As it prepares for further job losses as part of Chief Executive Officer Mark Zuckerberg’s push to slash expenses, Meta Platforms Inc. has postponed setting budgets for several of its teams.
According to the Financial Times, Meta Platforms Inc. has postponed setting budgets for several of its teams as it gets ready to make further job cutbacks as part of Chief Executive Officer Mark Zuckerberg’s effort to slash expenses.
In recent weeks, with a lack of clarity over finances or future numbers, staff members have complained that “zero work” is being completed, the newspaper claimed on Saturday, citing two unnamed employees. The sources added that occasionally decisions and projects that typically take days to approve now take approximately a month.Meta declined to comment to the FT.
One of several software companies that let off staff when the epidemic caused headcount to soar is Meta. Amazon.com Inc. and Google parent company Alphabet Inc. have also started cutting staff recently. In a “flattening” process, Meta is now urging managers to become individual contributors or quit the firm.
13% of the employees at Meta, which owns Facebook and Instagram, were let go in November. According to Bloomberg, the new wave of job layoffs will be more gradual and applied on an individual basis.
