Active Stocks
Fri Sep 22 2023 15:58:38
  1. Tata Steel share price
  2. 126.7 -0.86%
  1. HDFC Bank share price
  2. 1,529.2 -1.57%
  1. State Bank Of India share price
  2. 598.1 1.67%
  1. Power Grid Corporation Of India share price
  2. 199.1 -1.34%
  1. Tata Motors share price
  2. 621.1 -0.93%
Business News/ News / World/  Only 26% Meta employees confident in Mark Zuckerberg's leadership, reveals internal survey

Two months after Meta laid off thousand of employees from its technical teams,  an internal survey conducted the parent entity of Facebook and Instagram, has now revealed that only around one-fourth of the employees are confident in the leadership of company's Chief Executive Officer (CEO) Mark Zuckerberg, according to a report by Wall Street Journal.

The employee survey conducted by the company found that just 26 per cent of employee respondents expressed confidence in the leadership — which is a five percentage point drop from October 2022, according to the report.

Also Read: Facebook owner Meta starts final round of layoffs

The internal survey was conducted even before the final layoffs at the end of May. Also, 43 per cent of responsive employees said they felt valued — which is a 15 percentage point drop. The layoffs- which now tally more than 21,000 in total — continue to hurt the morale of those working at Meta, say current and former employees.

The plunge in leadership confidence could be attributed to the exhaustive restructuring exercise undertaken by Meta over the past seven months. 

Meta launched the first phase of layoffs in November 2022, which led to 11,000 employees, accounting for roughly 13 per cent of the entire workforce, to be laid off. This was followed by a second phase of layoffs, with the social media giant announcing that it would be departing with approximately 10,000 staffers over the next two months.

Meanwhile, Zuckerberg told Meta employees how he plans to get the company back on track. In an all-hands meeting, he offered an explanation for recent layoffs and for the first time laid out a vision for how Meta’s work in artificial intelligence (AI) would blend with its plans for the virtual reality it calls the metaverse, according to a New York Times report.

Zuckerberg’s talk was an attempt to rally staff after the most tumultuous period in his firm’s 19-year history. The CEO said he made “tough decisions" about layoffs with the goal of ‘building a better technology company’ that shipped better products, faster — something he believed Meta wasn’t doing well as it swelled to over 80,000 employees at the peak of the pandemic.

“I want us to use this period that’s going to be a bit more stable in order to evolve and rebuild our culture," Zuckerberg said, according to the New York Times report. Meta will work on creating AI models that were accessible to more people than those of the company’s competitors, said Zuckerberg, adding, it would ultimately, would fit into his plans for the metaverse.

"Exciting news! Mint is now on WhatsApp Channels 🚀 Subscribe today by clicking the link and stay updated with the latest financial insights!" Click here!

Catch all the Business News, Market News, Breaking News Events and Latest News Updates on Live Mint. Download The Mint News App to get Daily Market Updates.
More Less
Updated: 10 Jun 2023, 04:45 PM IST
Next Story
Recommended For You
Switch to the Mint app for fast and personalized news - Get App