UNITED STATES: Meta, the parent company of Facebook, is set to reduce its workforce by around 10,000 employees through several job cuts in the coming months, according to an announcement by Mark Zuckerberg, the company’s founder and CEO.
The move is part of the company’s “year of efficiency” and is focused on flattening the organization, canceling lower-priority projects, and reducing hiring rates.
Mark Zuckerberg stated that the restructuring plans will be announced over the next couple of months and will impact both tech and business groups.
The CEO also mentioned that a small number of cases may take until the end of the year to implement these changes, while timelines for international teams will look different, with local leaders following up with more details.
Meta had already laid off 11,000 employees in November 2022, which accounted for 13% of the company’s workforce. Following the current job cuts, the company plans to lift the hiring and transfer freeze in each group.
In its “Year of Efficiency,” Meta plans to make the organization flatter than before by removing multiple layers of management from the platform.
This will involve asking many managers to become individual contributors and having individual contributors report to almost every level to ensure faster information flow between people doing the work and management.
While there is no specific mention of layoffs in India, it is expected that the market will be affected as part of the global layoff.
The job cuts will also lower the high-end guidance for the year by $3 billion, according to a separate filing with the US Securities and Exchange Commission.
In a nutshell, the job cuts are a significant move by Meta to streamline its operations and improve its efficiency in the coming years.
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