![]() ![]() Zuckerberg said Meta would be slashing budgets across all of its departments and subsidiaries, including Facebook, Instagram and WhatsApp. His comments were first reported by Bloomberg News. “I had hoped the economy would have more clearly stabilized by now, but from what we’re seeing it doesn’t yet seem like it has, so we want to plan somewhat conservatively,” Zuckerberg reportedly said. Zuckerberg blamed economic headwinds and warned that the company may be forced to undergo downsizing or restructuring. Last week, Meta CEO Mark Zuckerberg told employees that the company has frozen new hiring. Meta freezes hiring as CEO Mark Zuckerberg blames economy: reportįacebook staffers have been bracing for layoffs for months. “It might look like they are moving on, but the reality is they are being forced out,” the employee told Insider. Insider quoted a Facebook employee as saying that management is already telling those who are “PIP-ed” that they need to look elsewhere for work. ![]() The Post has sought comment from Facebook’s parent company Meta. Facebook employees have reportedly been bracing for layoffs since the company announced a hiring freeze. These employees are then subjected to new requirements under a “performance improvement plan” (PIP) - which is seen as a precursor to losing one’s job.Īccording to Insider, Facebook’s chief engineer, Maher Saba, told managers in July that they needed to start identifying employees in their teams who fell into the category of “needs support” - though they did not specify a percentage. Those who are deemed “needing support” are widely perceived to be failing to meet performance goals. One employee told Insider that managers throughout the company were told to select at least 15% of their teams who are categorized as “needs support.”įacebook employees took to the workplace app Blind, where they speculated that it was likely whoever was placed in the 15% category would be out of a job.Įliminating 15% of Facebook’s workforce means that some 12,000 employees could be out of a job. ![]() Several employees told the news site Insider that as much as 15% of the company’s workforce could be slashed within the next few weeks. How London teen’s suicide could spark social media reforms for US kidsĪpple co-founder slams Meta for yanking internship offers after Post reportįacebook executives are in the process of executing “quiet layoffs” of underperforming workers that could lead to thousands of employees getting pink slips, according to a report. ‘Anything that is deemed conservative gets flagged’: Hurricane Ian relief tees rejected by Facebook Meta unveils its much-hyped Quest Pro headset and here’s what it costs ![]()
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