TRINIDAD AND TOBAGO- Facebook-owned Meta is laying off 10,000 more employees in a restructuring intended to flatten the organization and improve efficiency and sustainability. After undergoing massive layoffs not long ago, Mark Zuckerberg, the CEO of Meta and creator of Facebook, proclaimed 2023 the “Year of Efficiency.”
In 2022, after a rather disastrous financial year for Facebook’s parent company, Meta laid off over 13% of its staff. Facebook CEO Mark Zuckerberg describes the “Year of Efficiency” plans as a restructuring aimed at improving communication and decision-making within Meta’s organizations in a new post.
Despite the fact that the founder of Facebook goes to great lengths to explain why restructuring is good for the company, the unsavory news remains, “Overall, we expect to reduce our team size by around 10,000 people.”
The company will also close 5,000 open positions that have not yet been filled, he said. According to Zuckerberg, the restructuring is primarily intended to reduce recruiting rates, but the recruiters will also be the most affected, although lower priority projects will also be canceled.
Following Meta’s mass layoffs in 2022, Zuckerberg’s “Year of Efficiency” restructuring plan will affect a larger proportion of the company’s employees this time around. In the “Year of Efficiency” update post, restructurings, and layoffs are expected in tech groups in late April and in business groups in late May. All expected changes may not be completed until the end of 2023, according to the post.
In spite of Meta’s financial struggles, it is not the only tech company to have had to lay off employees in order to stay profitable. Microsoft announced in January that it would be cutting 10,000 jobs. Following revenue losses in 2022, other companies in the gaming industry have gone through similar processes.
Despite acknowledging that layoff news causes uncertainty and stress at work, Facebook’s founder hopes the changes will improve the company’s financial performance and make it a better tech company.
Additionally, Zuckerberg believes the changes will allow the company to devote more resources to other important projects, such as bringing a VR version of Notorious B.I.G. to a concert in the Metaverse at a time when other companies are cutting back.