Meta Delays Job Offers for Summer Interns, Making Gen Z Sweat

Internships at Meta Platforms Inc., the Facebook and Instagram owner, are coveted for their selectivity, high compensation, lavish perks -- and most of all, the potential job offer waiting at the end of the summer. This year, that’s more elusive.

Meta told interns via email in early July that it would delay deciding whether to hire them, giving the company extra time to assess staffing needs, according to a spokesperson. It’s so far the most prestigious program to change or cancel plans to offer interns full-time jobs, but it’s not the last. Twitter Inc. also said it would be delaying hires, as did a number of startups.

As hiring slows and the risk of recession looms larger, companies are freezing recruitment, cutting jobs and tightening budgets. Nearly one-third of organizations polled last month by consultant Gartner Inc. said they’re slowing hiring, up from 15% in May. Limiting intern hires, like quietly taking down job postings, provides one way to avoid layoffs for full-time employees.