IoT
Strategic CIO // Team Building & Staffing
News
8/24/2009
01:13 PM
50%
50%

Facebook Plans Hiring Spree

CEO Mark Zuckerberg said the social networking site plans to increase its staff by as much as 50% this year.

If there ever was any question that social networking is slowing down, Facebook's chief executive officer Mark Zuckerberg dispelled the notion in an interview published Monday. Zuckerberg said Facebook plans to increase its staff by as much as 50% this year.

Even as early Facebook employees are moving to cash out of their company stock, the startup has been aggressively hiring new employees as its user base has grown to more than 250 million. In an interview on Bloomberg.com, Zuckerberg said his company is taking advantage of the large crop of engineers who have been laid off in the current economic downturn.

"No one else has been hiring," said Zuckerberg. "It's been a great environment for us because the economy has helped out The thing I want to remind people of is we're way closer to the beginning than the end."

Facebook's hiring spree runs counter to the experience of its social networking rival MySpace, which recently announced it would trim its international workforce by two-thirds and its US staff by 30%. And, a recent informal survey at an Enterprise 2.0 session found that participants were cutting back on their use of Facebook as well as MySpace.

However, Facebook's user base continues to grow and its workforce has reached the 1,000 mark to keep up. Earlier this year, company executives said Facebook expected to grow 70% this year with revenues surpassing $500 million. Facebook generates revenue from advertising and other payments.

Facebook, which is still privately-held, has approved a measure for early employees to sell some of their company shares through a program with Russian investment firm Digital Sky Technologies, which has been acquiring Facebook shares. The Digital Sky investment valued Facebook at $6.5 billion.

"We didn't take that round of financing with any particular goal in mind," said Zuckerberg. "We think of that mostly as a buffer."

Started by Zuckerberg in 2004 in a Harvard University undergraduate dormitory, the company has enjoyed explosive growth since then. The company headquarters has been moved to Palo Alto.


InformationWeek has published an in-depth report on the current state of IT salaries. Download the report here (registration required).

Comment  | 
Print  | 
More Insights
Comments
Newest First  |  Oldest First  |  Threaded View
2014 US Salary Survey: 10 Stats
2014 US Salary Survey: 10 Stats
InformationWeek surveyed 11,662 IT pros across 30 industries about their pay, benefits, job satisfaction, outsourcing, and more. Some of the results will surprise you.
Register for InformationWeek Newsletters
White Papers
Current Issue
Top IT Trends to Watch in Financial Services
IT pros at banks, investment houses, insurance companies, and other financial services organizations are focused on a range of issues, from peer-to-peer lending to cybersecurity to performance, agility, and compliance. It all matters.
Video
Slideshows
Twitter Feed
InformationWeek Radio
Archived InformationWeek Radio
Join us for a roundup of the top stories on InformationWeek.com for the week of July 17, 2016. We'll be talking with the InformationWeek.com editors and correspondents who brought you the top stories of the week to get the "story behind the story."
Sponsored Live Streaming Video
Everything You've Been Told About Mobility Is Wrong
Attend this video symposium with Sean Wisdom, Global Director of Mobility Solutions, and learn about how you can harness powerful new products to mobilize your business potential.