Meta Will Slow Hiring, Won’t Rule Out Future Layoffs
https://www.wsj.com/articles/mark-zuckerberg-says-meta-will-slow-hiring-wont-rule-out-future-layoffs-98653b09 Meta Platforms Inc. Chief Executive Mark Zuckerberg told employees that he won’t rule out future layoffs and said he doesn’t expect the social-media company to hire as quickly as it did before the layoffs that began late last year. Mr. Zuckerberg addressed employees in a virtual Q&A session on Thursday, a day after the company completed its latest round of layoffs. Mr. Zuckerberg told employees that approximately 4,000 employees, primarily in the company’s tech divisions, were affected by the latest cuts, according to a recording of the employee town hall. Since November, Facebook’s parent company has said it would lay off 21,000 employees, or nearly a quarter of its workforce. Meta will backfill positions that have been vacated, but in terms of net growth, Mr. Zuckerberg told employees they should not expect more than 1% to 2% year over year “from this point forward.” “I just kind of think that for where we are in the efficiency that we’re able to get from new technologies, that’s probably the right model to expect going forward and that will be a different operating model and I think we can do it well.” A Meta spokesman didn’t immediately respond to a request for comment. Mr. Zuckerberg told employees that the company expects to complete most layoffs for 2023 in May, as he had previously announced in March, but he also said that it is hard to predict what will happen in 2024, 2025 and beyond. ... “I wanted to front load it as early in the year as possible,” he said. “It took a few months of planning to execute. We wanted to get the most painful thing out of the way first, and that’s this.” Meta’s Facebook, WhatsApp, Messenger, Instagram and Reality Labs were among the divisions affected this week, according to a memo sent to employees earlier this week.
The Wall Street Journal
Meta has become another Cisco, Intel and HP: monthly RIF’s and only the most political and toxic ones will survive. I am saddened, having been there pre-IPO and seeing its downfall.
Who is ashu
Zoox when things cool down, which other companies do you think are at the cusp of blowout? DoorDash?
Will there be a third round?
The layoffs in May will be the third round. More could come but who knows?
When they say business units in May. It's not only HR and finance. It's also marketing, ads and operations? Am I missing any units at Meta?
From “there won’t be any more layoffs “ to “we won’t rule out more layoffs “.
Nice username 😁
Glad you like it 😆
Bro just layoff 75% and call it a day
Right. He needs to just go full Elon and get it over with.
Zuck has become addicted to layoffs. 1. November 2022 2. March 2023 3. April 2023 4. May 2023 yet he is already thinking about more layoffs in the future
Mar,Apr,May are part of same layoff. Tech was in Apr. Biz in May.
It helps in stock price, the only metaverse he believes in. All those still at Meta, start reading between lines.
Myspace
The key here is that Zuck is saying that AI will likely eliminate the need for increasing headcount in the next few years. That’s a very important takeaway.
Yeah I feel like that’s a huge take away. Our CEO said something similar in our AMA a few weeks back when asked if we are lifting our hiring freeze any time soon.
“Efficiency from new technologies” is he talking about ChatGPT? Or other AI tools that help with coding?
Just corp speak for 1. Employees will need to work harder since there is no help on the way 2. Managers will have limited promotion opportunities since empire building is now off the table
Are they backfilling the laid off roles in low cost countries?
Should double productivity using gpt-4, room for more layoffs
No
Sad day when the WSJ had to report they water is wet.
??? They were reporting on the all-hands that Mark had after the layoffs.
Take a step back, OP. Do you know anything new after reading this that you didn’t already know?