On July 1, local time, Mark Zuckerberg, CEO of Facebook parent company Meta, told employees to prepare for a severe recession and layoffs are coming. The current plan to hire engineers has been cut by 30 percent, and the company has left some positions open to deal with turnover and to strengthen performance management and eliminate employees who are not motivated to work.
Zuckerberg says this is the worst recession in history. In order to be able to lay off employees successfully, the company may force employees to raise their enthusiasm by raising expectations and setting too high goals, so that some employees consider themselves unfit to stay in the company and leave automatically.
The company’s memo for the second half of the year focused on streamlining, claiming that the company wants to ruthlessly consider, leaner, meaner and better-executing teams.
At the same time as the global economic recession, Meta’s social media Facebook lost about half of its market value, and Instagram’s Reels and TikTok formed a fierce competition.
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