Meta stops hiring new employees and prepares for restructuring

From Friday, Meta will suspend hiring new employees and begin work to minimize costs. The Financial Times reported this after reading a memo from the head of the corporation’s human resources department, Laurie Goler.

It notes that the company is suspending the search for job applicants and will stop making offers to candidates while this policy is in effect. These new rules may be repealed later this year. In addition, Meta will temporarily waive transfers of already employed employees within the company.

Departments and teams will be instructed to prioritize and improve efficiency. In general, the entire corporation is waiting for the largest restructuring for the first time since its inception. The reason for such a step is said to be the decrease in revenues from advertising and growing competition on the market.

Back in the summer, the head of Meta Mark Zuckerberg announced plans to reduce personnel. This was a consequence of tough conditions in the market because of the reduction of advertisers’ budgets, as well as the growing popularity of other social networks, especially the Chinese TikTok.

The management of Meta also lowered its forecast on the total expenditure of the corporation for 2022 from $91-97 billion to $85-88 billion.