After laying off 11,000 employees in November of last year, Meta Founder and CEO Mark Zuckerberg have reportedly put the company’s middle management on notice. According to The Verge’s Alex Heath’s newsletter Command Line, Zuckerberg warned managers at a recent all-hands meeting.
“I don’t think you want a management system that’s just managers managing managers, managing the individuals who perform the work,” the Meta CEO allegedly told them. The comment implies that the corporation, which will release its quarterly results this week, may lay off more workers.
Chris Cox, Chief Product Officer of Meta, has also spoken about the need to “flatten” the organizational structure.
In one of the greatest layoffs in tech history, CEO Mark Zuckerberg fired around 11,000 employees in November, accounting for roughly 13% of the global workforce, and extended the hiring freeze through Q1 2023. The parent firm of Facebook and Instagram reported over 87,000 employees (as of September 2022).
In a statement, CEO Mark Zuckerberg stated that the business will take extra steps to become leaner and more effective, including eliminating discretionary spending and extending its hiring freeze through Q1.
He blamed the macroeconomic slump, increasing competition, and advertisements signal loss for the move, stating it caused “revenue to be significantly lower than I’d planned.”
“At the outset of Covid, the world was rapidly moving online, and the explosion of e-commerce resulted in explosive revenue growth. Many people projected that this would be a long-term acceleration long after the pandemic was over. I felt the same way, so I decided to boost our investments considerably, “CEO Mark Zuckerberg stated.
“Unfortunately, this did not go as planned,” he had stated.