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A grim reminder of how worse the economy has turned out in the first quarter of the year, even as the world brave waves upon waves of the Covid pandemic, coupled by incessant wars, turbulent geopolitics and a decline in everything that should have been not. While the world is already at the brink of another great recession (and conflicts between and within nations), the tragedy is multiplied by shrinking jobs. Even the best companies in the world are no exception. Meta chief Mark Zuckerberg says that the current economic condition is one of the worst in history. In a QnA with the Meta staff, Mark deliberated on hiring freeze and turning up the heat.
“You might decide that this place isn’t for you, and that self-selection is OK with me,” Meta CEO Mark Zuckerberg said. https://t.co/4QOP59eOKc
— FORTUNE (@FortuneMagazine) July 3, 2022
Facebook will now slash 30% of hirings by the end of 2022. The initial plan of hiring 10,000 engineers has been reduced by 6000 to 7000 now. In addition to axing prospect jobs, the Meta boss has another harsh warning. Staff unable to meet aggressive targets will be shown the doors. Zuck said that there are a bunch of people in the company who shouldn’t be here! Mark said he is turning up the heat a little bit.
Meanwhile Chris Cox, the Chief Product Officer wrote in a memo that the company must prioritise more ruthlessly as the headwinds are fierce.
And it is not just Meta that is leading the austerity drive for a leaner organisation, as the economy is shrinking, Tesla is slashing jobs too. The company is seeing tough times, even as Musk forewarns of an impending bankruptcy if things are not scaled down a notch.
See Also: Elon Musk Hints At Tesla’s Bankruptcy, Says Tesla’s New Plants Are Gigantic Money Furnaces
Cover Image: Sourced
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