Meta has warned its employees to brace themselves for "serious times" ahead. Meta is aggressively cutting down on hiring. The company CEO Mark Zuckerberg revealed that the company has cut plans to hire engineers by almost 30 per cent. Zuckerberg also said during a weekly employee Q&A that it is "turning up the heat" on performance management to fire staffers who are unable to meet their targets.
"Realistically, there are probably a bunch of people at the company who shouldn't be here," Zuckerberg said.Part of my hope for raising expectations and having more aggressive goals, and just kind of turning up the heat a little bit, is that I think some of you might decide that this place isn't for you, and that self-selection is OK with me," he was quoted by Reuters as saying. Zuckerberg informed employees that Meta is witnessing the worst economic downturn in recent history.
Meta has confirmed freezing the hiring process in broad terms but refused to share the exact figures. Zuckerberf informed us that the company has reduced its target for hiring engineers in 2022 to around 6,000-7,000. The company had initially planned to hire about 10,000 new engineers, but that is not the case anymore.
Meta's Chief Product Officer Chris Cox wrote in the memo that the company should operate leaner, meaner, better executing teams. "I have to underscore that we are in serious times here and the headwinds are fierce. We need to execute flawlessly in an environment of slower growth, where teams should not expect vast influxes of new engineers and budgets," Cox wrote.
Meta, which is the world's largest social media company, lost about half its market value this year after Facebook reported a decline in daily active users. However, Instagram Reels are getting popular by the day. Cox added that users were spending a lot of time on Reels in the US and other markets.
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