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Confirmation, Meta delay intern to reassess the manpower demand

2022-08-06 10:36:09IT Information-IT Home

August 6 news, for fresh college students in the United States, due to high entry barriers, high salaries and generous benefits, Facebook parent company Meta has a coveted internship opportunity.In the past, interns were also expected to have direct access to Meta by the end of the summer.But the uncertainty of turning positive this year is growing.

In early July, Meta told interns via email that the company would delay making a decision on whether to formally hire them because it needed more time to assess the company’s workforce, according to a spokesperson.demand.Previously, many companies have adjusted or canceled the original plan of intern recruitment.Personal social media Twitter and a number of start-ups also said they would delay hiring.

Affected by the global economy, companies have begun to freeze hiring, lay off staff and tighten budgets.Nearly one-third of companies said they were slowing hiring, up from 15 percent in May, according to a survey by market consultancy Gartner last month.Under such circumstances, some companies have quietly deleted the corresponding recruitment information, restricted interns from turning into full-time employees, and prevented full-time employees from being laid off.

But internships are key to providing companies with a pipeline of future talent and increasing their gender and diversity composition.Meta has said maintaining diversity in the workforce will be a challenge as hiring slows.

The job market for the class of 2021 is looking good for American college graduates, fueled by a soaring stock market.But just a year later, weak economic conditions are forcing companies to reassess their development.

In late May, Jenna Radwan, who just graduated from the University of San Francisco, received an email from a potential employer, Hirect, the recruiting app.She was notified by email that Hirect could no longer offer her a job, and she was only two weeks away from going to work."All of a sudden I was dumped," Radwan said.

In June, Anthony Zhao also received an invitation for a fall internship with e-commerce platform Shopify.But four weeks later, he received an email informing him that the company was no longer hiring for the position.At the end of July, Shopify announced that it was laying off 1,000 jobs, or 10% of its workforce.

Anthony Zhao, 20, said he was still hopeful after finding a job at another company."Not great in the short term, but I think in the long run, if done right, I can learn something and keep improving."

Despite Meta's move, some recent graduates say they are more likely to accept any job offers from big tech companies and banks, which are more economically stable after all.

Google's parent company Alphabet and Amazon also recruit junior-level employees directly from the company's interns, and company representatives have said they do not plan to change or scale back the established plans and scales for interns to become regulars.Corporate representatives from prominent financial firms such as Goldman Sachs, Citigroup and JPMorgan Chase said they plan to issue roughly the same number of positive indicators to corporate interns as in previous years.

But overall corporate hiring in the U.S. is slowing.Goldman Sachs has said it will slow hiring, while Wells Fargo and Bank of America have also started laying off workers over the past year.Tech companies from Google to Microsoft have also said they will slow hiring.On an earnings call last week, Apple CEO Tim Cook said they would continue to hire, but "do so with more caution given the realities of the environment."

A summer intern at Morgan Stanley says that while it's not her dream to enter finance, she hopes to get a job before the economy turns sour.Another intern at Amazon, who asked not to be named, expressed similar thoughts.So far, he has worked at Amazon for three summers.He thinks it's better to stay, just to be on the safe side.

As big tech companies slow hiring and smaller companies cancel projects or cancel hiring, the Amazon intern is getting nervous.Earlier this summer, Coinbase canceled hiring invitations and announced a hiring freeze.Twitter also withdrew its original hiring plan in May when Elon Musk made an offer to buy the company.

Hannes Schwandt, an economist at the Northwestern University Policy Institute, said fewer jobs at top companies meant some graduates from top universities had to make profitsLower-paying jobs in lower firms.

“This year’s interns are no worse than previous years,” Schwant said."Even if the economic situation improves, it will affect them more or less." Compared with college students who graduate when the job market situation is good, even if the economic situation improves later, the so-called "recession period"Graduates" also make less money.

Meta spokeswoman Andrea Beasley said the decision to temporarily delay hiring is because entry-level positions are being recruited much faster than senior-level positions.Now Meta will focus its hiring on management and senior roles, especially those related to fields such as machine learning and artificial intelligence.

A Meta software engineering intern explained that he and other interns were shocked by the news because Meta is known for its heavy hiring.He said project managers had lauded his work all summer, and he himself had become obsessed with the big tech lifestyle, with perks ranging from free sushi to subsidized gym memberships.He can't wait to get back to working at Meta after finishing school.

But after Meta's intern regularization plan was adjusted, he no longer dreamed of working and living in this company after graduation, but began to update his resume.

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