Moneycontrol AccordingThe board of META justified the increase in bonus by saying that its executive compensation was much lower than the competitors. Prior to the increase, the company claimed that its executive salary was “15th per cent” compared to similar positions in rival companies. After adjustment, Executive Compensation now corresponds to the “50th percentage” of its Peer Group, except CEO Mark Zuckerberg.
The report further states that META insisted that this step was necessary to maintain the top executive in the tech industry and maintain competitive salary. The company argues that without this adjustment, there was a risk of losing the lead employee in front of the competitors offering more salary packages. However, criticism of this step has also been equal, as thousands of employees lost their jobs due to the recent retrenchment.
META says that these 3,600 employees have been extracted due to their “low performance”. Although this decision has faced a lot of criticism on social media, many people have accused Meta of giving priority to more executive salary than employees’ welfare.
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