According to Wall Street Journal reports, American multinational technology conglomerate, Meta (formerly named Facebook) has given poor performance reviews to around 7,000 employees.
The company has marked the employees as “subpar” in recent performance reviews. The parent firm of Facebook and Instagram also got rid of a bonus metric.
The reports also suggest that Meta CEO Mark Zuckerberg dubbed 2023 the “year of efficiency”. The company is looking forward to cutting off expenses and increasing speed.
This may even signify that poor performance reviews may even lead to layoff. Earlier, The company reportedly conducted ‘quiet layoffs‘ at Facebook 11,000 or about 13 percent of its workforce.
Earlier, Chief Executive Mark Zuckerberg that he said that he was accountable for the company’s missteps and that his overoptimism about growth had led to overstaffing.
Meta has seen an economic slowdown and a grim outlook for online advertising. The company’s biggest revenue source has contributed to Meta’s woes.
Reportedly, so far in 2023, there have been 495 layoffs at tech companies with 141,152 people impacted (2,768 people per day). In 2022, there were 1,535 layoffs at tech companies 241,176 people were impacted.
In the year 2022, mass layoffs started with tech firms. Post that now the layoffs are affecting several others domains including financial companies that are reducing jobs in recent months.
As per earlier reports, Meta in terms of reducing cost was reportedly planning to cut employee benefits that cover mental health costs and “work-life balance needs.”
As per reports, The company was slashing its “Life@ benefit” funds from $3,000 (Rs 2.43 lakh) to $2,000 (Rs 1.65 lakh) in 2023. This is due to poor macroeconomic conditions as the reason for the cut.
Life@ benefit is one of the several perks Meta has pulled back on over the last few months in its effort to restructure the company to reduce spending.