Meta is also planning to slow down hiring for certain management roles and will postpone its full-time job program that provides employment to summer interns. “Many teams are going to shrink so we can shift energy to other areas, and I wanted to give our leaders the ability to decide within their teams where to double down, where to backfill attrition, and where to restructure teams while minimizing thrash to the long-term initiatives,” he explained.
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Zuckerberg said that he will give individual team leaders the authority to sort out how to handle the layoffs. “Our plan is to steadily reduce headcount growth over the next year.” Zuckerberg remarked at a July earnings call, “given the continued trends, this is even more of a focus now than it was last quarter,” reported Engadget. The company asked team heads in July to identify “low performers” ahead of potential downsizing, according to The Information. Zuckerberg explained to shocked employees that “we want to make sure we’re not adding people to teams where we don’t expect to have roles next year.” Some positions will not be replaced, while other workers will be transferred to other teams to fill gaps, or sent to monitor those who are failing their assessments, according to Bloomberg. Zuckerberg admitted that Meta would be slashing budgets for project teams across the board to save costs, despite their profitability. “I had hoped the economy would have more clearly stabilized by now, but from what we’re seeing it doesn’t yet seem like it has, so we want to plan somewhat conservatively,” Zuckerberg reportedly told employees, according to Bloomberg. In the recent weekly Q&A session, Zuckerberg said it was time for Meta to change tact due to an unstable economy.
Since last week, there have been rumors, that Meta was quietly terminating workers, rather than conducting formal layoffs in an attempt to reduce staff by 10 percent, said a report by The Wall Street Journal. The Meta sign at the company’s headquarters in Menlo Park, Calif., on Oct. There were reports this spring, which suggested that the company would slow down the rate of new hires this year. Zuckerberg said that Meta will shrink in 2023, from a total employee base of more than 83,500 employees as of June 30, after adding 5,700 new employees this year in the second quarter. “For the first 18 years of the company, we grew quickly basically every year, and then more recently our revenue has been flat to slightly down for the first time,” the CEO told staff. The Meta CEO announced the freeze to employees at a weekly Q&A session, according to an employee to CNBC.
This is the first major budget cut since the company first opened in 2004, as the tech firm enters a restructuring process in order to cut expenses and adjust priorities. 29, that he plans to reorganize teams and reduce the company headcount, as sluggish growth begins to affect the social media giant.
The social media giant’s CEO, Mark Zuckerberg said on Sept. The tech sector has been hit hard this year, as stocks on the NASDAQ and S&P 500 have taken a hit. Facebook’s Meta has reportedly announced that it would freeze hiring and outlined a new plan to reorganize and cut back its staff for the first time in its history, as the company’s profit growth begins to slow down.
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