Facebook-parent Meta has reportedly warned employees of “serious times” ahead as it shared in an internal memo that it was time to be 'lean and mean' to face headwinds. Reuters reported that Meta chief product officer Chris Cox detailed the company’s financial dilemma in an internal memo just a month after the company froze hiring to curtail costs.
Here is what the internal memo stated:
I have to underscore that we are in serious times here and the headwinds are fierce. We need to execute flawlessly in an environment of slower growth, where teams should not expect vast influxes of new engineers and budgets. We must prioritize more ruthlessly, be thoughtful about measuring and understanding what drives impact, invest in developer efficiency and velocity inside the company, and operate leaner, meaner, better exciting teams. - Chris Cox, Chief Product Officer.
Reports on Reuters also stated that Mark Zuckerberg in the Q&A that followed said that the tech giant is cutting down it's hiring targets for engineers next year from 10,000 to 6,000.