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But for people with a high TC, it will become harder to find an employer willing to pay the same, especially when all companies are doing layoffs at the same ti

But for people with a high TC, it will become harder to find an employer willing to pay the same, especially when all companies are doing layoffs at the same time. With a high TC usually comes an expensive lifestyle. It's a really hard process to downscale your lifestyle.

tdeck 4y ago
Luckily Zuckerberg thoughtfully solved the high TC problem by crashing the stock this last year, making jobs at other companies seem within reach.
- eru 4y ago
  Many tech companies saw their stock drop in value. I don't think we can blame it all on Facebook's boss.
  - tdeck 4y ago
    How many of them lost 75% in the last year?
    - whiplash451 4y ago
      Quite a few. Netflix, Shopify, Spotify, Twilio, etc.
      - chrischen 4y ago
        Affirm, snapchat.
- 29athrowaway 4y ago
  The new Fed interest rates did that, not Zuck. But Zuck's pie in the sky metaverse shit contributed.
smt88 4y ago
I have absolutely no sympathy for the people who stuck by all of Zuckerberg's decisions to choose profit over the health of society, especially when they'll have to... get used to a less-expensive lifestyle.
xdfgh1112 4y ago
On that high a TC you have no excuse not saving up an emergency fund. Don't tell me it's hard, I am on a tiny fraction of that salary and I managed it. Oh and you have a four month severance runway on top of that...
- onion2k 4y ago
  An emergency fund and a severance package are great things for keeping the lights on while you look for a new role, but the point is that $200k + $200k in bonuses and RSUs is a hard thing to replace when all the other big tech companies are also laying people off and going on hiring freezes. You're probably going to end up taking a serious pay cut in you next role. Even if you have a full year of your old salary in the bank, you might well find it hard to maintain you previous lifestyle, pay your mortgage, or replace your emergency fund if you have to live on it. Four months severance is only good if you find another good role within four months. And in the current tech market I wouldn't bet on that. Something else to consider - if there are a ton of engineers entering the market who are willing to take a pay cut what impact will that have on everyone else in the market? This sort of thing is what drives everyone's wages down.
  - whiplash451 4y ago
    Definitely agree. With a caveat, though. Tech companies will not want to have a massive diff in comp between the people they keep and the (few, selected) people they re-hire. So we might be entering a downward trend, but it will be slow.
  - simmschi 4y ago
    It might be too late for some people, but some general advice - if you earn 400k USD / year, don't develop a habit of depending on this kind of income. The rest of the world and even your fellow (US) citizens have to get by on much, much less. These kind of salaries are not at all normal. I would advice you to not live your life as if you'd be able to make almost half a million per year for the rest of your life. So save most of it and live a normal lifestyle. If the good income continues, simply retire early :-)
newaccount2021 4y ago

tdeck 4y ago

Luckily Zuckerberg thoughtfully solved the high TC problem by crashing the stock this last year, making jobs at other companies seem within reach.

eru 4y ago
Many tech companies saw their stock drop in value. I don't think we can blame it all on Facebook's boss.
- tdeck 4y ago
  How many of them lost 75% in the last year?
  - whiplash451 4y ago
    Quite a few. Netflix, Shopify, Spotify, Twilio, etc.
    - chrischen 4y ago
      Affirm, snapchat.
29athrowaway 4y ago
The new Fed interest rates did that, not Zuck. But Zuck's pie in the sky metaverse shit contributed.

smt88 4y ago

I have absolutely no sympathy for the people who stuck by all of Zuckerberg's decisions to choose profit over the health of society, especially when they'll have to... get used to a less-expensive lifestyle.

xdfgh1112 4y ago

On that high a TC you have no excuse not saving up an emergency fund. Don't tell me it's hard, I am on a tiny fraction of that salary and I managed it. Oh and you have a four month severance runway on top of that...

onion2k 4y ago
An emergency fund and a severance package are great things for keeping the lights on while you look for a new role, but the point is that $200k + $200k in bonuses and RSUs is a hard thing to replace when all the other big tech companies are also laying people off and going on hiring freezes. You're probably going to end up taking a serious pay cut in you next role. Even if you have a full year of your old salary in the bank, you might well find it hard to maintain you previous lifestyle, pay your mortgage, or replace your emergency fund if you have to live on it. Four months severance is only good if you find another good role within four months. And in the current tech market I wouldn't bet on that. Something else to consider - if there are a ton of engineers entering the market who are willing to take a pay cut what impact will that have on everyone else in the market? This sort of thing is what drives everyone's wages down.
- whiplash451 4y ago
  Definitely agree. With a caveat, though. Tech companies will not want to have a massive diff in comp between the people they keep and the (few, selected) people they re-hire. So we might be entering a downward trend, but it will be slow.
- simmschi 4y ago
  It might be too late for some people, but some general advice - if you earn 400k USD / year, don't develop a habit of depending on this kind of income. The rest of the world and even your fellow (US) citizens have to get by on much, much less. These kind of salaries are not at all normal. I would advice you to not live your life as if you'd be able to make almost half a million per year for the rest of your life. So save most of it and live a normal lifestyle. If the good income continues, simply retire early :-)

newaccount2021 4y ago