Meta Is Implementing A Hiring Freeze What Does This Show About Big Tech?

Companies around the world are bracing for a looming recession and then took steps to reduce costs. this It seems Meta is no exception.

employees of Facebook The parent company announced late last month that it would implement a hiring freeze and “restructuring,” Bloomberg News reported.

Chief executive officer Mark Zuckerberg The uncertain macroeconomic environment was the cause of the change, especially as advertisers cut spending in anticipation of a recession, shared via a company memo.

Zuckerberg told employees during the weekly question-and-answer session, “I wish the economy had been more clearly stable by now, but from what we’ve seen it’s still stable. I can’t see it, so I want to plan a little conservatively,” Bloomberg reported.

As Reuters reported in June, Meta has cut plans to hire engineers by at least 30% this year, according to the outlet. meta shared a statement made in its July earnings call.

“Our plan is to steadily reduce headcount growth over the next year,” he said. “Many teams will shrink so energy can be shifted to other areas. We wanted to be able to make decisions while keeping it to a long-term initiative.”

Meta isn’t the only big company tightening its purse strings.

previous essence report that netflix cited the impact of the COVID-19 pandemic and over-hiring during the boom period as reasons for mass layoffs over the summer.Like other tech giants robin hoodTwitter, Glossier, and Better are some of the lists that keep people letting go.

Fintechs are also cutting staff, according to recent data from LinkedIn. forbes reported that Chicago-based debit card company M1 reduced its team of 369 to 349 in one month. Neobank also reported a slight drop in LinkedIn employees. Debit rewards startup PointCard reported he had 105 employees in January, but now he’s down to 61.

https://www.essence.com/news/meta-layoffs-recession-big-tech-netflix-spotify/ Meta Is Implementing A Hiring Freeze What Does This Show About Big Tech?

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