Meta is making a change to how it deals with low-performing employees, accelerating their exit from the company, with approximately 3,600 impacted.
In a note seen by Bloomberg News, CEO Mark Zuckerberg said the company was raising the performance bar and accelerating efforts to remove employees who didn’t meet expectation.
“I’ve decided to raise the bar on performance management and move out low-performers faster,” Zuckerberg said in the note.
“We typically manage out people who aren’t meeting expectations over the course of a year,” he added, “but now we’re going to do more extensive performance-based cuts during this cycle.”
Meta is reportedly targeting a 5% reduction, which would equal approximately 3,600 jobs.
The job cuts fall under “non-regrettable” attrition, the term used for losing employees who are not contributing to a company’s well-being, and whose departure may actually be a net positive. As Bloomberg reports, Meta is targeting a 10% non-regrettable attrition rate for the current performance cycle, a goal that includes 5% from last year.
“This means we are aiming to exit approximately another 5% of our current employees who have been with the company long enough to receive a performance rating,” the company said in a separate note to managers.
Zuckerberg did say that existing employees would receive a “generous severance.”
Many tech companies over-hired during the pandemic and have been working to scale back in the aftermath. Meta is working to position itself for a critical year in which it will be facing new and evolving threats, from regulation to AI. Eliminating roles that are not helping the company is clearly a big part of that endeavor.
from WebProNews https://ift.tt/rhD4UjH
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