The mass layoffs at Meta have disturbed the workforce with members expressing their disappointment at these drastic cost-cutting measures. Some employees are even questioning why Mark Zuckerberg, CEO, Meta, never took a pay cut.
In fact, it is reported that the board of Meta recently increased the budget for Zuckerberg’s personal security. The increment was not a small one either. The budget was reportedly hiked by 40 per cent, from $10 million to $14 million for the CEO’s security and safety.
This hike in the security budget has irked employees at a time when the Company is reportedly cancelling certain projects, slowing down hiring and also looking at more job cuts in the future as part of its efforts to cut costs.
Many employees feel that the layoffs are not performance based and wonder how Meta managed to overhire to such an extent that it had to resort to mass layoffs to stabilise its situation.
Meanwhile, tech giant, Apple has not resorted to layoffs. Instead, Tim Cook, CEO, Apple, has opted to take a salary cut. Media reports say that Cook is expected to take 40 per cent less salary in 2023 than in 2022, when his targeted salary was about $84 million. That means, Cook will be taking a salary of only about $49 million this year. It is reported that Cook himself suggested this pay cut.
Sunder Pichai, CEO, Google, is also taking a pay cut. Recently, Pichai announced that employees above the rank of senior vice president will have their annual bonuses reduced significantly.
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