Meta offers harsh employee reviews, setting stage for more exits - report
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Meta Platforms (NASDAQ:META) reportedly issued thousands of subpar ratings to employees, which could set the stage for still more exits as the company wrestles with an advertising downturn.
The Facebook parent issued the rough marks in recent performance reviews, The Wall Street Journal reported. It also cut a bonus metric.
All of those are moves that were roughly signaled by CEO Mark Zuckerberg last summer. The economic situation was "one of the worst downturns we've seen," Zuckerberg told an employee town hall meeting, adding that along with cutting planned hiring he would be "turning up the heat" on existing hires who might not keep up with more aggressive goals.
"Realistically, there are probably a bunch of people at the company who shouldn't be here," Zuckerberg said. "Some of you might decide that this place isn't for you, and that self-selection is OK with me."
About 10% of employees got a rating of "meets most" in the new reviews, the second-lowest of five ratings at Meta, just above "meets some," according to the report. Those workers who get two "meets most" ratings in a row are placed on performance improvement plans, which also happens for any worker receiving a single "meets some" rating.
Sources suggested that the ratings would lead more employees to leave the company, and it could mean more layoffs if attrition is too low. One characterized the newly direct reviews as a return to "OG Mark" or "old-school Zuck."
The company moved to cut costs in November with a plan to cut 11,000 jobs, about 13% of the workforce.