Meta CEO Mark Zuckerberg has just confirmed that the company will lay off 10,000 employees, and 5,000 open positions for hire will be closed.
Laying off employees to cut costs has become an epidemic in the United States. Tech companies are at the core of this change, and over 94,000 employees working in the US tech companies have been laid off so far in 2023 (via Crunchbase). Meta axed 11,000 jobs in November last year, and 10,000 more jobs will be removed soon. The company’s overall headcount will reduce to around 66,000 after these layoffs.
Meta has frozen its hiring to restructure the efforts and different departments. Zuckerberg says the process might take until the end of 2023 for the company’s headquarters in the US. After passing this transition period, Meta might begin hiring new employees again. The company’s tech departments will go through restructuring in late April, and business teams in late May.
Meta to lay off 10,000 workers and closes 5,000 job opportunities
According to Zuckerberg’s letter, Meta will “announce restructuring plans focused on flattening our orgs.” In simple terms, this statement means the company will reduce the number of departments and managers to reduce bureaucracy. It also suggests that Meta wants to focus on projects that are high priority. The CEO confirmed that Meta “will ask many managers to become individual contributors.”
Employees working at the Reality Labs hardware and metaverse division will reportedly get affected. We recently reported that Meta Quest Headsets are up to 33% off due to low sales, and the company has lost $13.7 billion on the Reality Labs unit. The company needs cash to stay operational, and that may be why it launched Twitter-like Meta Verified. A verified badge by Meta costs $11.99 monthly on the web and $14.99 on mobile apps.
Zuckerberg also asserted that 2023 would be the “year of efficiency” for Meta. He said the company is now working “faster” due to last year’s layoffs. “A leaner org will execute its highest priorities faster. People will be more productive, and their work will be more fun and fulfilling.” Zuckerberg said.
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Source: ndroidheadlines.com