COMP NEWS – Facebook owner Meta is reportedly planning to slash bonus payouts to some employees in an effort to cut costs. Additionally, the social media giant is planning to ramp up its staff assessment processes in order to closely track employee productivity.

Facebook owner Meta Platforms Inc (META.O) is planning to lower bonus pays for some employees, and assess staff performance more frequently, the Wall Street Journal reported on Tuesday, citing an internal memo.

Employees of the social media giant, 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 WSJ report said.

The bonus multiplier for that grade has been cut to 65% from 85% earlier, WSJ said, adding that the company will also restart assessing staff performance twice a year.

“We are making changes to our performance process, taking into account learnings and feedback over the last year while optimizing for the future. These changes are not related to workforce restructuring,” a Meta spokesperson said in a statement to Reuters, without giving any further details.

These changes come only a few weeks after the company announced it would lay off around 10,000 employees as a part of a massive restructuring, with similar layoffs sweeping through the tech and social media industry earlier this year.

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.

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