(JustPatriots.com)- Meta, the parent company of Facebook, gave thousands of employees poor performance reviews, raising concerns that another round of layoffs could be coming as part of the company’s “year of efficiency,” the Wall Street Journal reported last week.
According to the Journal, more than 7,000 Meta employees received “subpar” performance reviews, and the company also scrapped a bonus metric. According to sources, the subpar ratings have prompted worries among Meta employees that more layoffs could be on the horizon.
Late last year, the tech giant laid off 11,000 workers. At the time, CEO Mark Zuckerberg took responsibility for the layoffs, explaining that the company over-hired during the pandemic and the predictions of a continued e-commerce surge failed to materialize.
A Meta spokesperson told the Wall Street Journal that the company has a “goal-based culture of high performance” and said its performance review process is designed to “incentivize” high-quality work by giving employees “actionable feedback.”
In Meta’s fourth-quarter earnings report released earlier this month, Zuckerberg described 2023 as a “year of efficiency,” saying the company is focused on becoming more nimble and stronger.
Zuckerberg also hinted at further job cuts in the fourth-quarter earnings report, explaining that Meta might “incur additional restructuring changes” as it moves forward with its focus on efficiency.
In its earnings report, Meta said the company spent more than $3.7 billion on restructuring last year, including expenses like severance payouts and the early termination and consolidation of some office leases.
Additionally, it was reported last week that Meta will be increasing its spending on personal security for Zuckerberg by 40 percent to $14 million
The company’s board defended the increase, saying that under the current circumstances, it was “appropriate and necessary” as a way to address “specific threats” to Zuckerberg’s safety that stem from his position as the company’s CEO.