“The big tech firms are simply paying far higher cash compensation since the top five collectively have $345 billion of net cash,” Kramer told The Post. “The battle to secure top talent has not slowed down.” With stock options becoming less valuable across the board, big tech companies are now realizing that cash is king, according to Richard Kramer, a tech analyst and founder of Arete Research. The tech-heavy Nasdaq composite index has fallen 12.3% so far in 2022, while Apple stock has fallen 9.9%, Amazon stock 5.3% and Google stock 5.7%. While Meta is the most extreme example, the entire tech sector has sagged this year after reaching record highs in 2021. Getty Images ‘Far higher cash compensation’ “I agree with the decision to leave your current firm and go to a company and get stock at their current price.” “I think a lot of people have questions about if Meta is going to get out of this - if this could be the beginning of the end for them,” tech talent agent Michael Solomon said. “If you’re not going to be making any money in your equity options for three years, it is in your interest to leave,” Martin told The Post. Laura Martin, a tech and media analyst with Needham & Company, said that while many tech workers may feel loyal to their companies, it makes financial sense for many to switch jobs when the value of their options tanks. ![]() I’m doing exactly that and headed to Meta.” In response to a disgruntled “Metamate’s” post on Blind, one Microsoft employee wrote, “The only people would be doing well are those who are currently transferring companies right now. Many tech workers have seen the value of their stock options fall. It also means that opportunists from other companies - such as Microsoft, which is down 10.3% so far this year - can theoretically “buy the dip” by taking a job at a beaten-down company like Meta, getting more stock options at a lower price. That means there can be huge upsides for employees who join before a company’s stock rockets - but it also leaves them vulnerable to downturns.įor example, a Meta employee who was given $100,000 worth of restricted stock units around the company’s September stock peak would now be left with roughly $57,000. When software engineers join companies like Meta, Google or Amazon, their compensation typically consists of a roughly 50/50 mix of cash and stock options, with entry-level employees getting more cash and more experienced workers getting more stock, according to data from tech salary tracker levels.fyi.Īt Meta, new hires are typically given a set number of restricted stock units based on the company’s average stock price around the time they were hired. ![]() “I think a lot of people have questions about if Meta is going to get out of this - if this could be the beginning of the end for them.” Meta’s stock has tanked more than 40% after hitting an all-time high in September 2021. “People are definitely paying attention and are concerned about the stock price,” Michael Solomon, who manages software engineers through his talent firm 10x Management, told The Post. The slide started last fall as a damning series of leaks put massive political pressure on the company and kicked into overdrive as Meta started to feel the multibillion-dollar sting of privacy changes from Apple and Google that are pummeling its advertising business. Meta is facing a worker stampede as its stock price has fallen from an all-time high of more than $380 in September to $216.49 on Friday. “Just kidding… it super sucks.” Meta’s plummeting stock price has made some employees restless. Ask yourself if this train of thought is good for the company,” a fourth joked. “Duh, you’re supposed to think Meta, Metamates, and me. “Same boat,” a third said, adding that they’re “already interviewing” at other companies. “Leave this crap place,” another “Metamate” responded. “Joined Meta near, now feeling like s-t,” one Meta employee said this week in a popular thread on Blind, a corporate message board with verified members. ![]() Shares of Facebook and Instagram parent Meta have plummeted more than 40% over the past six months - and some employees saddled with underwater stock options are eyeing the exits. Meta’s return-to-office edict takes effect as employees report to work Threads blocks search for ‘COVID,’ ‘vaccines,’ ‘coronavirus’ over ‘disinformation’ fear Meta hands out perks after mass layoffs including T-shirts, happy hours and office snacks NY now bars bosses from accessing private social media of workers, job applicants
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