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Meta cuts recruitment target on economy fears

CEO of Meta Platforms, Mark Zuckerberg

By Kavit Majithia

Meta Platforms reportedly reduced its 2022 target for hiring engineers by 30 per cent, as CEO Mark Zuckerberg (pictured) braced the company for what he claimed was likely to be one of the worst economic downturns in recent history.

Reuters reported Zuckerberg made the comments in an employee Q&A session, stating Meta Platforms had reduced its aim to hire 10,000 new engineers to around 6,000 to 7,000.

Zuckerberg reportedly warned of a deep economic downturn and said Meta Platforms would also leave certain positions unfilled in response to attrition.

Meta Platforms is further “turning up the heat” on employees to assess who can handle aggressive goals, with the hope raising expectations might lead to some employees choosing to leave.

“Realistically, there are probably a bunch of people at the company who shouldn’t be here,” added Zuckerberg.

In line with a more conservative approach, an internal memo viewed by Reuters indicated Meta Platforms is preparing for a leaner second half of the year, largely due to macroeconomic pressures and hits to its advertising business.

Chief product officer Chris Cox stated in the memo Meta Platforms needed to “execute flawlessly in an environment of slower growth, where teams should not expect vast influxes of new engineers and budgets”.

In Q1, Meta Platforms booked a $3 billion loss, as it makes significant investments into the metaverse.

SOURCE: MOBILE WORLD LIVE

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