Meta employees call out Mark Zuckerberg for paying fat bonuses to execs during mass layoffs
Meta Employees were livid when they found the cash bonuses that Mark Zuckerberg was giving to some of his top-level executives, ran into millions. The employees called Zuckerberg out for this and asked why should they continue to work at Meta.
Meta Employees were livid when they found the cash bonuses that Mark Zuckerberg was giving to some of his top-level executives, ran into millions. The employees called Zuckerberg out for this and asked why should they continue to work at Meta.
Meta has laid off a lot of people in recent months, which, in some cases, have been arbitrary. This has flustered the people who are still working at Meta, who claim that the spate of the layoffs has been a demoralising experience for them. However, when the annual bonuses of some of the top executives of the company was revealed, most Meta employees were livid. So bad was the situation that a group of employees, actually called out Mark Zuckerberg at a townhall meeting.
Until now, Meta has indicated its intention to lay off up to 21,000 employees. The first wave of layoffs was announced in November 2022, and the second round was announced just a few months ago. In the first wave, 11,000 individuals were laid off, and 10,000 more were let go in the second round.
Also read: Tech Layoffs: Meta starts laying people off again, this time from core engineering teams
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On the other hand, the corporation lavished enormous bonuses on some of its senior executives. This did not sit well with many Meta employees, who allegedly chastised CEO Mark Zuckerberg for awarding hefty incentives to certain staff despite the company’s layoffs.
The bonuses that were announced
The compensation of the senior Meta executives, about which the CEO was questioned, were disclosed in Meta’s SEC filing earlier this month. According to the filing, CFO Susan-Li received a bonus of $575,613 or about Rs 4.71 crore, while CPO Christoper Cox received a bonus of $940,214 or Rs 7.70 crore. COO Javier Olivan received a bonus of $786,552 or Rs 6.44 crore while CTO Andrew Bosworth received a bonus of $714,588 or about Rs 5.85 crore.
Strategy Officer (CSO) David Whener received $712,284 or Rs 5.83 crore and Former COO Sheryl Sandberg received $298,385 or Rs 2.44 crore respectively.
Meta employees let their displeasure known
According to the Wall Street Journal, Mark Zuckerberg spoke to staff in a virtual Q&A session a few days ago. According to the magazine, at the same session, some employees confronted the CEO and questioned him why such substantial incentives were given to senior executives when company-wide layoffs were being carried out.
“How come the entire executive team received EE/GE ratings when they are also directly responsible for the decisions that led to us having to lay off more than 20% of the company?” What happened to accountability?” An employee was quoted in the magazine.
Mark Zuckerberg responded to the employee, stating that he was “pleased with the executives’ performance in new and expanded roles.”
“What is the point of staying at Meta?” ask employees
During the same Q&A, another employee requested the CEO to provide them a reason to continue at the firm because they had shattered the morale and faith in the leadership of many top achievers’. “You’ve shattered the morale and confidence in the leadership of many high performers who work with intensity,” the employee inquired. “What is the point of staying at Meta?”
In response, the Meta CEO stated that no other firm “delivers social experiences” on the scale of Meta, and that the company does so across “such a diverse range of different products and use cases.” “So if you want to reach billions of people and have a massive impact, I think this is a great place to be,” he continued.
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