News reports say that social media company Meta Platforms is planning to cut 5% of total staff this year by terminating staff based on performance and hiring new workers to replace them.

CEO Mark Zuckerberg has also warned employees about more such job cuts this year to 'raise the bar' on performance management.

Meta Platforms Inc. is cutting roughly 5% of its staff through performance-based terminations and plans to hire new people to fill their roles this year, according to an internal memo sent to all employees.

Meta Platforms plans to cut roughly 5% of its worst-performing employees this year with the intent of hiring new people to fill their roles, a company spokesperson told Barron’s. Bloomberg reported the news earlier,

Facebook's parent business, Meta Platforms, intends to rehire the affected roles later this year but will lay off about 5% of its employees owing to poor performance.