Meta to cut 5% of lowest performers, plans to backfill roles in 2024 – CNBC TV18

Facebook’s parent company, Meta Platform, is set to lay off about 5% of its lowest-performing employees as part of a broader restructuring effort, according to an internal memo circulated to employees. The move is aimed at raising the company’s performance standards and optimizing workforce productivity.

CEO Mark Zuckerberg said, “I’ve decided to raise the bar on performance management and rapidly weed out poor performers.”

“We typically manage people who are not meeting expectations over the course of a year, but now we’re going to be making more sweeping performance-based reductions during this cycle.”

The company estimates that there will be a total of 10% “non-regretful” job losses by the conclusion of the current performance cycle, with half of this resulting from planned exits in 2024. This will result in approximately 5% of current employees, who have received performance appraisals, leaving the organization.

Zuckerberg assured employees that Meta would provide a “generous severance” to those affected.

The announcement follows a series of notable developments at Meta, including the removal of fact-checking campaigns in the US and major leadership changes.

Republican Joel Kaplan has been appointed as Meta’s global policy chief, and UFC CEO Dana White, known for his ties to former President Donald Trump, has been added to Meta’s board of directors.

Additionally, Meta has scaled back its diversity, equity, and inclusion (DEI) programs, indicating a potential cultural shift within the organization. Zuckerberg has recently expressed support for promoting “masculine energy” in companies, which has attracted attention from the corporate and tech sectors.