In a bid to restrict expenditure due to a tight budget, Meta has announced a halt in recruiting new team players.
According to Mark Zuckerberg, the company aims to ‘plan somewhat consecutively’ and will ‘further restructure.’
Current meta employees have been issued with a notice of potential redundancy after the Facebook parent company announced the hiring freeze and further restructuring.
While communicating to company staff Mark Zuckerberg noted that the macroeconomic environment of the business has played a big factor in necessitating the proposed changes.
“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 told employees.
The social media company intends to slash its expenses by 10per cent.
In addition, the meta business has revealed plans to shelve hiring engineers by 30per cent.
Meta chief Mark Zuckerberg intimated that the overall plan is to cut down on headcount over the next year steadily.
“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.”
Factors contributing to the economic downturn of big tech platforms include advertisers reducing marketing budgets and stringent regulations such as Apple’s data privacy changes.
Snap and Amazon are some of the tech firms that have announced workforce redundancy this year.
Other factors including the global economic downturn amidst inflation and rising interest rates have also taken a toll on the tech industry.
BBC has also recently announced a significant number of layoffs. This has been brought about by the firm's move to cut back on World Service Output.
About 382 jobs will be lost as a result of the move.