Meta, the parent company of Facebook, WhatsApp, and Instagram, is planning to reduce its global workforce by around 5%, with underperforming employees being the most likely to be let go.
CEO Mark Zuckerberg outlined in a memo to employees that due to what he referred to as a challenging year ahead, he has decided to prioritize performance management by letting go of poor performers quicker than usual and accelerating the company’s performance evaluation process.
As of September, Meta had 72,000 employees globally, and the planned job cuts could impact up to 3,600 employees. The company aims to fill the vacant positions later in the year.
The announcement comes shortly after Meta’s decision to end third-party fact-checking and emphasize free speech, coinciding with President Donald Trump’s imminent return to the White House. The Diversity, Equity, and Inclusion (DEI) program is also being terminated.
Employees in the US affected by the layoffs will be notified by February 10, with notifications for employees in other countries to follow later.
In the memo, Zuckerberg stated that he is raising the standards for performance management within the company: “We usually manage underperforming talent over a year, but this time we plan to make broader performance-based cuts during this cycle.”
The 40-year-old billionaire emphasized, “This will be an intense year. I want to ensure we have the best talent on the team.”
Employees being let go will be those who have been with Meta long enough to qualify for performance reviews.
Zuckerberg assured that the company will provide generous severance packages to those losing their jobs, similar to previous layoffs.
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Meta’s stock dropped 2.3% on Tuesday, continuing a decline that began the day before.
The company faced criticism for removing its fact checker, potentially allowing misinformation and harmful content to circulate on its platform.
Similar to other tech companies, Meta is investing in artificial intelligence projects, with a focus on crucial technologies like AI, as mentioned by Zuckerberg.
Source: www.theguardian.com
