META TO REDUCE EMPLOYEE BONUSES AND RESTART PERFORMANCE APPRAISALS

03/29/2023 11:42 • Crypto & Markets • 73 views

On March 29, it was reported that Meta, the parent company of Facebook, a social media platform, plans to reduce some employee bonuses and restart the biannual employee performance appraisal system. Generally, employees of the company who have received low ratings for two consecutive performance appraisal periods will have to leave. According to the Wall Street Journal, in the latest round of performance evaluations, thousands of employees received below average ratings.

Meta plans to reduce salary while restarting performance appraisal

In a recent report, it was stated that Meta, the parent company of Facebook, is planning to reduce employee bonuses and restart the biannual employee performance appraisal system. This move is expected to affect thousands of employees who have received below average ratings in the latest round of performance evaluations.

How Meta Plans To Reduce Employee Bonuses

According to sources close to the situation, Meta intends to reduce employee bonuses in an effort to improve its financial position. It is worth noting that Meta has been facing increasing pressure from its investors to improve its profitability. As a result, the company has been exploring different ways of cutting costs and improving its bottom line.

Biannual Employee Performance Appraisal System

Meta’s decision to restart the biannual employee performance appraisal system has come as a surprise to many. This system had been discontinued in 2019, with the company opting for a more informal approach to employee appraisals. However, it appears that Meta is now looking to implement a more structured system that can help identify and address underperforming employees.

Impact on Employees

The latest round of performance evaluations at Meta resulted in thousands of employees receiving below average ratings. These employees could now be at risk of losing their jobs if they fail to improve their performance in the upcoming appraisals. Furthermore, the reduction in bonuses will also affect the morale of employees who were expecting a substantial payout.

Challenges For Meta

While Meta’s decision to reduce employee bonuses and restart performance appraisals may help improve its financial position in the short term, it could also have negative consequences. The company risks losing some of its top-rated employees who may look to greener pastures. There is also the possibility of a dip in employee morale which could impact productivity.

Conclusion

Overall, Meta’s decision to reduce employee bonuses and restart performance appraisals is a calculated move aimed at improving the company’s bottom line. However, there are potential risks involved, and the company will need to tread carefully to avoid any adverse consequences.

FAQs

1. What is the biannual employee performance appraisal system?
The biannual employee performance appraisal system is a structured method of performance evaluation that is conducted twice a year. This system helps identify underperforming employees and provides an opportunity for them to improve their performance.
2. How will the reduction in bonuses affect employees?
The reduction in bonuses is likely to have a negative impact on the morale of employees who were expecting a substantial payout. This could result in a dip in productivity and increased dissatisfaction among employees.
3. Is Meta the only company to implement performance appraisals?
No, performance appraisals are a common practice in most companies. The aim is to provide a structured method of evaluating employee performance and identifying areas for improvement.

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