Social networking giant mogul Mark Zuckerberg of Facebook has taken one of the most unsurprising decisions for the company by laying down nearly 11,000 of its global force. Zuckerberg described it as one of the most difficult decisions made in the company’s history. The official announcement came on November 9, 2022. The chief of the social network said that he plans to make the group leaner and more efficient by making a few cost cuts, reductions in office and freezing the hire process. Mark called it as ‘a meaningful cultural shift in its operations’.
Amidst the cuts, the Facebook chief is being severely criticized for his moves in the past one year by hiring nearly 20,000 staff members. The move was reportedly taken while trusting an advertising boom which did not work. It has been a known fact that the companies that depend more on advertising have been severely affected as the brands have already slashed their respective budgets amidst the inflation fears. Majority of the job cuts were undertaken in the first nine days of November. However, despite the cuts, the company continues to have more staff that it did in 2021.
This is also a sign how the company managed to bloom post the pandemic. Some of the investors and employees have alleged Zuckerberg of over-hiring, which was done to deal with the pandemic effects. Mark had aimed to increase online communication and shopping. Many also believed that Mark had taken a rational decision by increasing its staff and had also knew that he would need to cut that down at some point.
Some of the insiders added that the reductions were based more on cutting the teams that were no longer needed rather than low performance. Some are also worried about the outcome of what has been done by Zuckerberg in the current scenario. One has to wait and watch what Mark would have in store.
Photo Credits: Mark Zuckerberg official Instagram account