Meta has supplied up a profitable new govt bonus plan, in line with an organization submitting launched Thursday. Underneath the brand new plan, executives may earn a yearly bonus of 200 % of their base wage, which is up from 75 %. This comes simply after Meta introduced sweeping layoffs impacting 5 % of its workforce.
A committee for Meta’s board of administrators authorised the change on February 13, on the grounds that the “goal complete money compensation” for its executives “was at or under the fifteenth percentile of the goal complete money compensation of executives holding comparable positions” at rival firms. It’s price noting that the brand new bonus plan doesn’t apply to CEO Mark Zuckerberg. Don’t fear about his backside line, nevertheless, as he’s price practically $250 billion.
Meta has additionally determined to slash its annual distribution of inventory choices by round ten % for 1000’s of its common staff, according to a report by The Financial Times. The precise discount may differ relying on the place the staff dwell and what they do, however Meta hasn’t commented additional on the choice.
As beforehand famous, Meta is within the technique of shedding 5 % of its world workforce. That is even though firm shares are up practically 50 % over the previous 12 months, with a present inventory value of round $687 per share. Additionally, it lately introduced that its fourth-quarter income grew 21 % year-over-year to greater than $48 billion. The corporate has reduce greater than 20,000 jobs up to now couple of years.
"A leaner org will execute its highest priorities quicker. Individuals shall be extra productive, and their work shall be extra enjoyable and fulfilling," Zuckerberg stated on the tail-end of final 12 months. Nothing says “enjoyable and fulfilling” greater than watching your co-workers get laid off whereas the executives get large bonuses.
For those who’re a present or former Meta worker with ideas on this new govt bonus construction, hit me up on Sign at LawrenceBonk.96. I’ll be sure that issues are stored nameless.
This text initially appeared on Engadget at https://www.engadget.com/big-tech/meta-approves-massive-bonuses-for-executives-after-broad-layoffs-183222951.html?src=rss
