Meta Hikes Executive Bonuses to 200% Days After Layoffs
In a move that has left many scratching their heads, Meta, the parent company of Facebook, Instagram, and WhatsApp, has approved a significant increase in executive bonuses, just days after laying off around 3,000 employees, which accounts for around 5% of its workforce. According to a recent regulatory filing, the “target bonus percentage” for Meta’s executive officers will now be increased from 75% of their base salary to a whopping 200%.
This decision was met with widespread criticism, with many questioning the logic behind rewarding top executives with hefty bonuses while simultaneously letting thousands of employees go. The move is seen as a stark contrast to the company’s claims of prioritizing efficiency and reducing costs in the wake of the layoffs.
The regulatory filing, which was submitted to the Securities and Exchange Commission (SEC), revealed that the new bonus structure will apply to all executive officers, except for Meta CEO Mark Zuckerberg. It is unclear why Zuckerberg has been exempt from this new bonus structure, but it is possible that he may have negotiated a separate deal with the company.
The news of the executive bonuses has sparked outrage among employees, who are still reeling from the shock of the layoffs. Many have taken to social media to express their disappointment and frustration, with some even calling for a boycott of Meta’s products.
“This is absolutely disgusting. How can they justify giving themselves bonuses while laying off thousands of employees?” wrote one employee on Twitter. “It’s a clear sign of the company’s priorities – profits over people.”
Another employee wrote, “I’m still trying to process the layoffs, and now this? It’s like they’re rubbing salt in our wounds. I’m done with this company.”
The news has also sparked a wider debate about corporate greed and the treatment of employees. Many are questioning how a company that claims to prioritize its employees’ well-being can simultaneously reward its executives with massive bonuses.
“Meta’s decision to increase executive bonuses is a clear example of corporate greed,” said a labor expert. “It’s a slap in the face to the thousands of employees who were just laid off. The company needs to take a hard look at its priorities and start valuing its employees’ contributions.”
The news comes at a time when Meta is facing significant challenges, including increased competition from rivals like TikTok and Snapchat, and growing concerns about the impact of social media on mental health. The company’s decision to increase executive bonuses may be seen as a desperate attempt to boost morale and retain top talent, but it is likely to have the opposite effect.
In recent years, there has been growing pressure on companies to prioritize their employees’ well-being and treat them with fairness and respect. Meta’s decision to increase executive bonuses while laying off thousands of employees is a stark reminder that there is still much work to be done to achieve this goal.
As the news continues to spread, it will be interesting to see how Meta responds to the backlash. Will the company reconsider its decision and prioritize its employees’ well-being? Only time will tell.
