Meta Platforms Inc. is cutting roughly 5% of its staff through performance-based terminations and plans to hire new people to fill their roles this year, according to an internal memo sent to all employees.
As of September, Meta employed about 72,000 people, so a 5% reduction could affect roughly 3,600 jobs. “I've decided to raise the bar on performance management and move out low-performers faster,” Chief Executive Officer Mark Zuckerberg said in the note posted to an internal message board and reviewed by Bloomberg News. “We typically manage out people who aren't meeting expectations over the course of a year,” he said, “but now we're going to do more extensive performance-based cuts during this cycle.” Meta's performance cycle is expected to wrap up in February, according to a person familiar with the matter, who asked not to be identified discussing internal company procedures.
Affected workers in the US are expected to be notified on Feb. 10, while those based in other countries will be informed at a later date, according to the memo.
The terminations will only include staff who have been at the company long enough to be eligible for a performance review. Zuckerberg told employees that the firm would “provide generous severance” in line with past cuts.Meta shares fell 2.1% at 1:39 p.m.
in New York on Tuesday, continuing a decline that began Monday. Zuckerberg had declared 2023 the company's “year of efficiency” and announced plans then to eliminate 10,000 positions.