People should feel good about Meta's stock price because it means Meta might start paying software engineers more. Anyone who's been around the tech scene knows that Google and other big tech companies often raise their salaries to keep up with Meta. Now, with Meta likely to ramp up its spending, we could see mid-level engineers, like those at level IC4, earning as much as $500,000 soon. TC: 400k
Wishful thinking. With so many layoffs, the power is moving to companies and away from workers
Thats only for Snap
Meta will start paying like Msft in the next years
Naw, philosophy is exact opposite. Meta planning to pay even more than it does now. It was disclosed in earnings.
Meta will probably be market leader for pay still, BUT getting a job will be a lot harder. I think this works win/win they can keep costs down as headcounts more capped (Qty x $), while they can claim best in class compensation. Meta realized that if their revenue didn't suffer and their costs decreased -- why do they need to increase headcount?
You are an idiot if you think the price of stock is related to how much money the company has available for employee compensation.
What? It literally does and the reasoning is super simple, given equity is a huge portion of our comp.
You better go and learn how are the shares allocated and how the price of stock has 0 impact on how much in absolute $ the comp is for each level. Yes, those that already have shares will earn more but that does not mean new hires will get the same TC. That is determine by "what the market pays", regardless the stock movement. Stock goes down, you get more share for that 500k TC, stock goes up you get fewer.
Maybe get real? SWEs were way overpaid during the pandemic.
Blind doesnāt want to hear this
This might be temporarily true. though stock will go down in a year.
This is what I wanted to post yesterday! Google, Microsoft and apple had artificially kept SDE salaries low by conspiring. Most people say it was steve jobs who planned that. Meta is SDE savior. Mark is personally my hero. He saved the industry. I own a 2.5M house in the bay area because of him. Seriously sometimes blind audience behave so childish without understanding the history.
Whatever Zuck is... for engineers he should be a hero because he was the first to pay us enough to have a chance at acquiring FU money.
Yup and heās ones of the remaining OG tech founders of the first wave (ie FANG). Netflix still pays well too but business have more problems. Once the OG leaves the company it usually becomes purely a board-pleasing stock-price-maximizing CEO so they can make big bucks quickly. They arenāt some big billionaires so they have no empathy for 300k-500k TC workers when itās still make or break for them to get to the real upper upper class
Meta has been paying more for over a decade now...and said this week they plan to pat more
In earnings call, Meta explicitly stated that costs will only increase around 10%. Donāt expect the over hiring of 50% growth at aggressive compensation and over leveling of prior years.
But is hiring going to happen year round? Or once they reach a quota they'll stop it for the remainder of the year?
https://www.cnbc.com/2024/02/01/mark-zuckerberg-says-meta-will-keep-things-lean-after-q4-earnings.html "Meta CEO Mark Zuckerberg said new hiring will remain ārelatively minimal compared to what we would have done historically.ā" Meta will probably only hire to backfill and be very deliberate with headcount increases/re-allocations.
If you had a 350k E4 offer locked in October 2022. Then yeah youād be a millionaire now.
What about income taxes?
OK