CEO Mark Zuckerberg frankly revealed this week that Facebook’s Meta parent company wants to cut ties with workers who can’t meet newly increased performance expectations as the company braces for an economic downturn.
Zuckerberg’s frank acceptance came during a question-and-answer session with staff in which he warned that the recent slump in the markets “could be one of the worst downturns we’ve seen in recent history.”
Zuckerberg said during the meeting, according to Reuters.
“Part of my hope by raising expectations and getting more aggressive goals, and just turning the heat up a little bit, is that I think some of you might decide that this is not a place for you, and that self-selection is okay,” Zuckerberg added.
Zuckerberg noted that Meta plans to slow its hiring plans for engineers by at least 30% this year — adding roughly 6,000 or 7,000 workers instead of the 10,000 it initially expected to hire. Some of the currently vacant roles will remain vacant as Meta Dials increases pressure on existing employees.
The Post has reached out to Meta for more feedback on Zuckerberg’s comments.
The company was shaken last month by the shocking resignation of COO Sheryl Sandberg, Zuckerman’s longtime lieutenant and the mastermind behind Facebook’s booming growth in ad revenue.
Mita confirmed it Hiring freeze age in May After the company grew just 7% to $27.9 billion in the first quarter. This was the slowest growth rate since Facebook went public. Company representatives said no layoffs were planned
Zuckerberg had downplayed it earlier High employee turnover at Meta during the company’s April earnings call.
“I don’t think the kind of fluctuation that companies face is always so unhealthy to make sure you have the right people in the companies,” Zuckerberg said at the time.
Meta shares are down more than 50% so far this year as Zuckerberg tries to reinvent his social media giant as a metaverse. as I said beforSome Meta workers have complained that the company’s share decline is crushing the value of their stock options.
Meta’s struggles have coincided with a broader downturn in the tech sector. The Nasdaq fell into bearish territory and recorded its worst performance ever in the first half.
Chris Cox, Meta’s chief product officer, emphasized the seriousness of the situation in a separate note to workers ahead of Zuckerberg’s remarks, according to Reuters.
“I must stress that we are going through dangerous times here and headwinds are fierce. We need to execute flawlessly in a slower growth environment, where teams should not expect massive influxes of engineers and new budgets,” Cox wrote.
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