Facebook parent Meta has been on a rollercoaster ride recently, including CEO Mark Zuckerberg declaring a “year of efficiency,” cutting thousands of employees and slashing benefits. Some of those moves have been reflected in the strong performance of the company’s stock, boosting Zuckerberg’s net worth from $46.6 billion to $92.3 billion this year, according to the Bloomberg Billionaires Index.
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Despite the gains, the mandate of Meta employees is to be “scrappier”.
“Going through restructurings and layoffs and changes like this is obviously a very difficult thing,” Zuckerberg told employees during a company-wide call Thursday, according to the washington post. “So it’s not like we’re going to end up exactly where we were before because that wasn’t my goal. I wanted to get to a demolition site.
Since last year, Meta has implemented two rounds of job cuts: 11,000 in November and another 10,000 announced in March. All of these layoffs fall under Zuckerberg’s broader restructuring to achieve greater efficiency.
He told employees that one of his goals is to have “a stronger technology company that can build better products faster.” The post office reported. Another reason was to improve Meta’s financial performance to finance long-term projects in a difficult economic environment.
During the pandemic, the company went on a hiring spree, doubling its workforce from 2020. But that backfired as employees found themselves “hoarded” like Pokemon cards and with no real work to do. TO DO.
Zuckerberg’s announcement of a “year of efficiency,” along with strong first-quarter earnings, sparked investor optimism and helped the company’s shares climb 23% that day. Meanwhile, Meta’s investments in artificial intelligence and the virtual world of the Metaverse are still in full swing, according to Bloomberg. The company unveiled its computer chips last week that could boost its AI and video processing infrastructure.
Meta’s goal of being “scrappier” borrows a term often used to describe startups that are strapped for money and resources, and therefore need to make the most of what is available. Zuckerberg reportedly said he wanted Meta to be less bureaucratic so work could be done faster, even with fewer workers.
“It just forces us to find ways to be more ferrous and do things more efficiently,” Zuckerberg said, according to the post office. “It means there will be fewer environments or projects where there are too many cooks in the kitchen, which is just kind of a common complaint I hear over and over again across the company.”
During an earnings call earlier this year, Zuckerberg hinted at reducing management levels to make the organization leaner and day-to-day operations more efficient.
Meta did not return immediately Fortunerequest for comment.
This story was originally featured on Fortune.com
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This is how much money you need to make annually to comfortably buy a $600,000 home