Why Zuckerberg isn’t worried about attrition

It’s been a busy week for tech companies as they’ve been reporting their first quarter earnings.

Meta, formerly known as Facebook, reported its second consecutive quarterly decline in profits. Its revenue for the first quarter (Q1) of 2022 was $7.5 billion – down 21% from Q1 2021. Revenue rose 7% to $27.9 billion.

These financial challenges are linked to Meta reorienting its offerings towards the metaverse, and its social media platforms – Facebook, Instagram and Whastapp – seeing increasing competition from TikTok.

In a conference call talking about the Q1 results, Meta founder and CEO Mark Zuckerberg admitted that Meta is facing high attrition rates. But he shared that he didn’t see this as a crisis, and that he wasn’t worried about the ‘Great Resignation’.

Meta, Zuckerberg and the ‘Great Resignation’

“I don’t think this sort of volatility, that companies can face, is always that unhealthy for making sure you have the right people,” stated Zuckerberg during the call.

Instead, for Zuckerberg, attrition can actually ensure that the right people – those who are committed to its new metaverse-focused future – stay at Meta.

According to Business Insider, Zuckerberg noted during the call: “I’m just trying to lead the company in a way where we position ourselves as the premier company for building the future of social interaction and the metaverse, and if you care about those things, we’re getting the best people to come work here.”

“We’ll see attrition go up and down over time, but I think we’re doing ok now,” said Zuckerberg said. “Over the long term, I think it’s going to make us a better company.”

Zuckerberg is also laser-focused on recruitment to ensure Meta can lead the metaverse revolution. The tech giant is looking to add significant numbers of new employees to its 78,000 headcount, including 10,000 in Europe.

The question is, will Meta be able to replace those who are leaving given the company’s mixed reputation?

Some ex-employees told Insider that Meta is a ‘black mark’ on their CVs because of the issues around misinformation (and fake news) being shared on the platform.

In addition, employees joke that Zuckerberg leadership style is like the ‘Eye of Sauron’ from JRR Tolkein’s Lord of the Rings trilogy. The idea is that the CEO switches his attention between different teams at different times – he believes this enables them to be successful and do the best work possible.

While Zuckerberg is not offended by the nickname, does it suggest an unbearably high-pressure environment at Meta?

Given burnout is a leading cause of the ‘Great Resignation’, Meta needs to ensure it has a welcoming environment where mental wellbeing is prioritized and employees can be as productive as possible.