'You've shattered the morale': Meta employee questions company's future

Meta Platforms Inc, formerly known as Facebook, has announced another round of job cuts in a bid to streamline its business and increase efficiency. This time, the cuts will affect engineers and adjacent tech teams. The company's CEO, Mark Zuckerberg, aims to make 2023 a "year of efficiency." Meta was the first Big Tech company to announce a second round of mass layoffs in March, which will take place in three main batches over several months and impact 10,000 employees.

Although the latest round of job cuts at Meta was anticipated, it has led to expressions of frustration among the company's employees. The subject of layoffs was the most popular topic of discussion on an internal company forum on Wednesday ahead of an upcoming employee town hall. 

Some employees are questioning why they should stay at Meta after having their morale and confidence in leadership shattered. "You've shattered the morale and confidence in leadership of many high performers who work with intensity. Why should we stay at Meta?" read one question as seen by Reuters.

In addition to job cuts, Meta is shelving lower-priority projects and "flattening" layers of middle management

Investors have rewarded Meta for its downsizing efforts, with the company's shares surging about 80 per cent this year. This outperforms the tech-heavy Nasdaq Composite's 16 per cent rise in the same period. The company is expected to benefit from a modest pickup in the digital advertising market and regulatory pressure on its chief rival TikTok. Meta will announce its first-quarter results on April 26.

(With Agency inputs)

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