Meta recently announced its second round of mass layoffs.
American multinational tech giant Meta Platforms is reportedly planning on lowering bonus payouts for some of its employees. In its “year of efficiency,” the company also plans to more frequently assess its employee performance, The Wall Street Journal reported.
Citing a memo to its managers, the WSJ added that employees who get the rating of “met most expectations” at their year-end performance review would get a smaller percentage of bonus and restricted stock award due in March 2024. The bonus multiplier for that grade has been reduced to 65%, from the previous 85%, the report added.
Furthermore, the parent company of social media companies Facebook, Instagram, and WhatsApp will also restart shift assessments of staff performance to twice a year. The changes reflect what Meta learned about the process in 2022 and what it is optimizing for in the year ahead, the memo read and as reported by WSJ.
The news comes at a time when Meta is going through a difficult time and just last week announced its second round of mass layoffs. Additionally, Meta’s vice president of business messaging Dan Levy was also confirmed last week of leaving the tech company in May.
Calling 2023 “the year of efficiency,” Zuckerberg said last month to bring the company’s costs under control. Meta announced its first round of job cuts in November last year and laid off more than 11,000 employees, or almost 13% of its workforce at the time.
In its second round of job cuts, the Mark Zuckerberg-led company announced to reduce the team size by around 10,000 employees and further close around 5,000 open roles. The company expects to announce restructurings and layoffs in its tech groups in late April followed by business groups in late May.