Meta is battling a “post-pandemic slump” in ad spending.
An employee survey conducted by Meta has found that only 26 percent of employees have confidence in the leadership of CEO Mark Zuckerberg, according to a report. Washington Post, The internal survey marked a five per cent drop from October last year.
According to the outlet, only 43 percent of employees felt appreciated, down from 58 percent in October. The tech giant’s staff morale has plummeted after months of turmoil that included several rounds of layoffs that resulted in more than 21,000 cuts, budget cuts and layoffs as part of Mr Zuckerberg’s plans for a “year of efficiency”. There has been a change in strategy. To improve its financial performance and achieve long-term goals, the company is canceling low-priority projects and slowing hiring. According to Reuters, Meta is battling a “post-pandemic slump” in advertising spending from companies facing high inflation and rising interest rates.
On Thursday, Meta’s chief addressed a company-wide meeting where he discussed the company’s planned product roadmap. According to the Washington Post, he also talked with other executives about the company’s artificial intelligence developments, including a suite of new tools that workers can start experimenting with immediately.
“We are going to play an important and unique role in the industry by bringing these capabilities to billions of people in new ways that other people are not going to do,” Mr. Zuckerberg said at the meeting, according to a copy of his letter to the outlet. Comment shared with.
A few weeks ago, the CEO expressed a desire for stability and less bureaucracy in the future, calling the company a “garbage place”. “It’s obviously a very difficult thing to go through with reorganizations and layoffs and changes like that. So it’s not like we’re going to be exactly where we were before because that was not my goal. I want to reach a goal Tha scrappier place,” he said, according to call recordings accessed by The Washington Post.
Although the tech giant has no other new layoff plans, Mr. Zuckerberg said that “the world is too volatile.” It should be noted that the company intends to move forward more slowly, which may result in fewer layoffs when Meta decides to abandon a project in favor of a new one. He said he believes that with fewer employees, Meta will be able to streamline operations and cut down on bureaucracy.