- Meta Platforms, Inc META faced a new round of job cuts that could likely affect thousands of workers in the coming months.
- The Facebook parent consulted with human resources, lawyers, financial experts and top executives to drain the company’s hierarchy, according to the Washington Post reports.
- Meta suggested pushing some executives into lower roles, Flattening of management levels between Meta CEO Mark Zuckerberg and the company’s interns.
- Other managers may oversee higher numbers of employees as their teams grow. Meta also considered cutting some projects and jobs.
- Meta-targeted departments across the organization and around the world.
- The job cuts came after Zuckerberg tried to reassure workers that he “didn’t expect any more layoffs” after leaving the company 11,000 jobs or about eliminated 13% of the workforce in November.
- But in February, Zuckerberg promised investors he would cut middle management and speed up the company’s decision-making, hinting at the possibility of further cuts.
- The cuts are likely to disproportionately hit workers in non-technical roles.
- Executives will use various factors, including performance ratings, job duties and compensation, to identify areas where they need to downsize.
- Meta also reshuffled its top executives. In February, Meta Chief Business Officer Marne Levine announced their exit plans after 13 years.
- Meta’s advertising business was hit by the decline in digital spend, Apple Inc AAPL Privacy restrictions and competition from short-form video network TikTok.
- Price promotion: META shares traded 0.20% lower at $171.74 on the last check Wednesday.
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