00:00You've no doubt heard about the thousands upon thousands of tech jobs that have recently been
00:04axed, and many of those are at some of the industry's leading companies. Now, with far
00:08fewer employees to manage, experts warn that management positions are soon to disappear as
00:13well. According to Meta CEO Mark Zuckerberg, his company will be trimming the managerial fat soon,
00:18saying during an earnings call, quote,
00:20Our management theme for 2023 is the year of efficiency, and we're focused on becoming a
00:25stronger and more nimble organization. Explaining back in January, he was ready to end the bloated
00:29cycle of managers managing managers, with other tech giants like Intel and Apple reducing pay for
00:35many of its higher-level employees, including Apple CEO Tim Cook. This mostly stemmed from many of these
00:41companies overhiring during the work-from-home pandemic boom. Now, they're facing the biggest
00:45tech slump since the dot-com bubble burst in the early 2000s. Fewer managers allows a company to
00:50be more reactive and to launch more products more quickly, a boon in an economy that's slumping,
00:55with many companies no doubt following in Zuckerberg's aim to refocus on efficiency.
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