Workers must find a new role or leave
Meta, the parent company of Facebook — which is scrambling to cut costs as its stock prices plummet — has imposed a “30-day slate” that requires some employees to either find a new job within the company or leave, according to a report.
The chilling alarm has been issued to some employees as CEO Mark Zuckerberg and other executives are reported to be looking to cut expenses by 10% or more. While Meta is reorganizing some divisions, workers on the “30-day list” who can’t get a new job are “subject to termination,” the Wall Street Journal reported.
While Meta has previously applied this practice to low-performing workers, sources told The Wall Street Journal that the current push to cut costs is forcing employees with a history of strong performance.
The Post has reached out to Meta for comment on the policy.
Meta spokesperson Tracy Clayton declined the magazine’s request for comment on how many workers were placed on the “30-day list” or faced dismissal from the company. Clayton said the policy actually helps Meta retain talented employees it might lose during restructuring.
“We have publicized the need for our teams to transform to meet these challenges,” Clayton told the newspaper.
Clayton also referred to comments from Zuckerberg back in July after Meta reported its first-ever quarterly decline. The company’s user base has stagnated in recent months during a period of intense competition from competitors such as TikTok.
At the time, Zuckerberg noted that Meta plans to “steadily reduce headcount growth over the next year” and acknowledged that “many teams will shrink.”
“This is a period of more intensity, and I expect we can do more with less,” Zuckerberg said. “We are currently in the process of increasing the targets for many of our efforts.”
Meta has yet to join other prominent tech companies in formally conducting layoffs, though sources told the newspaper that the staff cuts so far could be a “precursor to deeper cuts.”
Zuckerberg’s personal net worth has fallen by a staggering $71 billion this year as the company undergoes a disturbing transformation into the metaverse. Meta also faces significant scrutiny from Congress and a broader downturn in the tech sector.
In June, the head of Meta bluntly told employees that the company would “turn up the temperature” and fire workers “who shouldn’t be here.”
Another Meta executive reportedly told managers to “walk out” of workers who “failed” to keep up with the company’s improved performance goals.
On Thursday, Meta shares recently fell 0.7% to $141.19.