Mark Zuckerberg, the CEO of Meta, is implementing permanent efficiency measures that are affecting even the upper levels of the company. Reports from Business Insider have revealed that Meta is targeting its army of 300 vice presidents, aiming to reduce their number to 250. This move comes after Zuckerberg’s declaration of 2023 as the “year of efficiency,” which led to over 20,000 layoffs. The company is now using midyear and annual performance reviews to identify underperforming VPs through a process called “stack ranking.” Those who do not meet expectations may face layoffs. Despite facing criticism for the job cuts, Zuckerberg’s efforts have been praised by analysts and investors. The layoffs at Meta are part of a larger trend in the tech industry, with over 250,000 tech employees losing their jobs last year. This shift towards efficiency has been welcomed by some, highlighting Zuckerberg’s commitment to streamlining operations.
Vocabulary List:
- efficiency (noun): The ability to accomplish a task with the least expenditure of time and effort.
- permanent (adjective): Lasting or intended to last indefinitely.
- implementation (noun): The process of putting a decision or plan into effect.
- affecting (verb): Having an impact on influencing.
- declaration (noun): A formal or explicit statement or announcement.
- layoffs (noun): The act of temporarily laying off employees or closing a factory.
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