Meta to reduce bonuses for some employees: report
Meta said earlier in March it would cut 10,000 jobs
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Meta Platforms Inc., which owns Facebook, is expected to reduce bonus payments for some employees and give staff performance reviews more frequently.
The company's employees who receive a rating of "met most expectations" in their year-end reviews in 2023 will be given a smaller percentage of bonus and restricted stock award due 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 also be assessing staff performance twice a year.
META TO LAY OFF 10,000 EMPLOYEES RIN LATEST ROUND OF JOB CUTS
Meta Platforms Inc. is reportedly planning to reduce bonus payments for some employees and give staff performance reviews more frequently. (Angel Garcia/Bloomberg via Getty Images / Getty Images)
"We are making changes to our performance process, taking into account learnings and feedback over the last year while optimizing for the future. These changes are not related to workforce restructuring," a Meta spokesperson said in a statement.
LAYOFFS 2023: TECH COMPANIES LEAD JOB CUTS AMID ECONOMIC UNCERTAINTY
The company's employees who receive a rating of "met most expectations" in their year-end reviews in 2023 will be given a smaller percentage of bonus and restricted stock award due in March 2024. (REUTERS/Peter DaSilva/File Photo / Reuters Photos)
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Meta announced earlier this month that it would cut 10,000 jobs this year in a second round of layoffs.
The company said the layoffs are part of a restructuring that will include eliminating hiring plans for 5,000 job openings and killing off lower-priority projects amid the industry's anticipated economic decline.
Reuters contributed to this report.