Sunday, March 3rd, 2024

Facebook-Google gave bumper bonus to top management after snatching thousands of jobs


Photo: AP Facebook

world tech Giants Facebook and Google have shown the way out to thousands of employees since last year. The company had cited cost cutting as the reason behind this reduction. Now both these companies are awarding bumper bonuses to the employees involved in their top management. Questions have started to arise on this. Senior executives have been given six-figure bonuses amid the layoffs, reports Entrepreneur. During a virtual session of the company, Meta employees asked CEO Mark Zuckerberg sharp questions about this.

Mark Zuckerberg blamed for the layoffs

According to Meta’s filing with the US Securities and Exchange Commission (SEC) released last week, C-suite executives such as Chief Financial Officer Susan Lee received $575,613 in bonuses, Chief Product Officer Chris Cox $940,214, Chief Operating Officer Xavier Olivan; Chief Technology Officer Andrew Bosworth; Strategy officer (CSO) David Wehner received $712,284 and former COO Sheryl Sandberg received $298,385. According to The Wall Street Journal, an employee asked Zuckerberg why the entire executive team received an EE/GE rating (the top-level performance review on Meta), when they are directly responsible for the choices that lead to the company’s success. Had to lay off 20 percent? Where is the accountability?”

nine million growth

C-suite executives received bonuses based on individual performance calculations, with a target percentage of 75 percent. Zuckerberg reportedly told employees that some executives have stepped into new roles and ‘taken on expanded mandates.’ Meanwhile, Alphabet and Google CEO Sundar Pichai received a bonus of about $226 million in 2022, according to the company’s SEC filing. The report noted that all five other top Alphabet executives also received bonuses in the millions for 2022, an increase of at least nine million over the previous year.

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