Meta Platforms Inc, the parent company of Facebook, is reportedly lowering bonuses for some employees while conducting additional performance reviews, as reported by the Wall Street Journal. The memo states that employees who achieve a rating of "met most expectations" will now receive a 65 per cent bonus, compared to 85 per cent previously. The bonus and restricted stock awards are due to be received by employees in March 2024.

Meta will also return to twice-yearly employee assessments, according to the report. The changes are based on lessons learned from the 2022 performance review process and the company's priorities for the upcoming year.

The memo comes after Mark Zuckerberg, chief executive officer (CEO) of Meta, announced layoffs last year, stating that the company intended to become more efficient. In a November 2022 blog post, he explained that the restructuring was intended to increase efficiency but that it would not be enough to align expenses with revenue growth. "I've also made the hard decision to let people go," he said.

Earlier this month, Meta announced another round of job cuts that will affect 10,000 employees. In another blog post, Zuckerberg dubbed 2023 the "year of efficiency." The company's organisational structure will be flattened, according to the post, with lower-priority projects cancelled and hiring rates reduced. The recruiting team will also be reduced in size.

Zuckerberg explained that a leaner organisation would be able to execute its highest priorities more efficiently. By cancelling duplicative or low-priority projects and streamlining the organisation, he stated, employees would be more productive and fulfilled, and the company would be an even greater magnet for the most talented individuals.