Meta cutting 5% of workforce through performance-based attrition
Meta CEO Mark Zuckerberg recently appeared on Joe Rogans podcast, where the two discussed changing corporate culture in a wide-ranging interview.
Facebook parent Meta announced on Tuesday that it plans to reduce its workforce with layoffs focused on the lowest performers, according to an internal memo sent to Meta employees.
“I’m determined to raise the bar on performance management and weed out the underperformers faster.” Meta CEO Mark Zuckerberg said in the memorandum. This news was first reported by Bloomberg.
“We typically manage people who don’t meet expectations within a year, but now we’re going to make more extensive cuts based on performance over this cycle,” he said.
Meta said it plans to achieve “non-regrettable” attrition by the end of its current performance cycle, including about 5% attrition starting in 2024, the memo said.
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Meta said in an internal memo to employees that it would part with the lowest-performing 5% of its workforce. (Photo by David Paul Morris/Bloomberg via Getty Images/Getty Images)
“This means we intend to leave another 5 percent of our current employees who have been with the company long enough to earn a performance rating,” Meta said in the memo.
Zuckerberg said that employees affected by the layoffs will receive a “generous job offer” from Meta.
| Ladies | Safety | Last: | Change | change % |
|---|---|---|---|---|
| AFTER: | META PLATFORMS INC. | 594.25 | -14.08: |
-2.31% |
The company plans hire new employees for roles released due to performance-based attrition.
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Meta CEO Mark Zuckerberg said in a memo that the company would provide generous severance pay to departing employees. (Reuters/Manuel Orbegozo/Reuters)
Meta’s move comes after Zuckerberg announced last week that the social media platform is ending its fact-checking service and will instead turn to a community posts-like system similar to Elon Musk’s implementation of X, formerly Twitter.
It social media giant has reduced its workforce several times in recent years.
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In 2022, Meta restructured its workforce, resulting in about 11,000 job cuts.
Zuckerberg called the year 2023 “A Year of Performance” at Metaduring which it eliminated about 10,000 roles in the company.
Reuters contributed to this report.
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