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Meta lays out greater performance-based staff cuts, Bloomberg reports
The Fly

Meta lays out greater performance-based staff cuts, Bloomberg reports

Meta Platforms (META) is planning to cut about 5% of its lowest performers with the intent of backfilling their roles this year, Riley Griffin of Bloomberg reports, citing an internal memo sent to employees. Zuckerberg wrote, “I’ve decided to raise the bar on performance management and move out low-performers faster. We typically manage out people who aren’t meeting expectations over the course of a year, but now we’re going to do more extensive performance-based cuts during this cycle.” Meta expects to reach 10% of “non-regrettable” attrition by the end of the current performance cycle, which includes roughly 5% non-regrettable attrition from 2024, according to the memo, Griffin says. “This means we are aiming to exit approximately another 5% of our current employees who have been with the company long enough to receive a performance rating,” Zuckerberg noted, adding the company would provide “generous severance.” Shares of Meta Platforms are down 2%, or $11.22, to $597.11 in morning trading.

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