Meta has reportedly put the brakes on finalising multiple team budgets as the social media giant looks to cut even more jobs.
The cuts come as part of Meta founder Mark Zuckerberg’s plan to contain costs in his “year of efficiency” which he said would be focused on becoming a “stronger and more nimble organisation”.
According to a report in the Financial Times, employees have complained about a “lack of clarity” surrounding budgets or future headcount in recent weeks.
Two employees, who wished to remain anonymous, at Meta told the outlet “zero work” is getting done as managers have been “unable to plan their coming workloads” and projects and decisions that usually take days to sign off are now taking “about a month”.
“The year of efficiency is kicking off with a bunch of people getting paid to do nothing,” the employee told the Financial Times.
On an earnings call with analysts last week, Zuckerberg was reportedly also noting that the team would be working on flattening its “org structure” and “removing some layers in middle management to make decisions faster.”
It is understood that cuts are expected around March, with employees telling the outlet that Meta is currently going through performance reviews of staff.
In November, Meta announced its biggest job cull in history, cutting 11,000 jobs worldwide.
At the time, Zuckerberg blamed the pandemic and how the world “rapidly moved online” leading to a surge of e-commerce which led to “outsized revenue growth”.
City A.M has approached Meta for a comment.
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