After Meta's ‘year of efficiency,' industry leaders root for year of innovation [CNBC]
International Business Machines Corporation (IBM)
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Source: CNBC
It's been over a year since Mark Zuckerberg shared a letter with Meta employees about a “year of efficiency” in which the company would prioritize “flattening our orgs, canceling lower priority projects, and reducing our hiring rates.” That phase is now over for Meta, and Zuckerberg's recent talk on earnings day last month about increased spending on money-losing ventures, like new generative AI models and virtual reality, spooked investors But tech companies, by and large, are still closely watching the expense line. IBM has committed to replacing workers with artificial intelligence and is continuing to trim its workforce. With many companies maintaining the “efficiency” mindset, and hiring for tech jobs remaining low, according to the iCIMS Insights April 2024 Workforce Report , innovation is at risk. “We've seen less innovation on the whole with some of the Covid-era big spenders,” said Ricardo Madan, senior vice president of global technology services at TEKsystems. “They'
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