It sounds like they're laying off 5% of the company, but are also firing the lowest 5% of employees without eliminating the role.
> Meta is set to cut about 5% of its workforce, focusing on the company’s lowest-performing workers, CNBC confirmed Tuesday.
> Another 5% of the 2024 employee base “who have been with the company long enough to receive a performance rating” will also be cut, Bloomberg reported, citing an internal memo.
And a direct quote from Zucky:
> I’ve decided to raise the bar on performance management and move out low performers faster. We typically manage out people who aren’t meeting expectations over the course of a year, but now we’re going to do more extensive performance-based cuts during this cycle, with the intention of back filling these roles in 2025.
> Meta is set to cut about 5% of its workforce, focusing on the company’s lowest-performing workers, CNBC confirmed Tuesday. > Another 5% of the 2024 employee base “who have been with the company long enough to receive a performance rating” will also be cut, Bloomberg reported, citing an internal memo.
And a direct quote from Zucky:
> I’ve decided to raise the bar on performance management and move out low performers faster. We typically manage out people who aren’t meeting expectations over the course of a year, but now we’re going to do more extensive performance-based cuts during this cycle, with the intention of back filling these roles in 2025.