Facebook’s parent company, Meta Platforms Inc. plans to reduce bonus pay for some employees and evaluate staff performance more frequently.
This information is according to an internal memo seen by the Wall Street Journal.
Employees of the social media giant who receive a “met most expectations” rating in their 2023 year-end reviews will receive a smaller percentage of bonuses and restricted stock awards due in March 2024, according to the WSJ report.
According to the WSJ, the bonus multiplier for that grade has been reduced from 85% to 65%, and the company will resume assessing employee performance twice a year.
“We are making changes to our performance process, taking into account learnings and feedback over the last year while optimizing for the future. These changes are not related to workforce restructuring,” A Meta spokesperson told Reuters in a statement
As the industry braces for a deep economic downturn, the company announced on March 14 that it would cut 10,000 jobs this year in a second round of layoffs, as part of a restructuring that will see it scrap hiring plans for 5,000 openings, kill off lower-priority projects, and “flatten” layers of middle management.
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