Meta, the parent company of Facebook and Instagram, has reportedly rehired a significant number of employees who were previously laid off as part of a cost-cutting initiative led by CEO Mark Zuckerberg.
The move comes as Meta experiences a resurgence in its financial performance and aims to bolster its workforce in specific technical and engineering roles.
According to reporting by Insider citing sources familiar with the company’s internal developments, Meta has quietly begun to bring back employees who were let go during the extensive rounds of layoffs over the past year.
While Meta had adopted a hiring freeze as part of Zuckerberg’s “year of efficiency,” recent positive developments in the company’s financial outlook have prompted targeted hiring efforts.
The positions being filled are primarily in the engineering and technical domains. However, the exact number of rehires has not been officially disclosed by Meta.
Despite the rehiring efforts, Meta’s careers website continues to display numerous job openings, particularly in the engineering sector, across various locations.
This indicates that the company is actively seeking to expand its workforce, despite the austerity measures undertaken by Zuckerberg.
Former employees who were impacted by the layoffs reportedly have the opportunity to reapply for positions at Meta through an “alumni portal.”
The company appears to be focusing on rehiring experienced engineers who have demonstrated strong performance records during their tenure.
Insider reports suggest that some of the rehired employees are accepting roles with lower seniority and reduced compensation compared to their previous positions.
Meta is reportedly seeking candidates with substantial career experience as it navigates its limited hiring cycle.
During Meta’s recent earnings call on July 26, Zuckerberg hinted at the company’s hiring plans.
He mentioned that the company would continue to operate with a lean approach and anticipated relatively low growth in headcount.
However, he acknowledged that some hiring was necessary to address the skills gap left by the previous round of layoffs.
He also indicated that much of this hiring activity would extend into the year 2024.
Meta’s recent success is evident in its stock performance, which has surged by more than 145% since the beginning of the year, reaching nearly $306 per share.
The company’s strong financial results and Zuckerberg’s strategic cost-cutting initiatives have contributed to this remarkable growth.
The launch of Threads, a text-based social media app designed to rival other platforms like Twitter (now known as X), has also generated significant attention.
Threads garnered over 100 million downloads shortly after its debut, although a portion of its user base has since diminished.
Despite its financial achievements, Meta’s Reality Labs division reportedly incurred losses exceeding $21 billion due to substantial investments in metaverse technology development.
As Meta reshapes its workforce and capitalizes on its recent achievements, the company continues to make waves in the tech industry, balancing financial growth with strategic innovation.
