Meta to Lay Off 5% of Workforce, CEO Mark Zuckerberg Focuses on Performance Management.
Meta, the parent company of Facebook, Instagram, and WhatsApp, has announced plans to reduce its workforce by 5%, equating to roughly 3,600 employees. This decision is part of the company’s broader strategy to streamline operations and remove underperforming staff members in preparation for a challenging year ahead.
As of September 30, 2024, Meta employed approximately 72,400 people. CEO Mark Zuckerberg outlined the company’s intentions in a memo obtained by Bloomberg, stating that this workforce reduction aligns with Meta's evolving technological focus. "I've decided to raise the bar on performance management and move out low-performers faster," Zuckerberg wrote, highlighting the company's drive to adapt to new opportunities in areas such as artificial intelligence and smart glasses.
The reduction in workforce is not the only shift underway at Meta. Along with the layoffs, the company is revamping its approach to content moderation. Meta is discontinuing its fact-checking program, which had been in place for several years, and will transition to a more community-driven model similar to the one introduced by Elon Musk’s X. This change is particularly significant as Meta looks ahead to the 2024 U.S. presidential election, with Zuckerberg acknowledging that the election could be a "cultural tipping point" in shaping the company’s policies moving forward.
In another major change, Meta is also dismantling its diversity, equity, and inclusion (DEI) programs, following the trend set by other large corporations, including McDonald's and Walmart, which have also ceased their diversity efforts. This move marks a significant shift in the corporate landscape, as companies reassess their commitment to DEI initiatives.
Despite the layoffs and program cuts, Zuckerberg reassured affected employees that they would receive "generous severance," ensuring that those impacted by the changes would be supported as they transition out of the company.
