Meta Platforms Inc. has announced plans to streamline its workforce by cutting approximately 5% of its employees based on performance evaluations. This move is part of a broader strategy to enhance efficiency and maintain high standards within the company.
CEO Mark Zuckerberg communicated in an internal memo that the company intends to raise performance management standards and expedite the removal of underperforming employees. Traditionally, employees who did not meet expectations over a year were let go. However, the company is now implementing a more extensive performance-based layoff approach within the current cycle.
The memo indicates that Meta aims to achieve a 10% reduction in workforce deemed as "regrettable attrition" by the end of the current performance cycle, including around 5% in 2024. This strategy focuses on employees who have been with the company long enough to undergo performance evaluations.
Zuckerberg assured that the company would offer generous severance packages to those affected by the layoffs, emphasizing Meta's commitment to supporting its employees during the transition.
