Facebook owner Meta planning lower bonus payouts for some employees: Report
Facebook owner Meta Platforms Inc is planning to lower bonus pays for some employees, and assess staff performance more frequently, as a part of a larger restructuring, the Wall Street Journal reported on Tuesday (Mar 28), citing an internal memo.
The social media giant will be assessing the performance of employees, and those who get a rating of “met most expectations” in their 2023 year-end reviews will receive a smaller percentage of bonus and restricted stock award due in March 2024, the report said.
The bonus multiplier for that grade has been cut to 65 per cent from 85 per cent earlier, WSJ added.
“We understand that while this is a significant change that might disappoint some people, it aligns with our continued focus on maintaining a high-performance culture,” the newspaper said, quoting the memo.
The company will also restart assessing staff performance twice a year, the report said.
Meta did not immediately respond to a Reuters request for comment outside business hours.
On Mar 14, the company announced that it would cut 10,000 jobs this year in a second round of layoffs, as part of a restructuring that will see it scrap hiring plans for 5,000 openings, kill off lower-priority projects and “flatten” layers of middle management, as the industry braces for a deep economic downturn.