Facebook is no longer the ‘Best Place to Work,’ according to new Glassdoor survey

Mark Zuckerberg, chief executive officer and founder of Facebook Inc. attends the Viva Tech start-up and technology gathering at Parc des Expositions Porte de Versailles on May 24, 2018 in Paris, France. 

Christophe Morin/IP3 | Getty Images News | Getty Images
Mark Zuckerberg, chief executive officer and founder of Facebook Inc. attends the Viva Tech start-up and technology gathering at Parc des Expositions Porte de Versailles on May 24, 2018 in Paris, France.

After a tumultuous year, Facebook has lost its footing as a top-rated employer, based on Glassdoor’s 2019 list of the “Best Places to Work.” After ranking No. 1 last year, Facebook now ranks seventh, dropping from a 4.6 to 4.5 award score out of a perfect 5.

Zoom Video Communications supplanted Facebook as the top seat in the tech category.

The report comes as Facebook continues to be scrutinized by the public for how it handles user data and misinformation on its platform. The Glassdoor ranking adds data to the speculation that Facebook employees, too, are souring on the company. Glassdoor bases its ranking on eight factors, including work/life balance, senior management and compensation and benefits. On employee satisfaction alone, Facebook has seen a steeper decline, steadily falling from a 4.6 rating in Q1 to a 4.3 in Q4, according to Glassdoor community expert Scott Dobroski.

“Facebook employees talked about the ‘move fast’ culture sometimes moving too fast,” Dobroski said in an interview with CNBC. He noted that this is the first time Facebook has seen a decline in its award score since 2015. Facebook employees on Glassdoor said they wanted a more robust internal structure and transparency from the company’s leadership. “Its not a major surprise considering what’s been going on with Facebook. Employees want to be kept in the loop,” Dobroski said.

Facebook has gone from a hot place to work to a place many employees are itching to leave. Six former Facebook employees told CNBC they have been receiving increasingly more messages from current Facebook employees looking for a way out. They said employees have been motivated to look elsewhere thanks to falling stock prices, continued scandals and the increased bureaucracy that comes with the maturing of any tech company.

Other tech companies have also fallen from top spots on Glassdoor’s list. Google dropped three spots, landing at eighth place with an award score of 4.4. Amazon still hasn’t made it onto the list since Glassdoor first began publishing it in 2009. This year, Amazon had an award score of 4.1, just outside of the top 100.

Apple, on the other hand, moved up, from No. 84 to 71, though it maintained the same score of 4.3. Microsoft moved up from No. 39 to 34 although its award score dropped from 4.4 to 4.3.

[“source=cnbc”]

Cramer Remix: Federal Reserve officials have to watch what they say

Cramer Remix: Federal Reserve officials have to watch what they say

Cramer Remix: Federal Reserve officials have to watch what they say   13 Hours Ago | 00:59

Part of Tuesday’s stock market plunge may have stemmed from money managers giving up on getting clarity from President Donald Trump and his administration on their policies, CNBC’s Jim Cramer said as stocks settled.

“We have maximum uncertainty. That makes people want to sell. That’s how money managers view the situation,” the “Mad Money” host said after the Dow Jones Industrial Average ended the day nearly 800 points lower.

Over the weekend, Trump struck a cease-fire on trade with President Xi Jinping of China at the G-20 summit in Argentina. But while top economic advisor Larry Kudlow and Treasury Secretary Steven Mnuchin seem optimistic about the prospect of a deal, U.S. Trade Representative and known China hawk Robert Lighthizer has emerged as a leading candidate for running the negotiations.

That sets up a battle between those who want a deal and those who would rather see China shed the title of global superpower, Cramer said.

To make matters worse, Cramer worried that the Federal Reserve was back on autopilot, content with ignoring slowdown indicators and talking up the job market so it could push through its widely expected December interest rate hike.

But with the bond market doing what it tends to do before recessions, another rate hike could “push us over the edge,” he warned, saying that the Fed’s more optimistic members “sound like they’ve lost their minds.”

