Amid rumours of a second round of layoffs at Meta, managers at the tech company have rated 10 per cent or roughly 7000 of its current employees to be below-par performers, hinting that they may be laid off by March this year.
Recently, a report surfaced that suggested that Meta might be planning a second round of layoffs which will take place sometime in March. A new report has surfaced which only adds fuel to this fire.
In its most recent evaluation cycle, the social media giant has rated over 7000 of its current employees as below-average performers. This means that at least 7000 people, currently working at Meta, will likely face the axe if rumours of the impending layoffs turns out to be true.
Meta employees and their unsatisfactory performance reviewsFacebook Zuckerberg’s ‘year of efficiency’ appears to begin with thousands of employees receiving below-average performance ratings. According to a Wall Street Journal investigation, Facebook’s parent firm Meta has provided unsatisfactory performance assessments to almost 10% of its staff. This indicates that around 7,000 employees had unsatisfactory scores in their yearly reviews.
Meta managers awarded nearly 10% of employees a grade of “meets most,” the company’s second-lowest performance rating. The lowest rating possible is called ‘meets some.’
“We’ve always had a goal-based culture of high performance,” a Meta representative told the Wall Street Journal, “and our review process is meant to incentivize long-term thinking and high-quality work, while also enabling workers obtain practical feedback.”
According to those familiar with the situation, Meta’s leadership “expects the ratings to lead to additional staff leaving in the coming weeks,” according to the Wall Street Journal.
“If not enough people go, the corporation will explore another wave of layoffs,” the article read.
Meta’s first round of layoffsIn November 2022, Meta had announced its decision to lay off 11,000 employees, which roughly meant that it bid adieu to around 13 per cent of its workforce. Since earlier last year, Meta executives had been suggesting that low performers wouldn’t last at the company.
“Realistically, there are probably a bunch of people at the company who shouldn’t be here,” Zuckerberg had said.
Also read: Tech layoffs – What does the Indian law say about severance package and notice period?
The rumours of the second round of layoffs started to gain momentum when Meta executives did not share the budgets with team managers working across different projects at Meta on time. As a result, employees have claimed that “zero work” is being done since supervisors have been unable to forecast their future responsibilities.
Not a good start for Zuckerberg’s “Year of Efficiency”Earlier this month, it was reported that Meta CEO Mark Zuckerberg named 2023 the “year of efficiency” and hinted at more layoffs at the corporation.
The youthful CEO, during Meta’s fourth-quarter results conference, had noted that the last thing that they need is a system that has more ‘managers overseeing managers than employees putting in the job’. With this comment, he hinted at a new round of layoffs, which will result in the departure of several middle managers from the organisation. He also stated that he is looking forward to hastening the company’s decision-making process.
All of this development has put Zuckerberg in danger, evidently. Mark Zuckerberg’s security allowance was boosted following his comments about prospective layoffs. Meta will now spend an additional USD 4 million (about Rs 33 crore) on the CEO’s security. Zuckerberg formerly had a USD 10 million security allowance. But, the corporation would now pay USD 14 million for the same.
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