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Meta cuts hiring plans as it prepares for ‘serious times’

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In a weekly employee Q&A session, Meta CEO Mark Zuckerberg reportedly said the: company experiencing “one of the worst recessions” [it has seen] in recent history.” According to Reuters, the executive has revealed that Meta has cut its target number for new engineers by about 30 percent this year. Meta previously said it is slowing its hiring plans due to weak revenue forecasts, but now Zuckerberg has announced more details. with exact numbers Apparently, Meta, planning to hire 10,000 new engineers this year, will only hire between 6,000 and 7,000.

Furthermore, the CEO said that Meta is raising expectations of current employees and giving them more aggressive targets so they can decide for themselves whether the company is not for them. †[S]elf roster is okay for me,” he said. In a memo to employees, Chief Product Officer Chris Cox emphasized that the company “is in serious times and headwinds are fierce.” start with his metaverse initiatives Avatars and his virtual world Horizon Worlds.

According to the memo, published in full by The edgeMeta also strives to make money from reels as quickly as possible. Time spent on Reels has more than doubled globally since last year, the memo notes, with 80 percent of that growth coming from Facebook. Cox called Reels, the short video format created in response to TikTok, a “bright spot” for the company in the first half of 2022. Meta plans to keep improving the experience, including making changes to the home screen on Instagram and Facebook to to record the videos more natively.

In addition, Meta plans to focus on its AI initiatives in the second half of the year, as well as WhatsApp and Messenger. It plans to test WhatsApp communities before launching the feature around the world at the end of 2022. The company will also develop Instagram Creator channels and connectable chats, which will be rolled out in the coming months.

Cox wrote in the memo:

“I have to underline that we are in dire times here and the headwinds are fierce. We need to perform flawlessly in an environment of slower growth, where teams should not expect a huge influx of new engineers and budgets. We need to prioritize, think more relentlessly. about measuring and understanding what drives impact, investing in the efficiency and speed of developers across the company, and running leaner, meaner, better exciting teams.”

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