So apparently things escalated rather quickly for employees over at Facebook.
In recent news, a leaked audio of an employee Q&A session was released where Mark Zuckerberg announced his plans to slash hiring plans and embrace for ‘fierce’ turbulence with the looming market corrections.
In preparation for the economic times ahead, Faceook will be reducing the number of engineers they planned to hire by at least 30% this year which is about 6,000-7,000 (down from the 10,000 they were planning to hire).
“If I had to bet, I’d say that this might be one of the worst downturns that we’ve seen in recent history,” -Mark Zuckerberg
In addition to reducing hiring, Zuck said the company was “turning up the heat” on performance management to weed out staffers unable to meet more aggressive goals.
“Realistically, there are probably a bunch of people at the company who shouldn’t be here,” Zuckerberg said in the Q&A.
“Part of my hope by raising expectations and having more aggressive goals, and just kind of turning up the heat a little bit, is that I think some of you might decide that this place isn’t for you, and that self-selection is OK with me,” he said.
Which makes you wonder, how freaking bad is this economy going to get if the guy worth $70 billion dollars is nervous?
On the flip side it is worth noting for context, in addition to their market concerns with a looming recession, Facebook lost about half its market value this year, after Meta reported that daily active users on its app had experienced a quarterly decline for the first time since forever…
