Facebook proprietor Meta Platforms is planning to decrease bonus pays for some workers, and assess workers efficiency extra regularly, the Wall Street Journal reported on Tuesday, citing an inner memo.
Employees of the social media big, who get a ranking of “met most expectations” of their 2023 year-end evaluations, will obtain a smaller proportion of bonus and restricted inventory award due in March 2024, the WSJ report stated.
The bonus multiplier for that grade has been lower to 65 p.c from 85 p.c earlier, WSJ stated, including that the corporate can even restart assessing workers efficiency twice a yr.
“We are making changes to our performance process, taking into account learnings and feedback over the last year while optimising for the future. These changes are not related to workforce restructuring,” a Meta spokesperson stated in a press release to Reuters, with out giving any additional particulars.
On March 14, the corporate introduced that it might lower 10,000 jobs this yr in a second spherical of layoffs, as a part of restructuring that can see it scrap hiring plans for 5,000 openings, kill off lower-priority initiatives and “flatten” layers of center administration, because the business braces for a deep financial downturn.
As per a current report by Reuters, a veteran Meta promoting product govt will depart the corporate in May, amid a months-long pruning of initiatives and workers that Chief Executive Mark Zuckerberg has dubbed the “year of efficiency.”
Dan Levy, presently the social media big’s vice chairman of enterprise messaging, stated in a submit to Meta’s inner social community on Monday that he needed to concentrate on household after dropping a toddler to leukemia. “I made this decision slowly (over the last 2+ years) and then all of a sudden,” he wrote.
A Meta spokesperson confirmed Levy’s departure and stated enterprise messaging would stay a strategic precedence and space of funding for the corporate this yr. Levy didn’t instantly reply to a request for remark.
Levy has been at Meta for 14 years. The enterprise messaging undertaking he heads has been flagged by Zuckerberg for development potential, though he was changed final yr as general head of advert and enterprise merchandise.
© Thomson Reuters 2023
