Meta has given poor performance reviews to thousands of employees, raising fears that the tech giant could be preparing for another wave of job cuts after laying off 11,000 workers.
According to a report in The Wall Street Journal, Meta ranked approximately 7,000 employees as “subpar” in recent performance reviews. The parent company of Facebook and Instagram also did away with a bonus metric, according to the report.
These changes come after Meta CEO Mark Zuckerberg declared 2023 the “year of efficiency” in a sign that the social media company is looking to reduce expenses and increase speed, Bloomberg reported.
A source told the paper that low performance ratings could lead to more employees leaving the company. These poor reviews could signal bad news for Meta employees who fear the company could be preparing for another round of workforce reduction. Meta laid off 13 percent of its workforce, or about 11,000 employees, late last year.
Addressing the recent performance reviews doled out to employees, a Meta spokesperson told WSJ: “We’ve always had a goal-based culture of high performance, and our review process is intended to incentivize long-term thinking and high-quality work, while helping employees get actionable feedback.”
Meanwhile, the Financial Times reported last week that Meta has delayed finalising the budgets of multiple teams as it prepares a fresh round of layoffs.
Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
