Despite experiencing a turbulent period of layoffs and declining stock prices, Meta has come under fire from its employees after it was revealed that top executives were awarded six-figure bonuses in 2022. A report reveals that many employees raised concerns about the executive team receiving positive performance evaluations despite making decisions that resulted in layoffs.
In the light of the ongoing layoffs, the matter of these large disbursements of money was taken up during a virtual Q&A session with Mark Zuckerberg, CEO, Meta.
It was revealed that Susan Li, chief financial officer, CPO Christopher Cox, chief people officer, Javier Olivan, chief operations officer, and Andrew Bosworth, chief technology officer have all received bonuses, with one executive receiving a bonus as high as Rs 7.70 crore.
An employee questioned why the executive team, who were directly responsible for the decisions that led to the company’s layoffs, all received top-tier performance reviews at Meta. They wanted clear answers to their queries.
According to the company’s filing, the bonuses were determined based on individual performance evaluations, with a target percentage of 75 per cent. The executives’ performance exceeded expectations well beyond the target, resulting in them receiving six-figure bonuses.
Reportedly, Zuckerberg defended the bonuses by stating that some executives had taken on additional responsibilities and new roles. However, employees perceived his response as being ‘shallow’ and ‘patronising’. The revelation about the bonuses has caused widespread anger among employees and the public, with many raising questions about the accountability of the company’s top executives.
Value our content... contribute towards our growth. Even a small contribution a month would be of great help for us.
Since five years, we have been serving the industry through daily news and stories. Our content is free for all and we plan to keep it that way.
Support HRKatha. Pay Here (All it takes is a minute)