According to the Wall Street Journal, Facebook owner Meta recently cut thousands of jobs and is now trying to reduce bonuses for some workers. According to the report, the business will now evaluate employee performance more frequently. Aside from restricted stock awards, workers who receive a rating of “met most expectations” in their 2023 year-end reviews will receive smaller bonuses.
According to the WSJ, the incentive multiplier for the specific grade has been reduced from 85 percent to 65 percent. In terms of evaluating staff work, the exercise will not be repeated twice a year. After reviewing learnings and feedback over the last year, a Meta spokesperson told Reuters that the company’s performance evaluation process is being altered. (https://www.etutorworld.com/) “These changes have nothing to do with workforce restructuring,” said the spokesperson.
Meta has cut over 20,000 jobs as a cost-cutting measure due to a drop in demand caused by recession worries
Meta has cut over 20,000 jobs as a cost-cutting measure due to a drop in demand caused by recession worries. It declared on March 14 that it would cut 10,000 jobs this year in a second round of layoffs. Hiring plans for 5,000 positions will also be canceled. The company asked over 11,000 employees to resign in November of last year. At the time, its workforce stood at 86,482 at the end of 2022, up 20% from the previous year.
According to Reuters, Mark Zuckerberg stated in a memo to workers that the majority of the layoffs would take place in April and May and would continue until the end of the year. In addition to the 10,000 layoffs, the company will not fill the 5,000 vacancies, according to Zuckerberg, who added that restructurings in the tech group would be revealed in late April, and cuts in the business groups would be announced in May. Among the reasons affecting Meta’s growth, Zuckerberg mentioned higher interest rates in the United States, worldwide geopolitical instability, and increased regulation.
