After job cuts, Facebook owner Meta planning lower bonus payouts for some employees: Report

After cutting thousands of jobs, Facebook owner Meta is reportedly planning to lower bonus pays for some employees, and assess staff performance more frequently. Employees, who get a rating of 'met most expectations' in their 2023 year-end reviews, will receive a smaller percentage of bonus and restricted stock awards due in March 2024, the Wall Street Journal reported on Tuesday.

The bonus multiplier for that grade has been cut to 65 per cent from 85 per cent earlier, WSJ said. The tech giant will also restart assessing staff performance twice a year.

A Meta spokesperson told Reuters that the company was making changes to its performance process, taking into account learnings and feedback over the last year while optimizing for the future. "These changes are not related to workforce restructuring," the spokesperson said.

Meta has so far slashed over 20,000 jobs to cut costs as demand has slumped amid fears of recession. On March 14, the tech major announced that it would cut 10,000 jobs this year in a second round of layoffs, as part of a restructuring that will see it scrap hiring plans for 5,000 openings.

The new round of layoffs followed a previous round of job cuts announced in November. Last year, Meta announced that it would eliminate more than 11,000 workers, which was roughly 13 per cent of the company's overall strength.