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FutureStarrFacebook-Parent Meta to Cut 10000 Jobs in Second Round of Layoffs
Facebook-parent Meta has announced a second round of job cuts, consisting of 10,000 employees. This comes months after they announced an 11,000 reduction in personnel numbers due to declining advertising revenue and fears about an economic slowdown.
Since his appointment as CEO, Mark Zuckerberg has been actively seeking ways to reduce costs and maximize efficiency at his company. Last month he declared 2023 "a year of efficiency" and hinted at further job cuts.
Facebook parent Meta this week announced a second round of layoffs, cutting 10,000 jobs and closing 5,000 job postings. These reductions are designed to improve efficiency as the social media giant struggles with declining advertising revenue amid concerns of an economic slowdown.
This move is part of a wider trend among tech firms that had been hiring aggressively for years but have begun to reduce staff after the global economy softened in recent months. Alphabet, Microsoft and Zoom all reduced their headcounts last month as concerns about an economic downturn began to affect their companies.
Zuckerberg has promised to cut expenses and make more informed decisions at his company, which is investing billions into creating the metaverse - an immersive digital world connected by virtual reality headsets and applications. In an interview with CNN last month, Zuckerberg estimated that costs at the company would decrease between $86 billion and $92 billion by 2023 - lower estimates than previously projected.
To this end, the company plans to reduce the size of its recruiting team and make further cuts in tech groups in late April, followed by business units in May. Furthermore, redundancies will be eliminated along with layers of management as it strives to become more efficient.
Meta plans to reduce its investments in products with no long-term prospects or that aren't strategically crucial, including teams created early during the pandemic to compete with Zoom, create shopping features and more.
Many teams have already been informed they won't be able to hire new engineers or receive internal transfers for an extended period. These include the Remote Presence team formed during the pandemic to build video and audio calling features to rival Zoom, as well as Facebook Dating & Gaming and Messenger Kids product groups.
The changes are intended to prioritize long-term impact and create products that stand out from their competitors. They will also eliminate multiple layers of management and ask many managers to become individual contributors, which should improve efficiency and strengthen Facebook, Instagram and WhatsApp's competitive position as they become increasingly popular around the world.
After a major round of layoffs last November, Facebook owner Meta Platforms now plans to eliminate an additional 10000 jobs in another round of job cuts. This could result in thousands of positions being eliminated from Bay Area workers.
This announcement follows a year of efficiency that saw Meta simplify its organization, cancel lower-priority projects and slow hiring to improve financial performance and reach long-term objectives. CEO Mark Zuckerberg has been vocal about these initiatives which investors have praised as an effort to make the company more efficient and better aligned with its business strategies.
These changes have been met with some skepticism by employees, who have said that Zuckerberg's drive for efficiency has caused "a lot of anxiety" among them. Some even suggest that the staggered nature of the cuts has added fuel to their fears about losing their jobs.
Some workers are worried the second round of job cuts will hinder Meta's transformation into a "metaverse," an organization connecting people to an immersive digital world. This transformation has been costly for the company; they invested billions of dollars into technology and reallocated workers to their Reality Labs division to focus on products for the metaverse.
Meta's share price has not been affected by this refocus, however; it rose nearly 58% this month and has gained almost 37% this year. A number of factors are holding back Silicon Valley's thriving tech sector from recovering, such as a slowing economy, high inflation rates and declines in digital advertising spending.
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Mark Zuckerberg, CEO of Meta, announced Tuesday that the company will make another round of layoffs that could result in the loss of approximately 10,000 positions. This follows a previous restructuring late last year which resulted in the elimination of more than 11,000 roles - or 13 percent - from its workforce.
This move comes as uncertainty surrounding the global economy has hit the technology sector hard. Already this year, many of the world's largest tech firms have cut staff levels, including Alphabet, Microsoft and Zoom.
In a memo to employees, Zuckerberg announced the latest cuts by "flattening" layers of middle management and eliminating lower priority projects. He also pledged to continue building for the long run and maintain an emphasis on AI.
Zuckerberg reiterated that Meta would remain focused on its virtual reality platform, the metaverse. He has invested millions of dollars into this venture which involves connecting people to an immersive digital world through headsets and applications.
He is worried that the public hasn't fully adopted this idea. As a result, revenue from their main businesses has dropped and advertising spending has slowed down.
This trend can be partly attributed to the coronavirus pandemic and its effect on mobile apps, but also due to changes in privacy regulations implemented by Apple and advertisers reducing budgets.
In his letter to employees, Zuckerberg cited several factors that had caused the cuts. These included changes in consumer behavior and a slowdown in growth for social media companies. But he also acknowledged that global economic conditions had changed and competitive pressures have grown.
Zuckerberg believes the decision to reduce staffing will enable the company to achieve economies of scale and reduce expenses. Furthermore, this strategy makes it simpler for management to find new talent and promote from within.
The company will reduce its hiring plans for 5,000 positions and eliminate lower-priority projects. Those affected by the cuts will be offered other opportunities within or outside of the company; however, it remains uncertain how many job losses will be permanent.
Facebook-parent Meta Platforms is laying off another 10,000 employees, following a 13% cut in November. These cuts come as the company embarks on what it calls an "year of efficiency" to reduce costs and boost long-term financial performance.
Meta is currently undertaking a second round of job cuts, which aim to "flatten" its organizational structure by killing off lower priority projects and cutting hiring rates. These restructuring measures, which should take approximately two months to complete, aim to reduce operating expenses by approximately $3 billion annually.
According to the company's filing, job reductions will affect a variety of departments such as recruitment, tech and business groups. These teams will be the first affected by these cuts, followed by customer service and engineering.
Meta plans on eliminating non-engineering roles and automating more functions in addition to eliminating jobs. It will "flatten" layers of management, encouraging many managers to return to individual contributor roles instead of supervising others.
These changes are designed to "improve organizational efficiency" and reduce costs as the economy continues to deteriorate, according to a filing from the company. It estimates that these cuts will result in savings of $3 billion for the company.
This round of cuts comes as the company continues to face a range of difficulties, such as slowing growth in its core businesses, a pullback in digital advertising after the COVID-19 pandemic e-commerce boom and Apple's privacy changes that restricted ad personalization options.
The company is investing heavily in artificial intelligence, as rivals such as Google and Facebook have launched generative AI chatbots and productivity tools to compete with its own offerings.
Project management prioritization is an essential process to guarantee new projects are assigned appropriately and can be completed on schedule and within budget. Executives frequently meet in meetings to discuss priorities among different projects within their portfolio; however, discussions often devolve into political battles over who has power and money to launch a new initiative.
Project managers should provide their senior leaders with a list of all projects in their portfolio, which should include both high and low priority ones. This helps determine which ones should begin within this quarter and which ones can wait until they have enough resources and an established timeline.