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Facebook ‘freezes recruitment’ on a large scale for the first time

After a period of dismal business, Facebook’s parent company announced that it would stop hiring new engineers and limit mid-to-high-level engineers.

Business Insider said this is the first time Meta, the parent company of Facebook, “freezes hiring”. The company has no plans to lay off, but restricts recruiting most mid-level and senior-level positions, and temporarily suspends recruiting new engineers. As of the end of March, Meta’s number of employees was 77,805.

The announcement comes a week after Meta released its first three-month results. The company’s revenue growth rate reached the lowest level in years, profit decreased by 21% over the same period last year.

David Wehner, Meta’s CFO, says the company’s growth is slower than expected, forcing it to adjust to some spending issues. “This will affect the hiring plans of most departments in the company,” he said.

An ex-Amazon employee called for an interview at Meta said that the employer suddenly announced the suspension of the interview. Others said that many engineers had failed the interview round because of the new policy.

CEO Meta Mark Zuckerberg said he has drawn up plans to steer the company into larger areas of investment including short video and virtual-space communications. metaverse. “We are rearranging our internal staff into priority areas. The company has many amazing individuals who are contributing daily. What must be done now is how to orient the talent internally instead. because it attracts new people outside,” CNN quoted Zuckerberg.

Mark Zuckerberg, CEO Meta.  Photo: Reuters

Mark Zuckerberg, CEO Meta. Image: Reuters

Meta is refocusing its strategy and placing high expectations on the metaverse. In addition, the company is facing stiff competition from rivals like TikTok, losing revenue in Russia and facing challenges in content-driven advertising as Apple changes its privacy policy. Last week, they announced that the average cost per ad fell 8% year-over-year in the first quarter.

Although the company cut its full-year spending forecast by about $3 billion last week, Zuckerberg warned investors that Meta plans to limit the pace of some investments due to the current tough growth outlook. at the company.

“After Covid-19, e-commerce experienced tremendous growth. However, everything is reversing. Based on observing last year’s revenue growth, we have started to launch some spending plans. long-term spending. With the current increase, we are forced to limit some investments,” Zuckerberg said.

Andrea Beasley, a spokesperson for Meta, said: “The company regularly re-evaluates its human resources according to business needs and based on the costs introduced in each period.” A representative of Meta confirmed that the company still has plans to “grow the workforce to ensure focus on long-term strategy”, but at this stage things are slowing down.

Meta is not the only company with staffing problems. According to Business Insider, A wave of layoffs is sweeping across America. From startups like Peloton that forced thousands of employees to leave, to traditional “fire-fighting” companies like Netflix, which also had to cut staff in the first months of the year. The reason is due to the gloomy business situation, increased personnel costs.

Thao Hien (according to Business Insider)

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