So many fake news circulating about Lyft CEO. 1. No baee pay cut. Only Equity cuts to limit dilution. Idea is if stock goes up then we all make money. 2. No mandatory RTO. RTO from Sep only for people close to office. If you moved elsewhere and can’t commute - no issues. RTO only 3 days. 3. David is pro employees. 4. Snacks and drinks restored back at Office. 5. More diversity on the ELT. #lyft
They're cutting grants that have already been made?
It’s one year grants, so most people don’t have much of any existing grants after May (exceptions are grants predating the 1 year policy and things like signing bonuses IIUC). They’re cutting cash value targets for annual grants.
Equity cuts >> base cuts
Shit man then you might as well have “moved” away just get a fake address 50+ miles away
This is good to hear, can I have referral
Looking at their careers site, they seem to only be hiring in Canada, Mexico, and eastern Europe. Which I guess makes sense, given their financial situation
Sucks. They will force RTO one way or another. Those people who are "exempt" will silently get bad reviews or laid off in next round of layoffs. Saw it happen in 2008
Sorry it still isn't as black and white here: 1. No base pay cut... but base pay also won't increase. (I.e. no merit increases) This is after extending the review cycle from 12 months to 15 months and promising back pay due to extending the cycle. This is equivalent to a cut in inflationary environments and will have meant no increase in base pay for at least 27 months (15 months in the past and 12 in the future) unless you promo. 2. We've yet to define what a reasonable distance means. 3. ...? Funny, I haven't heard him say this out of his mouth. 4. Yes, snacks will make up for the base pay freeze.
Lyft base pay is significantly above the market. It’s 20% above Google and FB. For now no distance has been announced.
But Lyft also doesn’t pay cash bonus unlike other companies. While the target TC is still slightly higher on paper, if the stock drops another 10% then it’s probably about the same or lower. I really hope the stock can turn around from here, otherwise there could be more equity pay cut or more lay offs because employee rsu compensations would create a lot of selling pressure since the market cap is so damn low now.
2. So can folks move away between now and September? No? Then it sounds like mandatory RTO.
Yes can move.
To be clear though, you will have your base pay and equity targets adjusted down if you move out of SF/SEA/NYC (there was a grace period for the base pay cut but that has passed). You’re going to have to trade off RTO and pay cuts, and the pay cut is on top of the global target cuts. Might still be worth it to not RTO to some.
Is the equity cut 35%? That pretty much puts tc at tier2.
Well all tier1 companies are down 30-50% as well.
To your point Lyft is down 80% and on top of that there is an equity cut.
Damn how much equity cuts?!
Equity was cut more than half. My TC reduced by 100k/year rn for senior.
This is actually worse than layoff for the industry in the long run if other employers adopt this model