Meta to give lower bonus payouts to some employees: Report
Meta
Facebook owner Meta recently cut thousands of jobs, and is now planning to lower the bonuses for some employees, Wall Street Journal reported. The report also said that the company will now assess staff performance more frequently. Smaller bonuses will be given to employees who get a rating of "met most expectations" in their 2023 year-end reviews, besides restricted stock awards.
The WSJ report said that the bonus multiplier for the particular grade has been cut to 65 per cent from 85 per cent.
Regarding the assessment of staff performances, the exercise will not be carried out twice a year.
A Meta spokesperson told Reuters that the performance review process is being changed at the company after looking into learnings and feedback over the last year. "These changes are not related to workforce restructuring," the spokesperson said.
Meta has so far cut over 20,000 jobs as a cost-cutting measure owing to a fall in demand over recession fears. On March 14, it announced that it would cut 10,000 jobs this year in a second round of layoffs. Hiring plans for 5,000 openings will also be scrapped.
Also Read |Meta announces second round of layoffs, to cut 10,000 jobs
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In November last year, the company asked more than 11,000 workers to leave. At that time, its headcount stood at 86,482 at 2022-end, up 20 per cent from a year ago.
Mark Zuckerberg in a memo to employees said that most of the cuts would happen in April and May, and will continue through the end of the year, according to Reuters news agency.
In addition to the 10,000 layoffs, the firm won’t fill the 5,000 vacancies, Zuckerberg said, adding that restructurings in the tech group would be announced in late April and cuts to business groups would come in May.
Listing the factors affecting Meta’s growth, Zuckerberg said that higher interest rates in the US, global geopolitical instability and increased regulation are contributing to the firm’s slowdown.
(With inputs from agencies)
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