Last year, the social media giant said it will let go of 13% of its workforce, or more than 11,000 employees, as it grappled with soaring costs and a weak advertising market.
Meta plans to push some leaders into lower-level roles without direct reports, flattening the layers of management between top boss Mark Zuckerberg and the company’s interns, the Washington Post reported, citing a person familiar with the matter.
Other managers may end up overseeing a higher number of employees as their teams grow bigger.
Also read: Layoffs in 2023: Twitter, LinkedIn among latest firms to cut jobs amid economic downturn
In November last year, Meta said it had laid off 11,000 employees, a little over a tenth of its global workforce, days after Twitter let go of nearly half its workforce.
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In a statement shared with Meta employees, co-founder and chief executive officer Mark Zuckerberg had said going ahead, the company would make further cuts on discretionary spending and extend the freeze on fresh hiring until March 2023.Also read: Layoffs in 2023: a list of Indian startups & tech companies that have cut jobs
The company is also considering more traditional cuts, including slashing some projects and jobs. These efforts, which are targeted at divisions across the company and around the world, may not happen on a single day, but will likely roll out across the company in the coming months, the Washington Post report added.
Meta’s business, which relies on advertising, has been hit particularly hard by a steady stream of economic challenges.
On Sunday, Mark Zuckerberg announced the launch of Meta Verified, a new paid subscription service for Instagram and Facebook, asking users to pay $11.99 or $14.99 a month to have their accounts verified on the platforms. The company plans to roll out the service in Australia and New Zealand this week.
Recently, several tech companies have slashed jobs amid ‘recession fears’. Last month, Google’s parent company Alphabet announced it was cutting 12,000 jobs. Microsoft also recently announced it was cutting 10,000 employees while Amazon said it was eliminating 18,000 workers.
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