Meta Platforms Inc. is asking many of its managers and directors to transition to individual contributor jobs or leave the company as it tries to become more efficient, according to people familiar with the matter.
- The cuts are on top of DocuSignâs previous round of layoffs last September, which affected 9% of its head count.
sighâŚ2nd round starting at several SaaS companies. Twilio earlier this week, now Docusign.
Thousands of workers at Facebook parent Meta reportedly didnât get a like from Mark Zuckerberg on their performance reviews â an ominous sign that more layoffs are in the offing.
The tech company, which also owns WhatsApp and Instagram, gave some 7,000 employees, or 10% of Metaâs workforce, subpar reviews, the Wall Street Journal reported Friday.
Employees who score low on the key performance metrics often leave the company, sources told the paper. Zuckerberg will consider another round of layoffs if not enough depart, the people said.
Last November, Meta culled 11,000 jobs â or roughly 13% of its 87,000 global workforce â from its payroll.
To investors, good newsâŚ
The changes have begun to make an impact. Despite a continuing revenue decline, Meta this month reported a net profit of $4.7 billion for the fourth quarter, up from the prior quarter. That snapped a streak of three quarters in which profit had retreated from the preceding quarterâa slump unlike any the company had experienced in a decade.
Seems to be happening for Meta.
IIRC, 2nd round. One more to go.
Meta middle managers who used to make $500K a year getting really pissed off at the prospect of needing to work past age 40.
Meta pays M1 $750k, very good. $550k is still good.
Are there many companies pay M1 more than $300k?
I think their leveling is different than most. Most donât even use M1. Itâs considered âsupervisorâ level. Managers are M2, sr manager M3, and director is M4, etc.
Wow! Supervisor level can get $750k. Damn good. Thought is Manager.
Have your kids move back to SV.
I think their levels are different. I doubt M1 is supervisor there. That or they really do have WAY too many layers of management.
Meta M1 has really decent scope - it is high Manager to low Sr. Mgr at others. They used to have M0 (which they phased it out - thatâs more of Team / Tech lead level).
Thereâs a staggering amount that can be automated or done more efficiently. No one cares when thereâs strong revenue growth and headcount are easily approved. The best way to get promoted is growing the size of the team. Itâs not until profitability hits undesirable levels that efficiency becomes a thing.
10,000. Mark is moving in snail pace. Canât he just layoff 50,000 and be done with it.
