Meta, the parent company of Facebook and Instagram, is cutting the lowest-performing 5% of its workforce and plans to fill those roles later this year, the company said in a memo.

Meta plans to dismiss approximately 3,600 employees identified as low performers and replace them with new hires, according to an internal memo reported by Bloomberg on Tuesday.

Meta’s restructuring announcement is part of a larger restructuring effort at Meta, which began last year under what Zuckerberg called the “Year of Efficiency." The company has been focusing on cutting costs,

Meta is planning to cut about 5% of its workforce, with a specific focus on the company's lowest-performing employees.

In it, Zuckerberg confirmed that Meta was shifting its strategy to "move out low performers faster" so that Meta can hire new talent to fill those vacancies this year. "I’ve decided to raise the bar on performance management,

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.