After firing 11,000 people last year and announcing the layoff of 10,000 more in early March this year, Meta now plans to cut down on bonus payments too.
Mark Zuckerberg, CEO, Meta, in a bid to achieve more efficiency in 2023, had been talking about removing some middle managers in order to speed up the decision-making process.
Working towards the ‘year of efficiency’, Meta is now planning to cut bonuses of some of its employees. The Company may also review the performance of its employees twice a year instead of just once.
If media reports are to be believed, employees who were able to fulfil most of the expectations will now receive a smaller bonus than they did earlier. The bonus multiplier for employees with this rating, will now be 65 per cent instead of the earlier 85 per cent.
Earlier, there was only one annual performance review. Henceforth, the Company is considering evaluating performance twice a year.
According to Reuters, Meta’s performance process will now take into consideration learning and feedback over the past year in a bid to optimise for the times to come.
The company’s future restructuring plans will do away with projects that are low priority, slow down hiring and work to make the organisation structure more flat. Almost 5,000 vacancies may end up remaining unfilled.
After the restructuring process is over, Meta will reportedly resume hiring and also implement internal transfers.
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