The large technology companies carried out massive layoffs of employees with quite discreet compensation with respect to their financial power that they hold
Since last year and with the aim of facing the adverse scenario that involved the return to normality of their operations after the critical phase of the COVID-19 pandemic and its collateral damage to the economy, the strongest technology companies with US-based companies like Google, Microsoft, Amazon, Meta and Twitter have had to lay off tens of thousands of employees.
However, the way people are compensated varies from company to company and ranges from offering them the minimum established by law to providing them with long-term packages that include health care benefits.
Sundar Pichai, Google’s chief executive, announced that he would lay off 12,000 workers across product areas, functions, levels and regions.
The sacrificed employees will receive a severance package of 16 weeks with an additional two weeks for each year of employment with the company.
They will also have at least 16 weeks of expedited action grants and receive one semester of health care coverage.
Anticipating slower revenue growth next year, the company will opt to shed 10,000 employees at the end of March.
The indicated personnel will receive compensation, six months of medical attention and acquisition of shares.
Microsoft said it plans to eliminate 10,000 jobs in response to the global economic slowdown, the company’s largest layoffs in more than eight years and the latest in a string of cuts from big technology companies. https://t.co/f19SyWswRH pic.twitter.com/QvmoO3uBXl
— Newley Purnell (@newley) January 19, 2023
It recently began its latest wave of layoffs and the deepest cuts were felt in its retail and human resources divisions. However, the company offers them several weeks of severance depending on their time with the company, a severance pay, transitional health benefits, and job placement.
To the more than 11,000 laid off employees, the multinational offered them 16 weeks of severance, plus an additional couple for each year of service, as well as the acquisition of restricted stock units and health insurance coverage for a predetermined period of time.
The roughly 3,700 employees listed in the cut plans were promised three months of severance pay. However, there were cases in which, when delivering their resignation letters to several collaborators, only one was paid.
Melissa Galbraith is the World News reporter for Globe Live Media. She covers all the major events happening around the World. From Europe to Americas, from Asia to Antarctica, Melissa covers it all. Never miss another Major World Event by bookmarking her author page right here.