q1 2023.
The one of the biggest tech giant blamed the macroeconomic slowdown, increasing competition and advertisements signal loss for the decision, saying it caused “revenue to be much lower than I’d expected”.
Meta Founder said: “At the start of COVID, the world rapidly moved online and the surge of e-commerce led to outsized revenue growth. Many people predicted this would be a permanent acceleration that would continue even after the pandemic ended. I did too, so I made the decision to significantly increase our investments”.
“Unfortunately, this did not play out the way I expected,” he added.