Consumer Discretionary Author：Yiru Qian Jul 25, 2022 12:50 PM (GMT+8)

It is designed to reduce the rate of growth in organizational size and improve organizational efficiency

ByteDance Building

ByteDance is reportedly planning to reduce the number of newly-hired employees until 2023, according to Chinese media Jiemian last week.

According to ByteDance’s CEO Liang Rubo’s updated Objectives and Key Results (OKR), the firm plans to adjust its headcounts and greatly reduce hiring from 2022 to 2023 according to business needs, an unnamed source said.

It was not clear what percentage of the workforce would be cut, however.

The firm expanded aggressively in 2020, with the number of employees increasing by 2/3 in just one year. As of May 2021, ByteDance announced on its official account that it owned more than 100,000 employees in over 200 cities globally.

In the past year, the firm has laid off staff in the education and gaming units, the former one has cut around 80% workforce due to the so-called double reduction policy.

Previously, a slew of tech giants had reduced their workforce expansion plans, including but not limited to Alibaba, Tencent, JD.com and Meituan.