Meta, the parent company of Facebook, which is trying to cut costs as stock prices fall, has imposed a “30-day list” that requires some employees to either seek new jobs within the company or leave, according to a report.
The terrifying ultimatum for some staffers was issued as CEO Mark Zuckerberg and other executives are reportedly seeking a 10% or more cut in costs. As Meta reorganizes some departments, employees on the “30-day list” who can’t get new gigs are “subject to layoffs,” the Wall Street Journal reported.
While Meta had previously applied the practice to underperforming employees, sources told the Wall Street Journal that current cost cutting forces are forcing employees with a history of solid performance.
The Post has reached out to Meta for comment on the policy.
Meta spokesperson Tracy Clayton turned down the Journal’s request for comment about how many employees have been placed on the “30-day list” or are being kicked out of the company. Clayton said the policy actually helps Meta retain talented employees they would otherwise lose during a restructuring.
“We are public about the need for our teams to shift to meet these challenges,” Clayton told the paper.Read:Bank of America survey: 71% of workers say their pay isn’t keeping up with inflation
Clayton also referenced Zuckerberg’s comments last July after Meta reported its first-ever quarterly revenue decline. The company’s user base has stagnated in recent months during a period of stiff competition from rivals such as TikTok.
At the time, Zuckerberg noted that Meta plans to “steadily reduce headcount growth over the next year” and admitted that “many teams will shrink.”
“This is a period that requires more intensity, and I expect we’ll get more done with fewer resources,” Zuckerberg said. “We are currently going through the process of raising targets for many of our efforts.”
Meta has yet to join other prominent tech companies in formally making layoffs, though sources told the Journal that staff cuts so far could be a “prelude to deeper cuts.”
Zuckerberg’s personal fortune has plummeted by an astonishing $71 billion this year as the company wades through an awkward shift to the metaverse. Meta is also facing major criticism from Congress and a wider tech sector downturn.Read:Parents brace for holidays as inflation hits the toy aisle hard
In June, the Meta boss bluntly informed employees that the company would “turn up the heat” and evict employees “who shouldn’t be here.”
Another Meta executive is said to have told managers to “leave” employees who “failed” to keep up with the company’s improved performance goals.
Meta-shares recently fell 0.7% at $141.19.