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Theory Y is the idea that employers allow employees to enjoy their job.  In a playful atmosphere, the theory states, people are more productive.  Management is less hands-on and more team-oriented.  It focuses on intrinsic motivation

Facebook ‘s career page states: “We don’t have rules.  We have values.”  This demonstrates how Facebook seeks to exemplify the Theory Y management philosophy.  Facebook stresses that by working there, employees are doing what they love. 

Working at Facebook means doing what you love. We hire trailblazers, hackers and pioneers. We want people who can solve challenging problems, make a real impact and build something big. (facebook.com)

By focusing on hiring people who can solve problems and be “trailblazers,” Facebook is banking on the theory that if you give your employees freedom, they will be more creative and more productive.