Facebook is hiring senior execs for its digital wallet Novi and its partnership with Jio
- Facebook top advertisers have been pulling money away and the company is hoping that Jio and Novi will come to its rescue.
- The job openings at the social network have dipped by 50% over the last six months, but Facebook continues to hire at senior level positions within its financial services.
- GlobalData analysts believe this because Facebook is looking to strengthen its advertising platform to ensure revenue going forward.
AdvertisementThe Facebook boycott came to an end and barely managed to register on the social networking behemoth’s balance sheet. However, Facebook has its eye on the ball and is betting on its recent investment in Mukesh Ambani’s Reliance and digital wallet Novi — formerly known as Calibri — to continue bringing in ad revenue.
The number of job openings at Facebook that used to pop up were down by nearly 50% at the end of July. GlobalData job analytics database estimates that there were about 1,102 job postings in January but only 551 in July.
Even though the overall number of jobs at Facebook dipped, prominent openings were spotted for senior-level positions at the company within payments, e-commerce and advertising.
“Though it has not yet had a big impact on the company's earnings, Facebook seems to be concerned that more companies will join the bandwagon, prompting the social media giant to hire senior personnel in the advertising space,” Autojyoti Bose, the lead analyst at GlobalData said in a statement.
Facebook job openings at senior level positions
Facebook investment in Jio Platforms is in conjunction with JioMart — an online grocery delivery platform. The deal is seen as a strategic move by Facebook to roll-out its payments platform, WhatsApp Pay, in India where other players have already established themselves like Google, Paytm, and PhonePe.
In May, Facebook rebranded Calibra to Novi to distance itself from the bad press around its cryptocurrency project. While Libra will continue to operate independently from the company, Novi is purely a Facebook project.
The plan is for Novi’s first product to be a cryptocurrency wallet. While one doesn’t need a Facebook or WhatsApp account in order to sign up for the digital wallet, it will be directly accessible from either app.
In addition to Novi and Jio, Facebook Financial is a new division that was created to add payments and financial services to the company’s existing line of products. Researchers at GlobalData believe the underlying reason is the drive commerce and advertising bottom line — bring in more money.
Here are some of the positions that Facebook was seen hiring for over the last three months:
The boycott, called #StopHateForProfit, led to over 1,000 companies pulling their millions from Facebook. Of the social network’s top 20 advertisers, five are keeping their money away. This includes Microsoft, Unilever, Diageo, Coca-Cola and CVS. In 2019, these companies combined spent a total of $237.4 million on ads on Facebook, according to data by Pathmatics.
The heat is on Mark Zuckerberg in India as Facebook and WhatsApp incur the ire of Modi's rivals
It's not just TikTok, its clone apps in India too have a beeline of investors
IT and media employees are in no hurry to get back to office — not until there are proper policies in place
Popular on BI
- Amul hikes milk price by ₹2/ltr in Gujarat
- GST mop-up rises 13% to ₹1.6 lakh crore in March, second highest collection ever
- White House refuses to pay for Twitter's Blue verification: Report
- Italy bans ChatGPT, orders investigation over privacy breach
- IISc researchers design tiny supercapacitor capable of storing large amount of electric charge