Adds details from WSJ report
March 28 (Reuters) – Facebook owner Meta Platforms Inc META.O is planning to lower bonus pays for some employees, and assess staff performance more frequently, as a part of a larger restructuring, the Wall Street Journal reported on Tuesday, citing an internal memo.
The social media giant will be assessing performance of employees, and those who get a rating of “met most expectations” in their 2023 year-end reviews will receive a smaller percentage of bonus and restricted stock award due in March 2024, the report said.
The bonus multiplier for that grade has been cut to 65% from 85% earlier, WSJ added.
“We understand that while this is a significant change that might disappoint some people, it aligns with our continued focus on maintaining a high-performance culture,” the newspaper said, quoting the memo.
The company will also restart assessing staff performance twice a year, the report said.
Meta did not immediately respond to a Reuters request for comment outside business hours.
On March 14, the company announced that it would cut 10,000 jobs this year in a second round of layoffs, as part of restructuring that will see it scrap hiring plans for 5,000 openings, kill off lower-priority projects and “flatten” layers of middle management, as the industry braces for a deep economic downturn.
(Reporting by Shubhendu Deshmukh in Bengaluru; Editing by Varun H K)
((ShubhenduSatish.Deshmukh@thomsonreuters.com;))
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