Meta Platforms is set to trim about 5% of its 'lowest performers', with plans to hire for these impacted roles in the upcoming year. CEO Mark Zuckerberg envisions these cuts as a means to 'raise the bar' on performance management within the company.
The workforce reductions at Meta are not new; after initiating restructuring changes in 2022 that led to around 11,000 job cuts, the company is continuing in 2023 with plans to eliminate an additional 10,000 roles.
Despite the job cuts, Meta is investing heavily in artificial intelligence technology, indicating a shift in strategy. The spokesperson noted that the company's expenses, particularly in AI-related infrastructure, are expected to grow this year.
Zuckerberg's focus on efficiency this year comes amid a broader trend in the tech industry, with companies like Cisco and IBM also redirecting investments into AI technologies to remain competitive.
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