Meta has announced that it will carry out “performance-based cuts”, and that 5% of its workforce will face redundancy.
As reported by Bloomberg, CEO Mark Zuckerberg explained in an internal memo that the firm plans to hire new people in these roles before the end of the year.
“I’ve decided to raise the bar for performance management and get out underperformers faster,” Zuckerberg wrote.
“We typically manage people who don’t meet expectations over the course of a year, but now we’re going to make more extensive cuts based on performance over this cycle.”
He added (via CNBC): “We won’t manage everyone who didn’t meet expectations over the past period if we’re optimistic about their future performance, and for those we let go, we’ll provide generous compensation in line with what we provided with previous cuts.
Meta currently has a workforce of more than 72,000 people as of September 2024. It is estimated that 3,600 jobs may be at risk.
The cuts will only affect staff eligible for a performance evaluation.
Those affected in the United States will be notified on February 10, while workers located elsewhere will be informed at a later date.
Meta previously laid off 10,000 workers and retired 5,000 vacant positions in March 2023. Zuckerberg attributed these cuts to the company’s improving financial health, including canceling lower-priority projects and slowing hiring.