“I’m concerned that the Fed just doesn’t get how important its words are. All of these Federal Reserve officials should simply hush up and let the chairman do the talking,” Cramer said. “They are sowing a lot of uncertainty, too. Talk about your region, maybe. Talk about business conditions in your states. Don’t make sweeping declarations that only confuse people.”

[“source=cnbc”]

Uber’s India business has topped $1.6 billion in annualized bookings, according to internal email

Dara Khosrowshahi, chief executive officer of Uber Technologies.

David Paul Morris | Bloomberg | Getty Images
Dara Khosrowshahi, chief executive officer of Uber Technologies.

Uber has been selling off its local businesses in big emerging markets like China and Southeast Asia. But the company’s India unit isn’t going anywhere.

In an email obtained by CNBC, Uber’s India head Pradeep Parameswaran told company executives, including CEO Dara Khosrowshahi and CFO Nelson Chai, that Uber India reached an annualized bookings rate of $1.64 billion in the third quarter.

Parameswaran wrote that Uber will close the year in its “strongest position ever — as the ride-sharing leader in India.” He said the company doubled its engineering team as of the third quarter and plans to double again next year in its two big hubs of Bangalore and Hyderabad.

India marks Uber’s last stand in Asia. The San Francisco-based company spent billions of dollars building its business across the region, before ultimately consolidating with local players. In 2016, Uber sold off its China operations to Didi Chuxing for a 20 percent stake in its former rival, and in March of this year Uber sold its business in eight countries across Southeast Asia for a 27.5 percent stake in regional leader Grab. Uber also merged its Russian business with Yandex in 2017.

[“source=cnbc”]

Facebook is no longer the ‘Best Place to Work,’ according to new Glassdoor survey

Mark Zuckerberg, chief executive officer and founder of Facebook Inc. attends the Viva Tech start-up and technology gathering at Parc des Expositions Porte de Versailles on May 24, 2018 in Paris, France. 

Christophe Morin/IP3 | Getty Images News | Getty Images
Mark Zuckerberg, chief executive officer and founder of Facebook Inc. attends the Viva Tech start-up and technology gathering at Parc des Expositions Porte de Versailles on May 24, 2018 in Paris, France.

After a tumultuous year, Facebook has lost its footing as a top-rated employer, based on Glassdoor’s 2019 list of the “Best Places to Work.” After ranking No. 1 last year, Facebook now ranks seventh, dropping from a 4.6 to 4.5 award score out of a perfect 5.

Zoom Video Communications supplanted Facebook as the top seat in the tech category.

The report comes as Facebook continues to be scrutinized by the public for how it handles user data and misinformation on its platform. The Glassdoor ranking adds data to the speculation that Facebook employees, too, are souring on the company. Glassdoor bases its ranking on eight factors, including work/life balance, senior management and compensation and benefits. On employee satisfaction alone, Facebook has seen a steeper decline, steadily falling from a 4.6 rating in Q1 to a 4.3 in Q4, according to Glassdoor community expert Scott Dobroski.

“Facebook employees talked about the ‘move fast’ culture sometimes moving too fast,” Dobroski said in an interview with CNBC. He noted that this is the first time Facebook has seen a decline in its award score since 2015. Facebook employees on Glassdoor said they wanted a more robust internal structure and transparency from the company’s leadership. “Its not a major surprise considering what’s been going on with Facebook. Employees want to be kept in the loop,” Dobroski said.

Facebook has gone from a hot place to work to a place many employees are itching to leave. Six former Facebook employees told CNBC they have been receiving increasingly more messages from current Facebook employees looking for a way out. They said employees have been motivated to look elsewhere thanks to falling stock prices, continued scandals and the increased bureaucracy that comes with the maturing of any tech company.

Other tech companies have also fallen from top spots on Glassdoor’s list. Google dropped three spots, landing at eighth place with an award score of 4.4. Amazon still hasn’t made it onto the list since Glassdoor first began publishing it in 2009. This year, Amazon had an award score of 4.1, just outside of the top 100.

Apple, on the other hand, moved up, from No. 84 to 71, though it maintained the same score of 4.3. Microsoft moved up from No. 39 to 34 although its award score dropped from 4.4 to 4.3.

[“source=cnbc”]