Meta Platforms Inc. has opted to hire fewer engineers than it had initially planned since it anticipates a recession. Meta will now hire only around 6,000 new engineers, which is 30% less than the 10,000 new engineers it had originally planned to hire.
The company’s hiring plans are being revised as a result of the predicted severity of the recession, according to Mark Zuckerberg, CEO of Meta. Its advertising business has also been impacted by the economic downturn. In May, the Company announced that it would halt hiring for some positions.
Given that the war in Ukraine has negatively impacted sales, some positions will remain unfilled as Meta concentrates on getting rid of underperformers. Moreover, according to reports, Zuckerberg said that many of the employees did not deserve to work for the company given their poor performance. Meta will also take steps to limit spending.
Since hiring accounted for the largest portion of expenses in the first quarter after recruiting over 5,800 people, Meta is attempting to reduce spending by lowering hiring targets. The organisation hopes to become more lean and, if necessary, ruthless in light of the serious circumstances and limited resources because it has been made clear to the staff that growth is anticipated to be slow.