Meta Platforms Inc.
META,
assigned subpar ratings in recent performance reviews of thousands of its workers , a sign that more job cuts may be on the way, the Wall Street Journal reported Friday, citing people familiar with the matter. The company scrapped one bonus metric, a step it’s taking after Chief Executive Mark Zuckerberg said 2023 would be a “year of efficiency,” the people said. The Facebook parent is expecting the ratings to lead more workers to leave in the coming weeks, but it may conduct another round of job cuts if not enough opt to do so. Meta recently laid off about 11,000 workers, equal to 13% of its workforce. “We’ve always had a goal-based culture of high performance, and our review process is intended to incentivize long-term thinking and high-quality work, while helping employees get actionable feedback,” a Meta spokesman told the paper. Meta stock was down 1.2% premarket and has fallen 17% in the last 12 months, while the S&P 500
SPX,
has fallen 7%.
Credit: marketwatch.com