Meta cuts 5% of workforce through performance-based attrition
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 On Tuesday, Meta announced plans to reduce its workforce with layoffs targeting the lowest performers, according to an internal memo sent to employees.
“I decided to raise the bar in performance management and get rid of underperformers faster” Meta CEO Mark Zuckerberg it is said in the note. The news was first reported by Bloomberg.
“We typically manage people who don't meet expectations for a year, but now we will be making broader performance-based cuts over that period,” he said.
Meta said it plans to reach 10% “non-regrettable” attrition by the end of the current performance cycle. According to the memo, this figure includes about 5% non-regrettable obsolescence from 2024 onwards.
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Meta said in an internal memo to employees that it would part ways with the lowest-performing 5% of its workforce. (Photo: David Paul Morris/Bloomberg via Getty Images / Getty Images)
“This means we plan to lay off approximately 5% more of our current employees who have been with the company long enough to receive a performance rating,” Meta said.
Zuckerberg said employees affected by the layoffs will receive a “generous severance” from Meta.
| Ticker | Security | End | To change | Change % |
|---|---|---|---|---|
| META | META PLATFORMS INC. | 608.33 | -7.53 |
-1.22% |
The company plans hire new employees for roles vacated by performance-oriented attrition.
Meta CEO Mark Zuckerberg said the company will offer generous severance to departing employees. (Reuters/Manuel Orbegozo/Reuters)
Meta's move follows Zuckerberg's announcement of the social media platform last week puts an end to fact-checking service and will instead resort to a community notes system similar to what Elon Musk implemented at X, formerly Twitter.
The the social media giant has reduced its workforce several times in recent years.
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In 2022, Meta restructured its workforce, resulting in approximately 11,000 job cuts.
Zuckerberg named the year 2023 “Year of Efficiency” in Metait eliminated nearly 10,000 roles in the company during that time.
Reuters contributed to this report.
