TikTok owner ByteDance reportedly sharply downsized recruitment plan for next year
STOCKS
TikTok owner ByteDance reportedly sharply downsized recruitment plan for next year
STOCKS

TikTok owner ByteDance reportedly sharply downsized recruitment plan for next year

 

>>REAL-TIME UPDATES IN THE WIRE. CLICK HERE<<<

 

 

TikTok owner ByteDance has reportedly downsized its recruitment plans for next year as the company taps the breaks on expansion.

Chief Executive Liang Rubo has updated the company’s document of Objectives and Key Results, planning to sharply scale back hiring plan in 2022 – 2023, slow the expansion of the company size and enhance operational efficiency, news outlet Jiemian news reported on Thursday, citing sources familiar with the matter.

The Beijing-based firm has been growing rapidly in recent years. In 2020, its headcount jumped to 100,000 from 60,000 a year earlier. One of the big contributors was the education business unit, Dali, which added 10,000 employees in 2020.

ByteDance’s education and gaming segments have not taken off as expected and the units have gone through several rounds of layoffs since last year. According to Chinese Tech news outlet LatePost, ByteDance’s education business had laid off about 80% staff and the team shrank to around 1,000 people.