Meta Platforms Inc. has announced plans to reduce its workforce by approximately five per cent, targeting the company’s lowest-performing employees, according to a report by Bloomberg.
The decision, communicated in an internal memo from CEO Mark Zuckerberg, aims to improve overall performance by expediting the process of removing employees who are not meeting expectations.
As of September, Meta employed around 72,000 people, meaning the five per cent cut could result in the loss of approximately 3,600 jobs.
The planned reductions are part of Meta’s broader effort to achieve 10 per cent “non-regrettable” attrition by the end of the current performance cycle, with five per cent of the cuts expected to occur in 2024 alone.
Employees who have been with the company long enough to receive a performance review and are deemed underperforming will be affected. Meta has assured those impacted that they will receive “generous severance.”
This announcement comes as part of Meta’s ongoing restructuring efforts under Zuckerberg’s “Year of Efficiency” initiative, which aims to optimize costs and streamline the organization.
