Several rounds of layoffs as part  of “year of efficiency” by Meta Mark Zuckerberg and almost thousands of tech Workers lost their jobs in the past few months

Mark Zuckerberg Explains Reason Behind Tech Layoffs and How AI is responsible for this?

Meta’s CEO Mark Zuckerberg has tried to clarified the long awaited question about why the tech layoffs are going on by Giants Tech Ventures. Mr. Zuckerberg said to Morning Brew Daily’s podcast that companies are finally realizing that there are benefits to being “leaner”. The Meta CEO also said that companies are still in recovery mode  post-pandemic era so they are bounded to take the “painful” decisions. Mr Zuckerberg also discussed about his leadership style, saying he doesn’t believe in “delegating that much”. The comments come at a time when not only giants like Google, Amazon and Microsoft are firing employees, small fintech and start-ups are also cutting their employee strength.

“In terms of the layoffs and stuff like that, I actually think that was more due to companies trying to navigate Covid,” Mr Zuckerberg told the podcast host when asked if tech layoffs had to do with the AI boom.

And this is not that companies are minimizing  their headcounts because of overhiring, but they are now realizing that there can be benefits to being leaner, the Meta CEO said.

“It was obviously really tough, we parted with a lot of talented people we cared about. But in some ways actually becoming leaner kind of makes the company more effective,” Mr Zuckerberg said while talking about layoffs at his company.

Meta announced several rounds of layoffs as part of Mr Zuckerberg’s “year of efficiency” in which thousands of employees lost their jobs in the past few months. The company’s headcount was 67,317 as of the end of 2023, which was a decrease of 22 per cent year-over-year.

He has also removed several management layers as part of his efficiency drive.

As per source News, around 32,000 tech layoffs has been done as of now till 2024 February.

Source : NDTV News