Investing.com — Meta Platforms Inc (NASDAQ: )., the parent company of Facebook, announced plans to lay off approximately 5% of its worst-performing employees, according to a Bloomberg report, citing a memo sent to employees. The company intends to fill these positions again during the year,
CEO Mark Zuckerberg said in a memo: “I’ve decided to raise the bar on performance management and weed out poor performers faster.” Traditionally, the company has fired employees who failed to meet expectations over the course of a year, but it plans to implement more extensive performance-based cuts during the current cycle.
The company’s goal is to achieve a 10% “no regrets” reduction by the end of the current performance cycle. This figure includes an estimated 5% no regrets from 2024, as detailed in the memo. The company explained: “This means we intend to lay off approximately an additional 5% of our current employees who have been with the company long enough to receive a performance review.”
Zuckerberg also assured that the company will offer generous severance packages to those affected by this decision.
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