Meta Continues to Spend Heavy on its Metaverse Ambition
- Meta has remained focused on the Metaverse over the last couple of years.
- Meta recently laid off a huge percentage of its staff in a bid to slim down its operation.
- Former Meta staff claim the company paid developers above market rates.
Meta, over the last few years, has promoted a positive view of the future of human communication in which individuals collaborate in immersive digital worlds that are accessed by VR-enabled devices for work, play, and shopping while being represented by a wide range of avatars.
Meta has made heavy investments in its metaverse division and is paying programmers extravagant wages to make its metaverse ambitions a reality. Reports revealed that programmers capable of developing virtual reality-powered games, apps, and technologies can receive total remuneration ranging from $600,000 to packages close to $1 million.
Patrick McAdams, CEO of Andiamo, a talent recruiting company, claims that Meta pays “significantly more than a lot of gaming companies.” McAdams added that “it’s not an exaggeration to say that their total compensation is double or more than double of what you’ll get at a large gaming company.” McAdams noted that highly qualified developers and technical team leaders received the highest salaries, and it is not unlikely to see some earning $500,000.
Meta’s extravagant remuneration packages represent just a small portion of the multimillion-dollar investment it is making to develop the metaverse. Mark Zuckerberg, the company’s CEO, has predicted that virtual reality headsets, augmented reality glasses, and a slew of related software will take the place of some in-person communication in the future. Meta also changed its name from Facebook to Meta in 2021 to reflect its ambition.
Former human resources workers at Meta claim that the firm pays developers exceptionally high compensation as part of its trend to outspend rivals to attract top talent for a variety of roles. Some employees claimed Meta paid above market rates and offered compensations that very few could rival.
Despite paying high salaries and making long-term investments in the metaverse, Meta is also under intense pressure to cut costs throughout the entire organization. Meta announced plans to lay off 10,000 employees last month as part of a months-long reduction and reorganization operation.
These layoffs come after the firm trimmed its personnel by 13% in November. The company slashed its headcount by 11,000 workers during that time. However, despite the restructuring, Mark Zuckerberg maintains that there are no plans to alter Meta’s long-term goal for the metaverse.