Mark Zuckerberg tells Facebook employees to quit

Facebook is having a tough time. It wasn’t long ago that founder and CEO, Mark Zuckerberg, announced his grand vision for the Metaverse, saying the company would spend $10 billion to make it happen.

However, since then things are not going very well, Business News reports.

It turns out, that just because you change your company name to meta, doesn’t mean people will forget all the bad things they already knew. The company was already dealing with a range of issues ranging from the controversy over how it handles user data to Apple’s changes to iOS, which require developers to request permission before tracking their app users.

That change had a huge impact on Facebook, which said it could cost the company up to $10 billion in revenue. As a result, the company’s market cap fell by $230 billion in one day — the most for a publicly traded company. It shouldn’t come as a big surprise that Facebook, er, Meta, now says it will slow down its Metaverse plans.

This week, in a call with employees, Zuckerberg said the company will slow hiring as it tries to deal with “the worst slowdown we’ve seen in recent history.” According to reports on the call, Zuckerberg asked employees to be ready to do more work with less resources.

Of no interest to anyone, Zuckerberg told employees that “some of you may decide this place isn’t for you, and that choice itself is fine with me. In fact, the company probably has such people.” There’s a group that shouldn’t stay here.”

To be fair, Zuckerberg is probably right about the latter part. There are probably a lot of people working in meta who would be a better fit elsewhere. Maybe they’re underperforming, or they’re not passionate about what the company is doing and they just hold off until they find another job. This is true in almost every company.

The thing is, assuming that there aren’t some people working for your company is a terrible way to lead. This is a very poor way to motivate your team. Instead, you should always believe in what is best about your team. If you find yourself thinking that there are people working in your company who shouldn’t be, it is a failure of your leadership.

Look, I’m sure Zuckerberg is under a lot of pressure. He has literally put the whole company at stake on his plan for the metaverse. If that doesn’t work, there’s no going back to the good days when a company could get more user data to use to show more personalized ads. Facebook users declined for the first time in a decade earlier this year. There is nowhere else to grow.

Not that Facebook is experiencing “tough times”. For most of the last five years, Facebook has been able to print money. Last year alone, the company made a profit of $ 40 billion.

Now, however, the company is no longer experiencing the kind of growth it expected. This is true for many tech companies. Sure, part of it is due to the current state of the economy, but a lot of it is simply due to the fact that once you’re big enough, it gets harder to grow.

In Facebook’s case, a lot of it stems from the fact that its entire business is based on tracking users to feed its advertising machine. This is going to get tougher as users become more aware of what’s going on, and platforms like the iPhone give users a choice.

Of course, if your business model falls apart because you have to ask users for permission before you can use it to collect all of their activity and target them with ads, your problem isn’t that your employees aren’t working hard enough. are doing. Your problem is your business model.

Telling your employees that they need to do more with less because your cash cow has stopped milking is not a shining example of leadership. It also seems to miss the most important point.

Your job is to make your team’s job easier – not harder. That doesn’t mean you shouldn’t motivate them to work harder, but it’s up to you to provide them with the resources they need for success. If you can’t do that, it’s not their fault. it’s on you.

The opinions expressed here by Inc.com columnists are their own, not those of Inc.com.