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Meta Facebook Hiring: Facebook CEO Mark Zuckerberg has said that 30 percent less engineers will be recruited this year. Let us know what is the reason behind it.
Facebook Hiring: Facebook’s owner Meta Platform Inc. plans to hire 30 percent fewer engineers this year. CEO Mark Zuckerberg has informed the employees about this. He has also warned the employees to be ready for change due to the economic slowdown. “If I had to bet, I would say it could be one of the worst recessions in recent history,” Reuters news agency said. Zuckerberg said, META has reduced the recruitment target of engineers for 2022 from about 6 thousand to 7 thousand. Earlier there was a plan to recruit 10,000 engineers.
Meta widely confirmed the job cuts last month. But the information about how many people should be recruited in small numbers was not given. Zuckerberg said, along with reducing recruitment, the company is not recruiting people in some positions because they did not achieve the target at the pace they were expected to. Mark Zuckerberg said, ‘There are actually some people in the company who probably shouldn’t have been here.’ The social media and technology company is operating with a slight stagnation in the second half of this year, as macroeconomics grapples with pressure.
Meta stock price fell
Actually, the fear of a possible recession in America has intensified. In such a situation, tech companies around the world have lowered their aspirations. However, in the midst of recession, the company’s stock price has suffered more than Meta’s rivals Apple and Google. This year the world’s largest social media company has lost almost half its market value. Meta reported that daily active users on its flagship Facebook app have seen a decline for the first time this quarter.
It is worth noting here that Meta is facing such problems at a time when it has to consider making two strategic changes. The first of this is that Meta is trying to make changes like that to compete with Tiktok through its social media products. The second is that the company is working on virtual reality technology, which is very expensive.