The parent company of Facebook, Meta, announced its workforce on Thursday (Sept. 29) that it will be freezing hiring as a means of cutting costs during these hard times.
The Wall Street Journal reports that Meta’s CEO, Mark Zuckerberg, disclosed a proposal to halt hiring at a weekly all-hands meeting. He also said that the decision was made as the social media giant planned to reduce costs by at least 10%.
According to Bloomberg, Zuckerberg remarked, ‘I had thought the economy would have more obviously stabilised by now, but from what we’re seeing it doesn’t yet look like it has, so we want to plan more conservatively,’ during a weekly meeting.
Some internet companies have recently been forced to cut staff as advertisers cut spending in anticipation of a coming recession. Additionally, Zuckerberg said on Thursday that most teams would see budget cuts at Meta, and that it would be up to each team to decide how to handle personnel adjustments.
However, Meta has long offered growth that appeared to be going up, and this time it has recently registered its first fall in daily global usage.
Personalization options were constrained by the economic crisis, which forced advertisers to reduce their marketing expenditures, and Apple’s data privacy laws.
The business avoided mentioning Zuckerberg’s caution over a decline in headcount over the following year during the second-quarter earnings call.
Although general hiring freezes had been acknowledged by the company in May, precise numbers had not been disclosed yet.
This year, tech companies, including Snap and e-commerce Amazon, have announced layoffs.