What difference or things you saw during and around last recession in FAANG companies? layoffs, firing, less hike, no hike, no RSU, no joining bonus, hiring freeze? Do mention if some positive things also happened during that time. I was a student at that time so I would like to know from people who were in FAANG during that time. #facebook #apple
The FAANG of today was not the hot companies then, except for Google. And even then it was a smaller company than today. All the stocks tanked. Companies like Microsoft had the first layoffs in their history. No raises one year. Stock for new hires was reduced because there were more people chasing fewer jobs. But things improved faster than the economy as a whole. That's when compensation in the industry really started taking off. Google gave every engineer a special 10% raise on top of standard merit increases one year and then Microsoft did the same.
Amazon sold books in 2008. Netflix mailed dvds. Iphone was a year old. Microsoft was a joke. Goog was hot. Recessions are painful but if you’re liquid they’re great. When this next one hits all your rsu comp is gone
^ Did anyone else notice "dental intelligence" stating the iPhone didn't exist in 2008?
I wasn't at FAANG but all that happened was we had a pay freeze one year then back to normal the next.
I wasn’t at Google then but a teammate said there were layoffs and a hiring freeze. I was at a media company at the time and the annual raises ranged from 0.75% to 2%.
2008 FANGs were still in startup mode with rapid growth and no competition. They all now are in maturing markets with stiff competition. It's going to be different.
Black Friday sale on stocks