Some Meta employees are to experience lower bonuses and more staff assessment

Per Reuters

As part of Meta's cost-cutting measures, some employees are expected to receive lower bonuses and more staff assessment. Now, the staff is expected to be assessed twice a year.

Per WSJ, citing an internal memo, employees that perform well by the end of 2023 in their year-end reviews will get smaller bonus percentages and stock awards. Previously, the bonus multiplier for the grade sat at 85%, but it will be cut down to 65%.

The stock awards will reportedly be due in March 2024. A Meta spokesperson gave a statement to Reuters regarding the situation, saying they are trying to become better optimized.

"We are making changes to our 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,"

Per CNBC TV18, Meta often fires staff after they get a low performer rating for two consecutive review sessions. It was announced that there were hundreds of below-average scores in Meta's most recent performance reviews.

This came shortly after Meta announced another layoff round of 10,000 employees this year. This is part of the company's decision to abandon its hiring plans for 5,000 new openings.

Before that, it was reported that Meta had already spent almost a billion in its fourth quarter just to lay off its employees. To be specific, $975 million in severance costs.

Recently, Meta was toying with possibly creating a Twitter app competitor. This comes as Elon Musk's Twitter has dropped in value, with the CEO saying it is now only worth $20 billion, despite buying it for $44 billion.

Meta's decision to cut costs comes after it was dubbed the worst-performing stock in the S&P 500 in 2022 after dropping around 73% in November. The company lost $9.4 billion in 2022 alone.

See flow at unusualwhales.com/flow.

Other News:

Resources:

Reuters

CNBC TV18

tastytrade logo+
Get the best broker for options trading and earn Unusual Whales discounted! in cash with an eligible account deposit at tastytrade. Get an Unusual Whales bonus when you deposit $2000. Offer expires 3/31/25. Certain restrictions, terms and conditions apply.
Unusual Whales does not confirm the information's truthfulness or accuracy of the associated references, data, and cannot verify any of the information. Any content on this site or related pages are not intended to provide legal, tax, investment or insurance advice. Unusual Whales Inc. is not registered as a securities broker-dealer or an investment adviser with the U.S. Securities and Exchange Commission, the Financial Industry Regulatory Authority (“FINRA”) or any state securities regulatory authority. Nothing on Unusual Whales should be construed as an offer to sell, a solicitation of an offer to buy, or a recommendation for any security by Unusual Whales or any third party. Options, investing, trading is risky, and losses are more expected than profits. Please do own research before investing. Please only subscribe after reading our full terms and understanding options and the market, and the inherent risks of trading. It is highly recommended not to trade on this, or any, information from Unusual Whales. Markets are risky, and you will likely lose some or all of your capital. Please check our terms for full details.
Any content on this site or related pages are not intended to provide legal, tax, investment or insurance advice. Unusual Whales Inc. is not registered as a securities broker-dealer or an investment adviser with the U.S. Securities and Exchange Commission, the Financial Industry Regulatory Authority (“FINRA”) or any state securities regulatory authority. Nothing on Unusual Whales should be construed as an offer to sell, a solicitation of an offer to buy, or a recommendation for any security by Unusual Whales or any third party. Certain investment planning tools available on Unusual Whales may provide general investment education based on your input. You are solely responsible for determining whether any investment, investment strategy, security or related transaction is appropriate for you based on your personal investment objectives, financial circumstances and risk tolerance. You should consult your legal or tax professional regarding your specific situation. See terms for more information.