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Meta Platforms Inc. is set to lay off approximately 3,600 employees, representing around 5% of its workforce, as part of its “Year of Efficiency” initiative.
According to a report by Samaa News on Wednesday, this move, announced through an internal memo by CEO Mark Zuckerberg, is aimed at improving performance and streamlining operations.
The latest layoffs mark another significant workforce reduction for Meta, which has been actively cutting costs and realigning teams over the past year. With a total workforce of about 72,000 as of September 2024, the 5% reduction will impact multiple departments.
In the memo, Zuckerberg highlighted the company’s shift towards faster performance-based terminations. Historically, employees were given up to a year to meet expectations. Now, Meta plans to expedite the removal of underperforming employees during this performance cycle.
“I’ve decided to raise the bar on performance management and move out low performers faster,” Zuckerberg wrote. This move is part of a broader goal to achieve 10% “non-regrettable” attrition by the end of the performance cycle, with half of this reduction targeted for 2024.
Meta has assured that affected employees will receive “generous severance” packages to ease the transition. Despite these measures, the decision has sparked concerns internally and externally, especially in light of the company’s evolving approach to workforce management.
