After major layoffs, Meta will further reduce employees' bonuses and performance reviews more frequently.

Beijing, March 28 (Xinhua) Meta, the parent company of Facebook, plans to reduce bonuses for some employees and evaluate employee performance more frequently, according to an internal memo. This is part of a comprehensive reform of the company, which has announced more than 20,000 job cuts.

In the memo, Meta told managers that employees who were rated as "basically in line with expectations" in the 2023 end-of-year review would receive a lower percentage of bonuses and restricted stock awards in March 2024, with the bonus multiplier reduced from 85 per cent to 65 per cent. In addition, Meta said the company will adjust its employee performance reviews to twice a year.

"We understand that while this is a major change that may disappoint some people, but it is in line with our ongoing focus on maintaining a high performance culture," the memo said. "these updates reflect the lessons we learned in 2022 and the changes we have made to optimize in the coming year."

In February, Meta CEO Mark Zuckerberg (Mark Zuckerberg) called 2023 the "year of efficiency" for the company. Since November, Meta has closed several projects and teams, reduced office space and cut travel costs, and announced two rounds of layoffs. The company said in November that it would cut about 11000 jobs, or 13 per cent of its workforce. Recently, Meta announced that it would cut another 10, 000 jobs in the coming months.