Mark Zuckerberg raised performance expectations at the company;
The statement came as the company braces for an economic downturn;
Meta plans to cut its plans to hire engineers by at least 30% this year.
Meta, the parent company of Facebook, wants to cut ties with workers who fail to meet newly elevated performance expectations as the company braces for an economic downturn, CEO Mark Zuckerberg bluntly revealed this week.
Zuckerberg’s frank statement came during a question-and-answer session with officials, in which he warned that a recent slump in markets “could be one of the worst crises we’ve seen in recent history.”
“Realistically, there are probably a lot of people in the company who shouldn’t be here,” Zuckerberg said during the meeting, according to Reuters.
“Part of my hope in raising expectations and having more aggressive goals, and just turning up the heat a little bit, is that I think some of you might decide that this place is not for you, and that self-selection is OK with me. ,” added Zuckerberg.
Zuckerberg indicated that Meta plans to cut its plans to hire engineers by at least 30% this year — adding about 6,000 or 7,000 workers instead of the 10,000 it initially expected to hire. Some roles that are currently empty will remain unfilled as Meta increases the pressure on current employees.
The company was rocked last month by the impressive resignation of COO Sheryl Sandberg, Zuckerman’s longtime lieutenant and the mastermind behind Facebook’s roaring growth in ad revenue.
Meta confirmed it enacted a hiring freeze in May after the company grew just 7% to $27.9 billion in the first quarter. This marked its slowest growth rate since Facebook went public. Company representatives said there are no layoffs planned.
Zuckerberg had already played down Meta’s high employee turnover during the company’s earnings call in April.
“I don’t think that kind of volatility that companies face is always so detrimental to making sure you have the right people in the companies,” Zuckerberg said at the time.
As Zuckerberg tries to reinvent his giant social media platform as a company of the metaverse, Meta shares are down more than 50% so far this year.