According to the CEO of Meta, Mark Zuckerberg has announced plans to lay off 10,000 employees and freeze hiring as part of his “Year of Efficiency”.
Meta to Fire 10,000 Employees
According to the CEO, the tech giant will also eliminate 5,000 open positions in the next few months. Due to the complexity of firings at different levels and regions, he asserted that the layoff process would continue until the end of the year. Meta did not reveal the details of severance packages for impacted employees.
As of the end of the year, Meta expects to announce restructuring plans in late April and May, and layoffs will take place at the end of the year. In spite of the job losses, Meta is committed to building a better technology company. It is improving developer productivity and tooling, optimizing distributed work, and increasing business performance in order to support its long-term vision.
“In a small number of cases, it may take through the end of the year to complete these changes. Our timelines for international teams will also look different, and local leaders will follow up with more details. Overall, we expect to reduce our team size by around 10,000 people and to close around 5,000 additional open roles that we haven’t yet hired,” the CEO said.
In addition to improving organizational efficiency, Zuckerberg says the restructure will increase developer productivity and tooling, optimize distributed work, and eliminate unnecessary processes. Some of the problems he brought up included managers who had very few staff under their supervision, as well as projects that he believes do not justify the overhead they require to be supported.