Meta Platforms Inc., which is owned by Facebook, is expected to reduce bonus payments for some employees and give staff performance reviews more frequently.
The company's employees who received a rating of '' met most expectations in their year-end reviews in 2023 will get a smaller bonus and restricted stock award in March 2024, according to the Wall Street Journal.
The bonus multiplier for that rating has been lowered from 85% to 65%. The platform will be assessing staff performance twice a year.
We are changing our performance process to take into account learnings and feedback over the last year while optimizing for the future. A Meta spokesman said these changes are not related to workforce restructuring.
Meta announced earlier this month that it would cut 10,000 jobs this year in a second round of layoffs.
The layoffs are part of a restructuring plan that will include removing 5,000 job openings and killing off lower-priority projects as a result of the industry's anticipated economic decline.