Meta, Facebook's parent company, announced major layoffs in November 2022. However, reports say that the storm of layoffs at Meta will continue.
According to a Financial Times report, Meta has yet to finalize budgets for several teams. Two Meta employees who spoke to the Financial Times said there had been no clarity on the budget or headcount in recent weeks, when normally a certain budget is finalized by the end of the year.
As a result, Meta employees complain of not being able to work because managers cannot plan their tasks. Projects and policies that used to take a few days to approve are now taking up to a month.
"To be honest, it's still a mess. The year of efficiency started with a bunch of people getting paid to do nothing," said one of the employees, as quoted by the Financial Times, Monday (13/2/2023).
Despite already announcing the layoffs that will impact 11,000 employees, Meta is reportedly set to announce further layoffs in March, according to information from three employees and an unnamed former employee.
Meta CEO Mark Zuckerberg previously called 2023 the 'year of efficiency'. The social media giant estimates its spending throughout 2023 to be between USD 89 billion and USD 95 billion.
"We closed the last year with some difficult layoffs and restructuring several teams. As we did this, I made it clear that this was the start of our focus on efficiency, and not the end," Zuckerberg said in a Facebook post.
In a call with analysts last week, Zuckerberg said Meta would still focus on restructuring the organization by flattening it and removing layers of management to make decisions more quickly. He also said Meta would be more proactive in trimming low priority and low performance projects.
In some cases, managers will be asked to choose to move to another position where they are no longer managing the team, are known as individual contributors, or leave the company. Some employees are worried that this position change will be seen as a lowered rank.