Facebook’s mother Meta wants to sever ties with workers who can’t meet newly raised productivity expectations as the company prepares for an economic downturn, CEO Mark Zuckerberg revealed this week.
Zuckerberg’s candid confession came during a question-and-answer session with officials, in which he warned that the recent market downturn “could be one of the worst downturns we’ve seen in recent history.”
“Realistically, there are probably a bunch of people in the company who shouldn’t be here,” Zuckerberg said during the meeting, according to Reuters.
“Part of my hope, as I raise my expectations and have more aggressive goals and just increase the heat a little bit, is that I think some of you may decide that this place is not for you and that self-choice is right for me.” Zuckerberg added.
Zuckerberg said Meta plans to delay its plans to hire engineers by at least 30% this year – adding approximately 6,000 or 7,000 workers instead of the 10,000 it originally expected to hire. Some roles that are currently vacant will remain unfilled as Meta puts pressure on current employees.
The Post turned to Meta for further comment on Zuckerberg’s remarks.
The company was rocked last month by the stunning resignation of Chief Operating Officer Cheryl Sandberg, Zuckerman’s longtime lieutenant and the brain behind Facebook’s booming advertising revenue growth.
Meta confirmed this introduced a rental freeze in May after the company grew only 7% to $ 27.9 billion in the first quarter. This marks its slowest growth rate since Facebook went public. Company officials said no layoffs were planned
Zuckerberg had belittled earlier high turnover of employees in Meta during the call for the company’s profit in April.
“I don’t think the kind of instability that companies face is always so unhealthy to make sure you have the right people in the companies,” Zuckerberg said at the time.
Shares of Meta have fallen more than 50% so far this year as Zuckerberg tries to rediscover its social media giant as a company for the metaverse. As The Post reported earliersome Meta workers complained that the company’s stock decline was undermining the value of their stock options.
Meta’s struggles coincided with a wider decline in the technology sector. Nasdaq fell into sword territory and scored its worst performance in the first half of history.
Meta chief product officer Chris Cox stressed the seriousness of the situation in a separate note to workers ahead of Zuckerberg’s remarks, according to Reuters.
“I must emphasize that we are in serious times here and the accompanying winds are fierce. We need to perform flawlessly in an environment of slower growth, where teams should not expect a huge influx of new engineers and budgets, “Cox wrote.