Meta said to lower bonuses, offer more frequent reviews in 'year of efficiency' push
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Meta Platforms (NASDAQ:META) is reportedly going to lower some bonus payments and conduct more frequent job performance reviews as the company continues to streamline its operations and reduce headcount. 
According to an internal memo, employees who receive a mark of "met most expectations" in 2023 will receive a smaller percentage of their incentive and restricted stock compensation, set to be paid in March 2024. 
The bonus multiplier for the grade has been cut drastically, The Wall Street Journal reported, citing 65% according to the memo or 85% according to an internal document.
âWe understand that while this is a significant change that might disappoint some people, it aligns with our continued focus on maintaining a high-performance culture,â the memo read.
Meta (META) did not immediately respond to a request for comment from Seeking Alpha.
In addition, Meta (META) said it would conduct bi-annual performance reviews as part of the initiative. Employees will receive grades that indicate they are significantly above expectations, at or above expectations or below them, the news outlet added.
Earlier this month, Meta Platforms (META) said it would cut another 10,000 jobs and put the brakes on plans to fill 5,000 open positions as the Facebook parent company took more dramatic steps to get its cost structure under control.
In November, Meta (META) announced plans to reduce its workforce by 11,000 employees.
On the company's most recent earnings call, Meta (META) CEO Mark Zuckerberg described 2023 as the year of efficiency" as the company looks to get its cost structure under control. 
Meta (META) shares were down nearly 1% in premarket trading on Tuesday.
On Monday, investment firm Guggenheim tweaked its estimates on Meta (META) to reflect stronger ad performance and lower expenses related to the layoffs.