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Per last job report in US, there were two positions for every person finding normal jobs. For IT, I would think that ratio is twice. However, the biggest issue
by sytelus 4y ago
Per last job report in US, there were two positions for every person finding normal jobs. For IT, I would think that ratio is twice. However, the biggest issue that people have to deal with: (1) Meta paid 2X to 4X higher than regular employers so that’s massive pay cuts for the folks, (2) they lost the unvested stock aka their hold out compensation of past 4 years they worked for.
So, this would be huge financial setback for impacted people akin to losing half of their wealth and cutting down their future income as well in half.
- matt-attack 4y agoI googled but I see zero references to "hold out" compensation. Is that actually a term?
- pmmertens 4y agoOutside of the 2:1 job postings to job seekers ratio, none of what you're saying here is correct.
- jeffreyrogers 4y agoMeta does pay higher (maybe not 2x higher) and the message in OP says employees will get their November 2022 vesting, which implies they won't get any future vested stock.
- disgruntledphd2 4y agoWell no because they no longer work for FB. But they still have all their vested stock.
- jeffreyrogers 4y agoYes, which is what the GP post said, they lose their unvested stock. By future vested I meant, stock that will vest after they are laid off. Could've been clearer I guess.
- matt-attack 4y agoSo that I understand though, after you're laid off, any unvested shares you own will never will vest. You essentially forfeit those shares?
- jeffreyrogers 4y agoProbably depends on the company and circumstances in which you were laid off.
- barbazoo 4y ago> they lost the unvested stock aka their hold out compensation of past 4 years they worked for Are you assuming a 4 year cliff or why would one lose 4 years worth of stock? Interesting point you're bringing up. Personally I wouldn't count unvested stock as part of my wealth.