Fb proprietor Meta Platforms is planning to decrease bonus pays for some staff, and assess employees efficiency extra often, the Wall Avenue Journal reported on Tuesday, citing an inside memo.
Staff of the social media large, 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 reduce to 65 p.c from 85 p.c earlier, WSJ stated, including that the corporate will even restart assessing employees efficiency twice a yr.
“We’re making modifications to our efficiency course of, bearing in mind learnings and suggestions during the last yr whereas optimising for the longer term. These modifications are usually not associated 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 could reduce 10,000 jobs this yr in a second spherical of layoffs, as a part of restructuring that may see it scrap hiring plans for five,000 openings, kill off lower-priority initiatives and “flatten” layers of center administration, because the trade braces for a deep financial downturn.
As per a current report by Reuters, a veteran Meta promoting product govt will depart the corporate in Could, amid a months-long pruning of initiatives and employees that Chief Government Mark Zuckerberg has dubbed the “yr of effectivity.”
Dan Levy, presently the social media large’s vp of enterprise messaging, stated in a publish to Meta’s inside social community on Monday that he needed to give attention to household after shedding a toddler to leukemia. “I made this resolution slowly (during the last 2+ years) after which swiftly,” 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 venture he heads has been flagged by Zuckerberg for progress potential, though he was changed final yr as general head of advert and enterprise merchandise.
© Thomson Reuters 2023
