Some Meta Platforms employees are blasting CEO Mark Zuckerberg's year of efficiency as the social media company plans to add more cost-cutting measures, according to a report.
The parent of Facebook, Instagram, and WhatsApp is going to have another round of job cuts after a 11,000 job cuts last fall to reign in costs, according to a report from the Financial Times.
While Meta plans another layoff, the employees familiar with the matter told the FT that there wasn't a lot of clarity around team budgets or future headcount, leaving managers unable to plan their workloads. The employees told the outlet that zero work is getting done.
The year of efficiency is about to kick off with a bunch of people getting paid to do nothing, one employee said. In some cases, signing off on priority projects or decisions has taken upward of a month. The process usually takes days, according to the outlet.
Some managers are told to shift roles where they aren't responsible for managing anyone or exiting the company, according to the outlet. Some employees are worried that they are being demoted.
Zuckerberg said earlier this month as the company reported its fourth-quarter results that the management theme for 2023 is the Year of Efficiency and that it is focused on becoming a stronger and more nimble organization. Net income dropped 41% and revenue fell 1% to $116.6 billion in 2022, according to Meta. The figure was $23.2 billion.
Even though Meta had a major layoff a few months ago, further cuts are expected in March as the company continues to review employee performance, according to the outlet. The cuts and uncertainty have left staff feeling unmotivated and demoralized, according to a handful of employees. After over hiring during the Pandemic, many tech giants like Meta are trying to tighten their belts. When people had to work remotely, the companies were benefited from a surge in demand for their products and services.