Snapchat has asked its employees to come in to office for 80 per cent of the time, that is, four days a week. The offices will reopen starting February 2023.
The employees also seem to be looking forward to being back at the workplace after a long time and are eager to embrace the 80/20 hybrid model.
In an effort to reduce expenses amidst a weakening economy, the Santa Monica, California-based Snapchat had decided to fire 20 per cent of its employees in August 2022 and had also paused all projects.
According to Reuters, a memo from Evan Spiegel, CEO, Snap, said that despite spending cuts in some areas, the Company must now handle the repercussions of the weak growth in revenue and adjust to the market environment.
It is reported that the photo-messaging platform has asked the employees to be in office four days a week.
In August, Snap, the parent company of the multimedia instant messaging app had reported losses of almost $10 billion and its shares dipped following the poor quarterly performance in July.
Earlier this year, the CEO had indicated that hiring would slow down. Employees had been told that the Company would be hiring only about 500 people compared to the 2,000 that were hired over the last one year. Investors had also been told not to expect revenues to grow at the expected pace.