Meta is among those companies that fired more than 10,000 employees. It seems like the company is not done firing people as the tech giant could be preparing for another wave of job cuts.
A report by The Wall Street Journal revealed that 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.
This came after the CEO of Meta Mark Zuckerberg declared 2023 the “year of efficiency” and indicated that the company is looking to reduce expenses and increase speed.
As per Money Control’s report, low-performance ratings could lead to more employees leaving the company, indicating that Meta could be preparing for another round of layoffs.
So far, the tech giant fired 13 per cent of its workforce or about 11,000 employees. This layoff took place late last year.
A Meta spokesperson addressed the news about performance reviews and said, “We’ve always had a goal-based culture of high performance, and our review process is intended to incentivise long-term thinking and high-quality work while helping employees get actionable feedback.”
On the other hand, Meta has delayed finalising the budgets of multiple teams as it prepares a fresh round of layoffs, said the same Money Control report, citing Financial Times.