According to an internal document, Facebook owner Meta Platforms Inc (META.O) plans to cut incentive compensation for some workers and evaluate performance more often as part of a restructuring.
According to the study, employees who “meet most expectations” in their 2023 year-end assessments will get a lesser bonus and restricted stock award in March 2024.
WSJ said the bonus multiplier for that grade has dropped to 65% from 85%.
“We appreciate that while this is a substantial adjustment that could surprise some workers, it corresponds with our sustained focus on sustaining a high-performance culture,” the newspaper quoted the message.
The article also stated that the corporation would resume twice-yearly performance reviews.
Meta did not reply to Reuters’ after-hours request for comment.
As the sector prepares for a major economic slump, the corporation said on March 14 that it would reduce 10,000 positions this year in a second round of layoffs, scrapping hiring plans for 5,000 opportunities, killing lower-priority projects, and “flattening” middle management.
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