Adriana Jaycie
Active member
The company faces several challenges, including the most serious of them all: the massive decline of daily active users in its 18-year history, which it blames on its inability to court users and the insurgent TikTok. While it once seemed like an untouchable tech behemoth, the company is still spending billions of dollars to build its metaverse. If layoffs are in the cards, it's time to start looking for a new CEO.
Meta's new performance requirements
According to employees, the company's new performance requirements for layoffs could mean the loss of jobs for some Meta employees. As an example, the company's VP for Remote Presence has told managers to identify employees who need support and "move to exit" those who aren't meeting expectations. Meta did not respond to a request for comment. However, the company is not saying whether it plans to layoff employees in the next two years.
Apple's stringent privacy regulations
The news broke when Meta, the company behind Facebook, announced it was suspending new engineering hires for the rest of the year. The company had already halted certain spending plans when the COVID-19 pandemic hit and had to curtail spending on shopping and video calling features. In addition, the company's CFO cited an "industry-wide downturn" and the invasion of Ukraine in addition to the new regulations relating to data privacy.
Google's pause in hiring
Alphabet Inc., Google's parent company, has announced a hiring freeze for two weeks starting July 22. This is part of a broader slowdown in hiring as consumers tighten their belts and the global economy continues to show signs of recession. Alphabet said it was not immune to these headwinds, and the hiring freeze is part of that process. Alphabet currently employs 164,000 people.
Employees' expectations of job cuts
Meta employees expect massive layoffs. The company has hinted at sweeping job cuts and has even told employees they will "transition out" those who fall short of their goals. This will be done through a "performance standard" plan, according to an employee. In early May, the company's VP of Remote Presence instructed managers to identify those who need support and "move to exit" if they fail to meet those goals.
