© Reuters. Meta Plans More Job Cuts, Delays Setting Team Budgets: ‘A Bunch Of People Getting Paid To Do Nothing’
Benzinga – Facebook parent company Meta Platforms Inc (NASDAQ: META) is preparing for a fresh round of job cuts, and it has delayed finalizing the budgets of multiple teams, according to the Financial Times.
Over the past few weeks, the company has not provided necessary clarity regarding the budgets and future headcount, FT reports, citing Meta employees familiar with the situation.
The staff has complained that “zero work” is getting done as managers have been unable to plan their coming workloads, FT quoted the employees saying.
“Honestly, it’s still a mess,” said one worker. “The year of efficiency is kicking off with a bunch of people getting paid to do nothing.”
Earlier this month, Meta reported fourth-quarter financial results and first-quarter guidance.
Meta CEO Mark Zuckerberg said in the earnings release that 2023 would be the year of efficiency for Meta Platforms.
People familiar with the situation told the Times that the projects and decisions that usually take days to get approved are now taking about a month in some cases, even in priority areas.
Also Read: Is Facebook’s VR Division Failing? Losses Total $13.72 Billion In 2022
Last month, Zuckerberg hinted at possible additional layoffs after the social media giant announced 11,000 job cuts, or 13% of its total workforce, last November.
Zuckerberg said he’s not in favor of having layers of management in the company, indicating he may be considering a reduction in middle managers. “I don’t think you want a management structure that’s just managers managing managers, managing managers, managing managers, managing the people who are doing the work,” Command Line quoted Zuckerberg saying in an internal Q&A session.
After November’s layoffs, Zuckerberg said he was accountable for Meta’s missteps and that his over-optimism surrounding growth led to overstaffing.
Earlier, Zuckerberg issued a statement saying that the company expects to end 2023 as “roughly the same size or even a slightly smaller organization than we are today.
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