![]() ![]() “Gen Xers (1965-1980) followed pretty much an identical path until post-Covid, where their tendency to move ticked up a bit. “Baby Boomers, those born between 19, were the most loyal to their roles well before Covid and straight through the pandemic and recovery,” Roslansky continued. The surge in job-hopping was mainly driven by Gen Z and Millennials, who moved at a record pace in what represented an unprecedented shift in the advertising industry. “What’s fascinating to look at is the fact that the ‘Great Reshuffle’ has played out differently among generations. “People are switching jobs at a higher rate than ever before as they figure out not only how and where they work, but why they work. “This is what we refer to as the great reshuffle,” Roslansky said. With the world slowly battling back from the COVID-19 pandemic, Roslansky revealed how the end of 2021 brought on a surge of professionals jumping ship to new employers following a period of great uncertainty. ![]() The professional social network chief was addressing a crowd of advertising and marketing professionals in a packed conference hall in Cannes, France, where he discussed what LinkedIn data revealed about a shifting generational attitude to the workplace. The metaverse may be his respite from that – even if he has to fashion the future from the bones of the company he built.LinkedIn CEO Ryan Roslansky has issued a word of warning to employers grappling with an intensifying battle for talent: ‘Motive and inspire Gen Z, or risk being left behind.’ “Every day you wake up and you’re punched in the stomach,” he said of his experience leading the world’s largest social network. It seems Facebook is not the company Mark Zuckerberg wants to run any more. The baffling thing is, underneath it all, Meta remains a tremendously profitable company, with multiple megascale social networks, a best-in-class advertising business, while its upstart Chinese rival TikTok struggles into uncertain geopolitical headwinds. Meta is shedding staff from its profit engines to fund a megabillion investment in an uncertain future. “We’ve shifted more of our resources on to a smaller number of high priority growth areas,” he said, “like our AI discovery engine, our ads and business platforms, and our long-term vision for the metaverse.” The metaverse – a strategic priority so close to his heart that just over a year ago he renamed the entire company after it – received just one mention in his letter to employees, and it was a full-throated endorsement of his own plans. We use Google reCaptcha to protect our website and the Google Privacy Policy and Terms of Service apply.īut Zuckerberg doesn’t care. For more information see our Privacy Policy. Privacy Notice: Newsletters may contain info about charities, online ads, and content funded by outside parties. If Gerstner’s estimate is even remotely accurate, Meta could pay every single employee who is losing their job a $9m severance fee, and still spend less than it is expected to invest in building out the metaverse business. ![]() “An estimated $100bn+ investment in an unknown future is super-sized and terrifying, even by Silicon Valley standards … we think Meta company should cap its metaverse investments to no more than $5bn per year with more discrete targets and measures of success, as opposed to today’s much more ambitious and open-ended strategy.” Brad Gerstner, the founder of Altimeter Capital, a long-term shareholder in the company, wrote an open letter to Zuckerberg in October, calling on him to radically scale back. In an earnings call in February, Zuckerberg said he expected the losses to “increase meaningfully” over 2022. Those losses are growing: in 2019 Reality Labs lost $4.5bn with $500m in revenue, and in 2020 $6.6bn with $1.1bn in revenue. In 2021 alone, Meta spent more than $12bn (£10bn) on R&D at its Reality Labs metaverse wing, and brought in barely a sixth of that in the few metaverse products it actually makes revenue from, including its Meta Quest headsets (the hi-tech goggles previously called Oculus) and the Horizon Worlds chatroom. One issue repeatedly cited by Wall Street as a cause for concern was absent from the Facebook founder’s explanation for the job losses: the company’s immense investment in the “metaverse”, a loosely defined vision of a future in which people congregate in virtual worlds, accessed through virtual reality and augmented reality devices, to socialise, work and play. In 2021, Apple limited the amount of data, or “signals”, Facebook could gather about the behaviour of iPhone users, which made it harder for small businesses to use Facebook adverts to profitably acquire new customers. But it’s clear he was referring to competition from TikTok, a trendy app stealing users and dominating the zeitgeist, and a change of policy at Apple. Zuckerberg did not name the rivals eating Facebook’s lunch. ![]()
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