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Meta, Google were among top-3 highest paying public companies in 2022; here’s how much employees earned

Facebook’s parent company, Meta, and Google’s parent company, Alphabet, are among the three highest-paid public companies. Meta ranks second in terms of average salary, offering employees an average salary of nearly $3,00,000 (about Rs 2.46 crore), according to a Wall Street Journal report. Alphabet follows closely behind in third place with an average salary of $2.80,000 (about Rs 2.29 crore). However, Vici Properties, a real estate investment trust, took the top spot with an average salary of around $415,000 (Rs 3.40 crore).

Despite their high salaries, both Alphabet and Meta have been hit by layoffs. Since 2022, these companies have collectively laid off about 33,000 employees. The trend reflects a larger drop in employee perks and a challenging year for the tech industry in terms of workforce cuts.

These findings are based on data compiled by analysts of the public company MyLogIQ. Analysts looked at median salaries at 278 companies in the S&P 500.

The Journal’s analysis also highlights the significant pay disparity between CEOs and the average employee. Alphabet CEO Sundar Pichai earned a $226 million salary package (according to SEC filings), about 808 times more than the company’s average salary. Meta CEO Mark Zuckerberg received $28 million, 91 times more than the company’s average salary.

While the average salary of public companies in 2022 is not significantly lower than the previous year, the report highlights that the published compensation figures may not be fully representative of the entire workforce. workers, as companies have some flexibility in determining the identity of their average worker.

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Also Read: Google, Meta, Amazon, Microsoft Want More H-1B Visa Holders, Pushing US Government to Increase Admissions

layoffs at Google and Meta

Google laid off 12,000 employees in January of this year, but it has been feeling the heat since late last year. Meta conducted layoffs in two waves. The first round of layoffs was conducted late last year when the company laid off 11,000 employees. This year, Meta has laid off an additional 10,000 employees as part of its ‘productive year’ strategy.

There are many reasons behind these mass layoffs and can include factors of strategic restructuring, changing market dynamics, and cost optimization.

Also Read: Meta Platform Reveals ‘Human-Like’ AI Model for Advanced Image Refining and Analysis

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