Meta lays off 11,000 people

Re:Meta lays off 11,000 people by sytelus on Wednesday November 09, 2022 @12:39PM (#33535074)

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.

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Re:Meta lays off 11,000 people by matt-attack on Wednesday November 09, 2022 @12:51PM (#33535280)

I googled but I see zero references to "hold out" compensation. Is that actually a term?

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Re:Meta lays off 11,000 people by pmmertens on Wednesday November 09, 2022 @12:57PM (#33535365)

Outside of the 2:1 job postings to job seekers ratio, none of what you're saying here is correct.

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Re:Meta lays off 11,000 people by jeffreyrogers on Wednesday November 09, 2022 @01:00PM (#33535412)

Meta 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.

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Re:Meta lays off 11,000 people by disgruntledphd2 on Wednesday November 09, 2022 @04:34PM (#33538207)

Well no because they no longer work for FB. But they still have all their vested stock.

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Re:Meta lays off 11,000 people by jeffreyrogers on Wednesday November 09, 2022 @06:47PM (#33539908)

Yes, 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.

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Re:Meta lays off 11,000 people by matt-attack on Thursday November 10, 2022 @10:38AM (#33547994)

So that I understand though, after you're laid off, any unvested shares you own will never will vest. You essentially forfeit those shares?

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Re:Meta lays off 11,000 people by jeffreyrogers on Thursday November 10, 2022 @12:59PM (#33550483)

Probably depends on the company and circumstances in which you were laid off.

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Re:Meta lays off 11,000 people by barbazoo on Wednesday November 09, 2022 @01:20PM (#33535705)

> 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.

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Re:Meta lays off 11,000 people by klodolph on Wednesday November 09, 2022 @02:45PM (#33536850)

I think the parent comment is talking about your general 5-year vesting schedule. In other words, for each of the past 4 years you worked, you will have some unvested stock today.

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Re:Meta lays off 11,000 people by type-r on Wednesday November 09, 2022 @08:36PM (#33541018)

5-year? almost all schedules I'm familiar with in high tech are either 4-year or 1-year.

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