Tech

Mark Zuckerberg prepares Meta employees to enter 2022


SAN FRANCISCO – Mark Zuckerberg there’s a message for Meta employees: Tighten up your spirits for the tough times ahead.

At an internal meeting on Thursday, Mr. Zuckerberg, Meta’s chief executive, said the Silicon Valley company is facing one of the “worst recessions we’ve ever seen in our history.” recent history,” according to copies of his comments that were shared. The New York Times. He told Meta’s 77,800 workers that they should be prepared to do more with fewer resources and that their performance would be appreciated more than before.

Mr. Zuckerberg added that the company – which owns Facebook, Instagram and other apps – is reducing its hiring target. Meta now plans to attract between 6,000 and 7,000 new engineers this year, down from its previous target of about 10,000, he said. In some areas, hiring will halt altogether, especially for junior engineers, although headcount will increase in other parts of the business, he said.

“I think some of you might decide that this place isn’t for you, and it’s okay for me to be self-selected,” Zuckerberg said on the call. “In fact, there are probably a lot of people at the company who shouldn’t be here.”

The CEO’s remarks, some of the harshest he has spoken to employees, reflect the level of difficulty Meta is facing with its business. The company, for many years going from strength to financial strength, has been in an unfamiliar position this year as it has been. Fight. While it enjoyed strong growth in the early part of the pandemic, it has recently faced upheaval in the global economy as inflation and interest rates rose.

That economic instability is happening when Meta navigates the chaos in the social network and its core advertising business. Last year, Zuckerberg stated that his company, Rename Meta from Facebook, has made a long-term bet to build the immersive world of the so-called metaverse. He has spent billions of dollars on this effort, which has reduced Meta’s profits.

The company is also dealing with a blow to its advertising business after Apple has made privacy changes Its mobile operating system limits the amount of data Facebook and Instagram can collect from users.

As a result, Meta posted a consecutive drop in profits this year, the first time in more than a decade. In February, after a dismal financial reportShares of Meta plummeted 26% and its market value fell by more than $230 billion after the company’s biggest single-day write-off. In March, the company told employees that reduce or eliminate free services like normal laundry and dry cleaning.

In a memo sent to employees on Thursday, Chris Cox, Meta’s chief product officer, echoed Zuckerberg’s sentiments and said the company was in “serious times” and that “winds of wind are coming” very severe economic backlash,” according to a copy of the memo that was read. for The Times.

“We needed to function perfectly in a slower growth environment where teams should not expect large numbers of engineers and new budgets,” Mr. Cox’s memo said. “We must prioritize more ruthlessly, think hard about measuring and understanding what drives impact, invest in developer efficiency and speed inside the company, and run leaner team, more flexible, better execution.”

Zuckerberg and Cox’s comments to employees are report earlier by Reuters. A Meta spokesman said that Mr Cox’s memo echoed what the company had said publicly during earnings calls and that it was being upfront about “challenges” and “opportunities”.

During an internal meeting on Thursday, held via videoconference, Zuckerberg’s comments appeared to stem from a sense of frustration, according to an employee who monitored the call. After someone asked if the company would continue to have “Meta Days” in 2022, an internal designation for paid vacations, Zuckerberg paused and pondered on how to answer the question one way. appropriate, said the unnamed employee. they are not allowed to speak.

The CEO then said the company needed to break down and work harder than before, “turning the heat up” on internal goals and metrics used to gauge employee performance. He said he expects some level of revenue from employees who don’t meet those goals, and that some may leave due to the pace of intensification.

However, Zuckerberg noted that he doesn’t hate spending heavily on projects that are important in the long term and not just focusing on profits. He cites efforts to build the metaverse with virtual and augmented reality products over the next 10 years.

Mr. Cox in his memo also said that Meta is continuing to focus on investing in Reels – a TikTok-like video product that’s featured heavily on Instagram – as well as improved artificial intelligence to help drive discovery of popular Facebook and Instagram posts. Meta is also working on monetizing its messaging apps and looking for more opportunities in e-commerce sales on the platform, he said.

Internal recruiters at Meta say that following the pandemic spike, the company’s hiring has slowed this year. Two unnamed recruiters said that the company mainly recruits for important positions and many positions are being filled internally.

Two people with knowledge of the company’s plans said there are currently no plans to lay off any employees, the unnamed person said because they were not authorized to speak. In the chat room channels accompanying the live broadcast of the employee meeting, some workers said they were celebrating the loss of “dead weight” after feeling that “the bar has been lowered.” ” for recruitment during the pandemic, according to the comments described. to The Times by one of the staff.



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