Meta Platforms Inc. has announced plans to lay off approximately 5% of its workforce, impacting around 3,600 employees. This decision, part of the company’s “Year of Efficiency” initiative, focuses on performance-based terminations to enhance operational efficiency. CEO Mark Zuckerberg outlined the approach in an internal memo, stating, “We typically manage out people who aren’t meeting expectations over a year, but now we’re going to do more extensive performance-based cuts during this cycle.”
The restructuring aims to achieve a 10% non-regrettable attrition target by the end of the performance cycle, with half of it expected to come from 2024. Employees flagged as underperforming in recent performance reviews will be affected. Despite the layoffs, Meta assured generous severance packages for those impacted.
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This move is the latest in a series of workforce reductions by Meta, which has significantly downsized its team over the past year. With a global workforce of approximately 72,000 employees as of September 2024, the cuts highlight the company’s focus on streamlining operations and raising performance standards.
The layoffs coincide with other major policy changes at Meta, including scaling back diversity initiatives, relaxing content moderation policies, and discontinuing a U.S.-based third-party fact-checking programme. These changes have sparked internal and external criticism, reflecting growing concerns over the company’s evolving priorities.
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