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Meta, the company formerly known as Facebook, is preparing to face a sharp market downturn. According to reports, Mark Zuckerberg, CEO of Meta, announced a change in the company’s hiring policy, which lowered the number of engineers planned to be hired from 10K to 6-7K. Earlier, Zuckerberg had warned about the company’s metaverse pivot and how it could cause it to lose money in the near future.
Meta, the social media and technology company that switched to metaverse technology, has announced a number of measures to help it face a market downturn in the future. According to reports, Mark Zuckerberg, founder and CEO of the organization, stated that the current financial situation will change the company’s hiring plans for this year.
Zuckerberg stated that Meta will now only employ between 6,000 and 7,000 engineers this year, reduced from the estimated 10,000 previously planned. This means that the company will effectively reduce employment between 30% to 40%. Zuckerberg also stated that the company will change its view on how workers must perform, and suggested higher standards in this area.
Zuckerberg commented on this:
Part of my hope in raising expectations and having more aggressive goals, and just turning up the heat a little, is that I think some of you may decide that this place is not for you.
Zuckerberg also suggested that Meta make some layoffs by declaring:
Realistically, there are probably a bunch of people in the company who should not have been here.
Zuckerberg has previously acknowledged that the company’s focus now on the meta-verse will cause it to lose money in the foreseeable future. Meta has greatly increased the number of funds dedicated to R&D for its metaverse hardware division, which is responsible for creating more immersive hardware so that people have a better alternative reality experience.
Nevertheless, Zuckerberg has great faith in the meta-verse and in what it can bring to the company in the future. He has previously stated that he believes the meta-verse will be able to attract billions of people to Meta’s platform, and that revenue services will be scaled then. Revenue generation is still a work in progress for the metaverset prepared by the company, but recently Meta launched a digital clothing store for its social media avatars, to make money on digital goods.
What do you think of Meta’s reduced employment estimates? Tell us in the comments section below.
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