Business & EconomyMeta lays off 10,000 workers in second round of retrenchment exercise

Meta lays off 10,000 workers in second round of retrenchment exercise

Meta or better known as Facebook will be laying off 10,000 workers in the next four months.

It’s CEO Mark Zuckerberg said that the cuts were necessary to improve the company’s “financial performance in a difficult environment.”

According to an Insider report, the leaner structure will now have 65,000 employees instead of 86,000. In November last year 11,000 employees were laid off.

“This will be tough and there’s no way around that. It will mean saying goodbye to talented and passionate colleagues who have been part of our success. They’ve dedicated themselves to our mission and I’m personally grateful for all their efforts. We will support people in the same ways we have before and treat everyone with the gratitude they deserve.”

Meta Laying-off Workers

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Zuckerberg said that the company will also close the 5,000 open job positions it has yet to fill and Meta will lay off more members from its recruitment division.

“At this point, I think we should prepare ourselves for the possibility that this new economic reality will continue for many years. Higher interest rates lead to the economy running leaner, more geopolitical instability leads to slower growth and increased costs of innovation. Given this outlook, we’ll need to operate more efficiently than our previous headcount reduction to ensure success.”

Shares of Meta were up more than 5% since the 14th. Overall Meta is practicing a flatter structure going forward the company is removing layers of management, taking open management roles and changing them to non-management positions as managers prepare to be demoted.

Surprisingly its stock price has trended upwards ever since its first round of layoffs in November last year. Zuckerberg himself said he was surprised by the positive effect of the layoffs which cut costs, as well as improved communication and progress on future products at Meta.

“It’s made information flow through the company better, and it will help us make better products and attract and retain better people. That was honestly a little surprising to me – that as we started digging into this, the company felt better to me.”

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