Title: ASK THE HEADHUNTER Zuckerberg plan cuts pay for up to 50% of Facebook employees
Post by: deanwebb on May 28, 2020, 12:12:24 AM
Post by: deanwebb on May 28, 2020, 12:12:24 AM
Zuckerberg plan cuts pay for up to 50% of Facebook employees
Source: Zuckerberg plan cuts pay for up to 50% of Facebook employees (http://feedproxy.google.com/~r/AskTheHeadhunter/~3/7K0ptCm2_yk/zuckerberg-facebook-plan-cut-pay)
Nick’s take Leave it to Silicon Valley’s greediest CEO to boost profits by leveraging COVID-19 to induce up to half his employees to move out of the Bay Area so he can cut their salaries. Hey — that’s how I read it. If about 50% of Zuck’s workers go remote, FB will effectively cut up to 50% of its payroll, using what he calls “the honor code.” Do ya think Zuck sends lower Facebook stock dividends to investors in Greybull, Wyoming because their cost of living is lower than his? Is an engineer that lives in Silicon Valley worth less
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Source: Zuckerberg plan cuts pay for up to 50% of Facebook employees (http://feedproxy.google.com/~r/AskTheHeadhunter/~3/7K0ptCm2_yk/zuckerberg-facebook-plan-cut-pay)
Title: Re: ASK THE HEADHUNTER Zuckerberg plan cuts pay for up to 50% of Facebook employees
Post by: deanwebb on May 28, 2020, 02:13:33 PM
Post by: deanwebb on May 28, 2020, 02:13:33 PM
Wow, just in case you were wondering if Zuckerberg was a complete tool, this juicy little data point rolls on in... just wow...
Title: Re: ASK THE HEADHUNTER Zuckerberg plan cuts pay for up to 50% of Facebook employees
Post by: Otanx on May 28, 2020, 03:08:06 PM
Post by: Otanx on May 28, 2020, 03:08:06 PM
I kind of feel this is just a Facebook is bad post. The government does this exact thing, and has for longer than I have been alive. It is called COLA. A GS-13 makes the exact same salary as any other GS-13, but they get a cost of living adjustment based on their location. You move, or COLA changes. Same with Military. An E5 is an E5. They get housing allowance based on where they are stationed. I can't remember which but Cisco or A10 also does this. Maybe both.
Also the math in the post is wrong. If 50% of the employees move to a cheaper area he isn't cutting 50% of his payroll. It would be much less. Unless he is not paying remote workers at all. That would be news.
-Otanx
Also the math in the post is wrong. If 50% of the employees move to a cheaper area he isn't cutting 50% of his payroll. It would be much less. Unless he is not paying remote workers at all. That would be news.
-Otanx
Title: Re: ASK THE HEADHUNTER Zuckerberg plan cuts pay for up to 50% of Facebook employees
Post by: deanwebb on May 29, 2020, 08:47:04 AM
Post by: deanwebb on May 29, 2020, 08:47:04 AM
A number of firms will have a COLA for high-rent districts. But there are also firms that refuse to pay a US salary if an employee chooses to move out of the USA. If I moved to Peru, for example, my salary goes a long, long way in that nation. But if I move to Peru, my salary stays here and I get a different, lower one for that other place.