Good News! Zuckerberg’s Meta Approves Up to 200% Bonuses for Employees on Base Salary- wna24
California: Here’s good news for Meta employees, as the tech giant, led by Mark Zuckerberg, has announced that it will be awarding bonuses of up to 200% to its employees this year. This decision comes as a moral booster for the workforce, especially after the recent layoffs and cost-cutting measures.
Meta’s board of directors has approved a new executive bonus plan that allows top executives to receive bonuses up to 200% of their base salary. This is a substantial increase from the previous cap of 75%.
The announcement of these generous bonuses comes shortly after Meta laid off approximately 5% of its workforce, targeting underperforming employees. Despite these layoffs, the company has seen impressive growth in its stock value, driven by strong investor confidence in its digital advertising revenue and investments in artificial intelligence.
The decision to increase bonuses was made to bring executive compensation in line with industry peers. Meta’s board of directors noted that executive pay was previously “at or below the 15th percentile” compared to similar roles at rival companies.
Over the past year, Meta’s stock has surged more than 47%, closing at $694.84 recently. This growth reflects the company’s strong financial performance and strategic investments.
While the news of increased bonuses has been met with enthusiasm by many employees, it has also kick starts discussions about the company’s approach to balancing executive compensation with broader workforce considerations.
Meta CEO Mark Zuckerberg had recently made the announcement in an internal note to employees, saying he wants to “raise the bar on performance management and move out low-performers faster”.
Meta employs about 72,000 people, according to recent filings, so cutting 5 per cent of staff would amount to 3,600 people.
The Menlo Park, California-based company owns Facebook, Instagram, WhatsApp and Threads.
As Meta continues to navigate the challenges and opportunities of the tech industry, the decision to award substantial bonuses shows the company’s commitment to rewarding its top talent.