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This brings joy
A series of scandals and missteps has damaged Facebook's reputation so much that the company is being forced to pay ever larger compensation to hire and retain workers, according to industry recruiters, former employees, and data reviewed by Insider.
The company has always competed aggressively for talent, and the tech job market in general is on fire. But a deteriorating public image means the social-media giant now has to outbid other major tech companies, such as Google.
"One thing Facebook can still do is pay a lot more," said Jose Guardado, an experienced tech recruiter and the founder of Build Talent. "They can easily throw more compensation at people they currently have, and cover any brand tax and pay a little more to get people to come on."
Silicon Valley companies thrive or whither based on their ability to recruit the smartest employees. Without a steady influx of engineers and other technical experts, new products and important updates take longer to release, and rivals can quickly get ahead. Then there's the financial cost: In 2022, Facebook projected, expenses could jump as high as $97 billion from $70 billion this year, in large part because of "investments in technical and product talent." A company spokesperson did not respond to a request for comment.
Other companies, and even whole industries, have had to increase compensation to overcome hiring and retention problems caused by scandal and shifting public perceptions, said Alan Johnson, a managing director at the compensation consulting firm Johnson Associates. "If you're an oil company, if you make cigarettes, if you're in cattle or Wells Fargo, sure," he said.
How well this is working for Facebook is debatable as the company has more than 4,300 open jobs and has seen decreasing rates of acceptance on job offers, according to internal documents reported by Protocol. It's also seen dozens of high-level executives leave this year, and recruiters say employees are now more open to considering jobs elsewhere. Facebook used to be a place that people rarely left, given its reach, pay, and perks.
A former Oculus engineer who left last year said Facebook could now be seen as a "black mark" on someone's career. A hardware engineer who exited in 2020 shared similar sentiments: They said they quit because of concerns about misinformation on the platform and the effect of that on children. Another employee said their department was dissolved in late 2019 by Facebook and, although the company offered another position that paid more, they left last year anyway for a different industry. The workers, and many other people who spoke with Insider for this story, asked not to be identified because of the sensitive nature of the topic.
For those who stick around and people who take new jobs at Facebook, base pay and stock grants have gone up a "sizable" amount in the past year, said Zuhayeer Musa, cofounder of Levels.fyi, a platform that collects pay data based on verified offers and compensation disclosures.
During the second quarter of 2021, the median compensation for an upper-mid-level engineer, an E5, was $400,000, up from $380,000 a year earlier. For an E4, the median pay jumped to $276,000 from $256,000 in the same period. For both groups, the increases were double the gains between 2018 and 2019, Levels.fyi data showed.
Musa, who's firm also offers pay-negotiation coaching, said previously that the total compensation ceiling for an E5 engineer at Facebook was $450,000. "We recently had a client get up to $510,000 for E5," he added.
Equity awards at the company are getting more generous, too. At the group-director and VP levels, Facebook staff are getting $3 million to $6 million in restricted stock units each year, another tech recruiter said. Directors and managers are getting on average $1 million a year. In engineering, a high-level engineer is getting $600,000 in stock and a $75,000 bonus, while even an entry-level engineer is getting $50,000 to $100,000 in stock and a $20,000 to $50,000 bonus, Levels.fyi data indicated.
Even compared to Google, Facebook's stock awards are generous and increasing, Levels.fyi data shows. While base pay is about the same, Facebook offers more in stock grants, significantly increasing total compensation. At Google, entry-level equity awards range from $20,000 to $38,000, while Facebook grants are worth $40,000 to $60,000. Sign-on bonuses at Facebook are often about $50,000, while Google gives about $20,000, according to the data.
"It's not normal, but it's consistent with the craziness that's happening in the market right now," said Aalap Shah, a managing director focused on the tech industry at the consulting firm Pearl Meyer.8
My annoying 19-yo nephew wants to drop out of CompSci to "create the next billion-dollar startup".
I told him I would give him 10 rupees (USD 0.10) for 0.000000001% percent of his "pass me the butter at the diner table" company.
He accepted. Thus, his "heritage protein logistics startup" had an series-A valuation of a billion American dollars!
Hopefully he will stay in college now.2
Hope you survived the Monday;)
As I promised, I’d like to post my comic series “Destory” here regularly.
A story about two devs and their funny but serious project, on the hype technology - the blockchain.6
TL;DR Pluralsight should be ashamed for taking 299 USD a year and writing some very low-quality quizzes.
I've always heard that Pluralsight is a great platform having some high quality courses, so I chose it as a benefit, as our company was giving us some budget for learning purposes. I've paid (or rather the company did it in the end) 299 USD for this year, which, I guess is not much for US standards, but it is a lot for Eastern European standards.
I didn't actually get to the point of watching any of the courses, but I started to use a feature called "Stack up", which is a long series of questions in a specific theme, like Java, Kotlin, C++, etc., accessible once a day. I must say, I'm amazed by the fact, that people pay quite a great amount of money and they get something so poorly made with a lot of errors and stupid questions.
Take the question from the included image for example. Not only that the 2 possible answers are repeated (and thus I failed to select the correct one from 2 equal answers), but the supposedly correct answer is also missing some type specifications. No Java compiler will compile it this way as far as I know. There would be at least 3 ways to fix it.
So the courses on Pluralsight might be good, but I would be ashamed, if I were to release something like this. People might actually try to solidify their knowledge by solving these quizzes but instead of learning something useful, they will be left with some bullshit. I just don't get how could they release a feature with so much incorrect information and I am kind of disappointed, even if I didn't try the courses yet.9
Hey here we go:)
My first comic series - “DevStory”
A story of two devs aiming at changing the world’s impact about cryptos by their own token project.
Bugs, cheap scammers, money, flying unicorns and a lot of laughs!
i would really look forward for a future with detachable heads. not that head-in-a-jar Futurama bs. just simple old unscrew the head from one body to another , like a usb kind of thing . this way i could use my chiseled friend's body to score :/
oh, and everything from upload web series. that shit is awesome