Meta plans to cut spending with a plot to lay off staff

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People familiar with Meta’s plans for the coming months informed a publication that it would be cutting departments to combat its stalled growth.

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Mark Zuckerberg’s Meta announced its first-ever revenue drop earlier in 2022, an event caused by the company’s move to virtual reality that has yet to be well received by the public. Meta’s pivot to virtual reality has caused heartache for the company as its products struggle to take off. No one has felt the pressure more than Meta and Facebook founder Mark Zuckerberg, who lost $71 billion this year due to his big decision to switch to virtual reality.

The Wall Street Journal reported that people familiar with Meta’s plans said the company plans to cut spending by at least 10% over the next few months and that one of the strategies it will use is to lay off a significant number employees in various departments. Affected employees will have a limited window to apply for other positions within the company, which former Meta managers say will allow the company to achieve the desired expense reductions.

The Wall Street Journal report says staff members are calling this limited window of time to apply for a position with the company the “30 day listThese changes at Meta come as no surprise given that Meta CEO Mark Zuckerberg has previously stated that Meta will become much leaner by steadily reducing headcount growth over the next year, which will mean that many internal teams are shrinking and energy is being invested in other areas of the company.

Despite reduced headcount growth at Meta, Zuckerberg expects the company to achieve more with fewer resources. Earlier in July, Zuckerberg said there was “probably a group of company people who shouldn’t be here“, and that in response there will be an increase in performance standards across the company. Zuckerberg described this increase in performance goals as “turn up the heat a bit“.

Additionally, Zuckerberg said employees might realize that Meta isn’t the place for them following the increase in performance standards, “and that self-selection is fine with me.” Meta has already reduced its hiring target of 10,000 workers to 6,000/7,000. For more information on Meta and Zuckerberg, see the link below.

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