The raging economic downturn isn’t sparing anyone; not even giant-sized enterprises such as Meta, Facebook’s parent company.
The company said it will be slowing down on hiring engineers this year by at least 30%. According to Meta CEO, Mark Zuckerberg, the company will only hire between 6,000-7,000 new engineers this year, a far drop from its initial plan to hire more than 10,000.
“If I had to bet, I’d say that this might be one of the worst downturns that we’ve seen in recent history,” Zuckerberg said while addressing employees in a weekly Q&A session.
Zuckerberg further hinted that some vacant positions in the company will remain unfilled as duties are distributed among available staffers.
“Part of my hope by raising expectations and having more aggressive goals, and just kind of turning up the heat a little bit,” He said. “I think some of you might decide that this place isn’t for you, and that self-selection is OK with me.”
Like many companies, Meta is keen on cutting down expenditure as economic projections demonstrate tougher times ahead. An internal memo by chief product officer Chris Cox revealed by Reuters said:
“We need to execute flawlessly in an environment of slower growth, where teams should not expect vast influxes of new engineers and budgets. “We must prioritize more ruthlessly, be thoughtful about measuring and understanding what drives impact, invest in developer efficiency and velocity inside the company, and operate leaner, meaner, better exciting teams.
There are myriad factors currently slowing down company revenues, especially those in the technology ecosystem, including regulations on data privacy, the war in Ukraine and increased inflation.