Facebook’s Meta prepares for fresh job cuts, reorganization efforts to affect thousands of workers

Meta Platforms, Inc, the parent company of Facebook, is reportedly gearing up for another round of job cuts that could potentially affect thousands of employees in the coming months. The social media giant is said to be preparing to deflate its corporate hierarchy and streamline its decision-making process by consulting with human resources, lawyers, financial experts, and top executives.

According to anonymous sources, Meta plans to push some executives into lower roles, while flattening the management levels between CEO Mark Zuckerberg and the company‘s interns. Other managers may be tasked with overseeing more employees as their teams grow. The job cuts will also include traditional measures such as slashing some projects and jobs across the organization and around the world.

The latest downsizing effort comes after Meta cut 11,000 jobs, or around 13% of its workforce, in November of last year. At the time, Zuckerberg reassured remaining employees that the company had made substantial cuts to “minimize the chance of having to do broad layoffs like this for the foreseeable future.” However, earlier this month, he declared 2023 the “year of efficiency,” hinting at the possibility of more job cuts.

The company’s advertising business has faced challenges from a decline in digital spend, Apple Inc’s privacy restrictions, and competition from short-form video network TikTok. Executives are reportedly considering various factors, including performance ratings, job duties, and compensation, to identify areas where they need to downsize. The job cuts are expected to disproportionately impact workers in non-technical roles.

Meta has also reshuffled its top executives, with Chief Business Officer Marne Levine announcing her exit plans after 13 years. The company is yet to release an official statement on the matter. As of Wednesday, Meta shares traded 0.20% lower at $171.74.