Individuals familiar with Meta's plans for the coming months have informed a publication that it will be downsizing departments to combat its stalling growth.
Mark Zuckerberg's Meta reported its first-ever revenue drop earlier in 2022, an event caused by the company's shift into virtual reality that hasn't yet been well received by the public. Meta's pivot into virtual reality has caused heartaches for the company as its products struggle to get off the ground. No one has felt the pressure more than Meta and Facebook founder Mark Zuckerberg who has lost $71 billion this year over his big decision to move into VR.
The Wall Street Journal has reported that individuals familiar with Meta's plans said that the company plans on cutting expenses by at least 10% over the coming months and that one of the strategies it will employ is pushing out a significant number of staffers across various departments. The affected employees will have a limited window to reapply for other roles within the company, which, according to former Meta managers, will allow the company to achieve its desired expenditure cuts.
The report from the Wall Street Journal states that staffers are calling this limited window of time to reapply for a position within the company the "30-day list". These changes at Meta aren't a surprise considering that Meta's CEO Mark Zuckerberg has previously stated that Meta will become much leaner by steadily reducing headcount growth over the next year, which will mean many internal teams shrinking and energy being put into other areas of the company.
Despite the reduction of headcount growth among Meta, Zuckerberg expects that the company will achieve more with fewer resources. Earlier in July, Zuckerberg said that there are "probably a bunch of people at the company that shouldn't be here", and that in response, there will be an increase in performance standards company-wide. Zuckerberg described this increase in performance goals as "turning up the heat a little bit".
Furthermore, Zuckerberg said employees may realize that Meta isn't the place for them following the performance standards increase, "and that self-selection is OK with me". Meta has already brought its hiring target of 10,000 workers down to 6,000/7,000. For more information on Meta and Zuckerberg, check out the below link.
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