Meta and Salesforce are looking to re-hire some workers they just laid off. It’s putting those people in an awkward spot::Big Tech wants to bring back some of the workers it laid off. The decision might come down to how a company handled the layoffs.
Wait… Why would it be awkward for the employees who you want to re-hire? They would just simply ask a much higher pay… You need their expertise and their knowledge, you have to pay their demanded salary…
It should be more awkward for the companies…
Because this was intended to reduce salaries. And many of those people who were laid off have been unemployed since and are likely desperate for a paycheck again.
You’ll see these folks easily take a 50 to 100k cut on TC. (granted many are making 300k+ already)
In circumstances where you decide to leave and are rehired they start you back at the low end of the band for the level you’re at, however in layoff situations I’ve heard you’re generally rehired at the salary you made before layoffs as long as you had decent ratings.
If they’re taking an immediate cut after layoffs it’s likely because their RSUs have reset, which also means they get an initial grant that’s higher than the continuous equity refreshers. In every scenario I’ve seen you average more TC while your initial grant is active, so while this might be an immediate cut, they’ll average more compensation over the vesting period of the initial grant.
I know some people in FAANG and spend a lot of time on Blind.
I believe the “correct” term now is “MAAAN”?
😜
On the flip side, there’s also the issue of their generous severance packages. Slight TC drop but for a lot of time they got to just sit and wait things out.
I don’t want to diminish the stress though, the stress of not knowing what’s next is huge, and in my opinion should be accounted for in the TC to return.