Thousands of staff have been laid off by Facebook’s parent firm Meta and Google’s parent company Alphabet. Despite massive layoffs, the corporations were among the top three highest-paying in the country last year, according to a recent report.
According to a Business Insider story attributed to The Wall Street Journal, Meta and Google will be among the highest-paying public firms in 2022. According to the article, the WSJ analyzed data collected by MyLogIQ, a business that analyzes financial information from public corporations, to determine the median pay of 278 S&P 500 companies. For the uninitiated, the S&P 500 is a stock market index that tracks the performance of 500 significant US corporations.
According to the data, Meta ranked second on the list of top-paying firms, with a typical salary of USD 300,000, while Alphabet ranked third, with a median compensation of USD 280,000. Vici Properties, a real estate investment trust with 22 employees, is the highest-paying company, ranking first. The firm’s median income is USD 415,000.
Meta announced the layoff of 11,000 employees in November 2022, affecting many families around the world. The corporation announced its second round of layoffs in March of this year, affecting 10,000 individuals. However, just 4,000 employees were informed of their dismissal. The remaining employees were informed that they had been sacked only a month before. There have also been reports of Meta employees being dissatisfied with Mark Zuckerberg’s leadership, and according to an internal study, only 26% of respondents felt confident in the leadership.
In the case of Google, the corporation announced the layoff of 12,000 employees in January of this year, and CEO Sundar Pichai informed staff of the decision by email. “I have some difficult news to share,” he wrote in his email. We’ve chosen to cut around 12,000 jobs from our staff. We’ve already sent a separate email to concerned employees in the United States. This process will take longer in other countries due to local laws and traditions.
“This means saying goodbye to some incredibly talented people we worked hard to hire and with whom we have enjoyed working.” I sincerely apologize. The fact that these changes will have an impact on Google employees’ lives weighs heavily on me, and I accept full responsibility for the decisions that lead us here.”