CEOs' pay climbed before layoffs at tech giants like Alphabet and Microsoft, data shows
CEOs' pay climbed before layoffs at tech giants like Alphabet and Microsoft, data shows
Meta, Uber and Salesforce also raised CEO pay as they neared or had enacted layoffs.
cross-posted from: https://lemmy.zip/post/1125959
Archived version: https://archive.ph/iXnTL
Archived version: https://web.archive.org/web/20230806123650/https://abcnews.go.com/Business/ceos-pay-climbed-layoffs-tech-giants-alphabet-microsoft/story?id=101665156
What's extra insane about the google one, Pichai's salary of 225m divided over the 10k workers fired is a staggering 22.5k/yr. If you assume the average tech salary of a remote google employee is somewhere in the 50k-100k range, that's 2.5k-5k / 10k workers that could have been saved by cutting Pichai instead.
Forget societal ethics, how do you justify to shareholders cutting ten thousand salaries worth of jobs and giving half the money to the CEO?
Because the shareholders get the other half
This feels like one of those weird game theory problems where you have to solve for the minimum amount you would have to pay to ensure no one bothers to stop you.
If I were a large shareholder, I'd demand a lot more than half goes to growth or my own dividends.
Isn't Pichai's compensation mostly tied to stock?
It's... Not really the same thing, because being the CEO of the company ties the hands behind his back if he wants to actually use his stock compensation.
Edit: for any Google SWE making <100k, just move to the US, man. The pay is so much higher it's not even funny.
What will I take for workers to take action against stuff like this?
Scarcity of food.
Then they will just fight against each other for the remaining food... probably while their corporate overlords find ways to market the fights.
Well, if there was food hoarded by the wealthy, I'd agree with you. But I'm not sure. Much like storming the Bastille, it'd be more symbolic than anything.
Billionaires have a big number on a piece of paper, but they don't really have anything of value to a revolution, so I think most of them would just end up on the street like anyone else.
Gotta compensate the sadness of those CEOs who had to fire their dear employees.
Not surprising at all. One thing I've also found hilarious is when companies list "never laid off a single employee" as a perk, lmao
Also can be last cash grab before leaving with a golden parachute, as industry doesn't feel healthy