John Paul M. Joaquin Tech 03.28.2023 06:Mar AM EDT

Meta Could Be Lowering Bonuses for Some Employees

Meta employees might soon find their bonus payouts a bit lower than expected.

Facebook's parent company recently released an internal memo stating it is planning to lower some bonus payouts while also making employee performance assessments more frequent.

While Meta didn't mention why it is planning such an action, it may be a part of its efforts to cut costs in its efforts to say true to its "Year of Efficiency."

Meta Bonus Lowering Details

Meta mentioned in its memo that employees with a rating of "met most expectations" in their 2023 year-end reviews will receive a smaller percentage of what their bonus would have been; the company lowered the bonus multiplier for the rating in question from 85% to 65%, per the Wall Street Journal.

Additionally, Meta would only provide employees with the previously mentioned rating with restricted stock awards due in Mar. 2024. should it go through its plan to do so.

Meta stated in the memo that it understands that the changes, which are significant in its eyes, might cause disappointment in some people, but it aligns with its "continued focus on maintaining a high-performance culture."

Last but not least, Meta informed employees through the memo that it is shifting staff performance assessments back to twice a year, presumably following its intention to maintain a high-performance culture within the company.

According to Meta, the changes reflect what it learned about the process in 2022 and what it's optimizing for in the year ahead, though it didn't mention if the changes are connected to its "Year of Efficiency" vision for 2023.

Reuters' report, which cited a statement from a Meta spokesperson, mentioned that the changes the company is making are not related to workforce restructuring and that they only meant to apply what Meta learned about its performance process in 2022.

Meta's Year Of Efficiency So Far

Regardless of the intention, Meta seems to want to apply the changes to make itself more optimized to achieve efficiency and become profitable again during its "Year of Efficiency."

So far, Meta has been diligent in its quest to become profitable again through cost-cutting. You may recall that Meta wants to lay off 13% of its current workforce, or 10,000 employees, on top of the 11,000 it let go in Nov. 2022.

Moreover, Meta decided influencers will no longer get paid for Instagram and Facebook Reels to invest in a different monetization suite that helps content creators get a steady source of income by posting Reels on its social media platforms.

In addition, Meta will charge people $12 - $15 a month for their Meta Verified paid verification process, taking a page from Twitter with its Twitter Blue verification charge.

Last but not least, Meta recently ended NFT support on its social media platforms due to the declining interest in them and the ongoing crypto slump, per Engadget.