Meta CEO Mark Zuckerberg recently appeared on Joe Rogans podcast where the two discussed changing corporate culture in a wide ranging interview.
Facebook Parent Meta announced on Tuesday that it plans to reduce its workforce with cuts targeting the worst performers, according to an internal memo sent to Meta employees.
“I decided to raise the bar on performance management and weed out the underperformers faster,” CEO of Meta Mark Zuckerberg said in the letter. The news was first reported by Bloomberg.
“Over the course of the year, we typically manage people who don’t meet expectations, but now this cycle we’re going to make more extensive cuts based on performance,” he said.
Meta said it plans to reach a 10% “unobjectionable” reduction before the end of its current performance cycle. That figure includes about 5% with no regrets from 2024, the memo said.
META POLICY HEAD SAYS DECISION TO ABOLISH DEI INSURANCE COMPANY HIRES ‘MOST TALENTED PEOPLE’
In an internal memo to employees, Meta said it would part ways with the worst-performing 5% of its workforce. (Photo: David Paul Morris/Bloomberg via Getty Images / Getty Images)
“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,” Meta said in the memo.
Zuckerberg said employees affected by the cuts would receive a “generous severance package” from Meta.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| TARGET | META PLATFORMS INC. | 594.25 | -14.08 |
-2.31% |
The company plans hire new employees for roles vacated by performance-oriented departures.
MARK ZUCKERBERG PRAISES ADVANTAGES OF ‘MALE ENERGY’, CALLS CORPORATE AMERICA ‘CULTURALLY CASTRUATED’
Meta CEO Mark Zuckerberg said in a memo that the company will give departing employees a generous severance package. (Reuters/Manuel Orbegozo/Reuters)
Meta’s move comes after Zuckerberg announced last week that the social media platform is having completed his fact-checking service and will instead turn to a community notes-like system similar to what Elon Musk implemented at X, formerly Twitter.
The the social media giant reduced the number of employees on several occasions in recent years.
CLICK HERE TO SET FOX BUSINESS IN CRETE
In 2022, Meta restructured its workforce resulting in a reduction of approximately 11,000 jobs.
In 2023, Zuckerberg called “Year of efficiency” in Metaduring which he eliminated about 10,000 jobs in the company.
Reuters contributed to this report.
