Facebook (now known as Meta) plans to cut around 3,600 jobs, which is about 5% of its workforce, within the next few weeks. As per a statement from CEO Mark Zuckerberg, this move is aimed at speeding up the removal of underperformers by conducting performance-based evaluations.
Information about upcoming layoffs was disseminated through an internal communication from Mark Zuckerberg, as reported by Bloomberg and Wall Street Journal. According to Zuckerberg, performance reviews are scheduled for the upcoming weeks, with US employees being informed on February 10 if they’re affected, while non-US workers will receive notice at a later time.
Mark Zuckerberg stated in his message that he intends to increase the standards for performance evaluation and remove underperforming employees quicker. Instead of just letting go of those who don’t meet expectations over the course of a year, as we usually do, we will now conduct more thorough performance-based terminations during this period.
In the memorandum, Mark Zuckerberg communicated that the team is gearing up for a demanding year ahead and aims to ensure the company remains robust while accommodating new hires. This announcement comes after Facebook underwent significant changes in moderation policies, now permitting previously censored content like offensive language, slurs, etc., to appear on the platform. The rigor of fact-checking has also decreased. Despite the company exceeding revenue expectations with a Q3 2024 total of $40.69 billion and outperforming quarterly results, it appears these strong financials are insufficient to preserve jobs for 5% of the workforce.
Keep an eye on the evolving landscape of social media and technology in the coming weeks. Rest assured, you’ll find updates about Meta and more right here on Shacknews.
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2025-01-15 03:57