Investing.com -- Meta Platforms Inc (NASDAQ:META)., the parent company of Facebook, has announced plans to remove approximately 5% of its lowest-performing employees, according to a report from Bloomberg, citing a memo sent to employees. The company intends to refill these positions within the year,
CEO Mark Zuckerberg stated in the memo, "I’ve decided to raise the bar on performance management and move out low-performers faster." Traditionally, the company has phased out employees not meeting expectations over a year, but plans to implement more extensive performance-based cuts during the current cycle.
The company's goal is to achieve 10% "non-regrettable" attrition by the end of the current performance cycle. This figure includes an estimated 5% non-regrettable attrition from 2024, as detailed in the memo. The company explained, "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 also assured that the company will offer generous severance packages to those affected by this decision.
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