Meta Platforms Inc., the parent company of Facebook, Instagram, and WhatsApp, has completed the final round of job cuts announced earlier this year. The restructuring, aimed at eliminating 10,000 positions, initially affected the company’s recruiting and human resources departments. In late April, jobs in Meta’s tech groups were also slashed. CEO Mark Zuckerberg stated that further cuts would occur only in a “small number of cases” for the remainder of the year, providing a sense of relief to the remaining employees. The layoffs were deemed necessary to enhance efficiency, as the company had experienced over-hiring during the pandemic. Meta promised faster product development and decision-making, resulting in a significant increase in its shares this year. However, employees have reported that important work and planning have come to a standstill during this period of uncertainty. Meta is currently in the process of determining its product roadmap for the rest of the year while reallocating resources after the tech group cuts.
During this limbo, employees have struggled to determine their collaborators, shift responsibilities within their teams, and cope with the fear of potential future layoffs. Communication within the company has been lacking, leaving workers anxious and demotivated. Some employees have resorted to creating tasks for themselves or avoiding work until receiving clearer directives. The notification of termination was delivered individually by email to fired employees, causing further distress. Zuckerberg plans to address those affected by the job cuts in a meeting. Meta has also revealed that approximately 490 roles will be eliminated in Ireland across various teams, including finance, sales, marketing, and engineering. Additionally, the company previously terminated its entire Instagram presence in London.
Meta executives have attributed the need for layoffs to excessive hiring during the pandemic, as people spent more time online on the company’s platforms, resulting in a surge in advertising revenue. However, changes by Apple and a decline in annual revenue growth have led to reduced digital ad effectiveness and a decrease in advertising spending. The company has faced criticism for its substantial investment in the metaverse, a virtual reality platform that may not yield profits for a decade. Despite the cost-cutting measures, Meta continues to invest heavily in artificial intelligence infrastructure and the realization of Zuckerberg’s metaverse vision. The completion of the job cuts marks a significant milestone for Meta, but the remaining employees are left in an uncomfortable limbo, eagerly awaiting clear directives and hoping for an end to the uncertainty that has plagued the company.