More layoffs coming? Meta gives poor performance reviews to thousands of employees

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In recent events in the tech world, Facebook parent Meta has given thousands of employees poor performance reviews, raising fears that the tech behemoth is preparing for more job cuts after it laid off 11,000 employees.

Facebook's parent, Meta, has announced a $40 billion stock purchase
Facebook’s parent, Meta, has announced a $40 billion stock purchase

According to a recent report in the Wall Street Journal, Meta rated nearly 7,000 employees as “subpar” in recent performance reviews. The parent company of Facebook and Instagram has removed the bonus measure, according to the report.

According to Bloomberg, these improvements come after Meta CEO Mark Zuckerberg declared 2023 to be the year of efficiency as the social media giant looks to cut costs and increase speed.

Citing a source who told the newspaper, Bloomberg reported that poor performance levels could lead to more employees leaving the company. These weak reviews could spell bad news for Meta employees who are tired of the fact that the company may be preparing for another round of layoffs. Meta laid off 13 percent of its total workforce, or about 11,000 workers, at the end of last year.

A Meta spokesperson told the WSJ about the periodic performance reviews sent to employees: “We’ve always had a high-performance goal-oriented culture, and our review process is designed to encourage long-term thinking and high-quality work.” Helping employees find actionable responses.

A security guard stands by the Meta sign outside the headquarters of Facebook’s parent company Meta Platforms Inc. in Mountain View, California, USA on November 9, 2022. REUTERS/Peter DaSilva/File Photo

Meanwhile, the Financial Times reported last week that Meta has delayed the finalization of several teams’ budgets as it prepares for a new round of layoffs.

However, the current economic slowdown and recession in the market may lead companies to cut back on non-essential expenses, including marketing and social media management. The mass layoffs that began at tech firms, especially startups in 2022, are now spilling over to many others, including financial firms that have cut jobs in recent months. These include major Wall Street banks, asset managers and fintechs as they struggle to weather macroeconomic challenges that have pressured consumers and boosted demand in many major business units.

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