The move comes as Meta seeks to reduce exorbitant costs in the face of declining profits and recession. The Lyft rides for employees costed up to an estimated $180 million per year for the company’s 76,000 employees.

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This was only for trips to/from a Meta office, and only when a company shuttle wasn't available - so really not a big change for most employees I'm guessing

$180 million per year implies that all 76,000 employees take full advantage of the $200 a month Lyft perk. That calculation seems bogus.

Oh, no, poor f*cking Billionaires tightening everyone else's belt.

What a cheap scroungy fuck.

I am amazed at the number of people here supporting Billionaires ... bots.

Worked at Meta and never saw anyone use this perk my whole tenure.

This is for looks more than anything else then. With most of meta WFHing I doubt this expense was the slightest blip to their bottom line.

This is just the beginning of the end. Worked in dot com during the first wave. It’s all part of the natural cycle.

I mean, that’s cool, they can just ride their headsets to work

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Surely the company that is geared towards making remote work main stream would encourage their employees to work remotely?

For sure, although the whole metaverse concept seems fundamentally flawed. Buying an apparatus to make it seem like you’re in a digital room with other expressionless avatars is inferior to a simple video teleconference, where you can see actual body language.

Same thing at amazon. $150/month in rideshare credits but you have to file an expense report for each ride and your boss has to approve it and it just looks bad if you are asking your manager every day for expensing $12 Uber rides.

I think the system has friction on purpose to prevent usage with the illusion of a perk.

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Nothing has changed. The perk is an illusion

"Sorry guys, we have to put legs in a virtual reality world that no one wants."

They estimated. Might not be a great estimate but it’s an estimate.

same bait and switch when travel says you can book business class for flights over 7 hours in length but it has to go to your manager, director, and VP for approval

They may be prepaying for the rides.

Today's tech companies have trillions in profits. Meta's P/E is at 11:

https://www.macrotrends.net/stocks/charts/META/meta-platforms/pe-ratio

I don't get why you would want to compare that to dotcom companies, most of which had a P/E of infinity. Feels very feels > reals to me.

Ah i fucking hate this. my most frequent travel I do that it’s once per month is 7:56hrs (policy is 8hrs)

At least I can keep the miles tho… but still. I fucking hate it.

may as well request the jet at that point…

Indirectly...

Executive pay is disproportionately in stock so... they've cut executive pay by around 60% in the last year.

If either destination has another airport, I would 1000% be checking those flight times.

In SF that’s like 4 round trips

Mark Zuckerdroid fucks everything up with his idiotic ideas and workers end up paying the cost :)

Perhaps they should all work from home and rent out their facilities?

Once or for the month?

Why does it look bad? If that is a perk, use it.

Say goodbye to that promotion

you love to see it

You have to send a daily email to get reimbursed to your manager if using it. Software managers already have no time in Amazon. Entry level tech people get at least $75/hr straight out of college, so it looks really bad to ask your boss to spend time each day approving the expense to actually receive the perk.

If they start to resent that daily paperwork, you get delayed for promotion or are first on the chopping block during layoffs.

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Then perhaps a system for bulk approval of those request should be created?

Also that is the role of managers. If they want to do actual work, they did choose wrong career path.

Crazy how Mark Zuckerburg casually lost them money and they have to cut back on employee perks

I have an odd feeling that the Private Jet used by a handful of executives to fly to meetings costs them more than a couple of Lyft rides cost.

The $200-a-month limit makes it sound like its costing them $200 per employee every month regardless of if they use Lyft or not. In reality its probably costing them far less, but it shows up on their balance sheets as potential future spends, so they are getting rid of the possibility of the expense ever occuring.

And imagine how good the average video call would be if you gave everyone the budget a good VR experience would cost to get a good webcam and headset, or just hand a kit to every new employee.

Then there's the whole issue of mixed meetings that they barely seem to touch on yet. How would five people, together in an office meet with three who work from home? Augmented reality? what if one of them left their headset at home? or if it's empty or broken? is the system smart enough to mute those in physical proximity of each other yet? or would they need noise cancelling earbuds to talk through the app?

Shit rolls downhill.

This is a “use it or lose it” benefit so it’s not really in the company’s interest to help you claim it.

These are very common in big companies to make your bottom line “package” look impressive without adding to your actual base pay (which the important benefits like pension and bonus are tied to). Usual corporate nonsense.

However it should be in company interest to reduce administrative workload on managers. It just sounds ineffective for me.

Either way, companies put those bonuses forward to supposedly limit turnover, but in reality they piss off their staff and achieve the opposite.

"up to an estimated $180 million"

But in actuality about $15 plus tip

Google doesn’t do this. Gross that other tech companies do. Hope they don’t follow suit.

>it should be in company interest to reduce administrative workload on managers.

There is no workload for managers if no one submits requests. And the company saves money

Read the 2nd part. You think company saves money in the long run with increased turnover that is caused in part by stupid practices like this?

Watch this shit domino effect into Lyft being fucked and having to start cutting costs as well. These rich fucks want to keep eating good, but don’t mind if you go hungry tomorrow.

Companies don't care about long run, only current quarter.

Also, who's leaving a FAANG because they can't get free rides to work?

Let's see. Stocks are falling -60%. A lot of stuff is fired. Projects are being cancelled. Now they take your $200 ride home allowance away.

Even if your love FAANG, switching from F to another letter would be a not so stupid idea now.

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He just realized people have legs. Why pay for Lyft when then can walk?

Jeez that is a rich perk -

If you live in SF, it would get you a handful of round trips. If you live a bit further down the peninsula, where the housing prices are merely outrageous rather than inconceivable, $200 will cover at most two round trips.

Sounds more reasonable

Yeah but this perk is kinda pointless. It was only drives to and from campus and when the shuttle wasn’t available. I don’t know my work doesn’t have a shuttle

Even if they weren't actually spending much on it, they still had to book it as a potential liability.

Yeah sure, but the 200$/month bus fare is pennies compared to the thousands of dollars you're losing in declining stock.

Above you said that company makes it complicated to use this benefit to save money. But at the same time this allowance is nothing compared to stock they grant.

I think we can agree that compensation and benefits specialists at Meta are not exactly on top of their game.

When you remove a benefit people will be annoyed about it. When its nothing compared to what you pay to those people, why even bother?

Puts on Lyft?

Can confirm. Menlo Park headquarter to sf is like $90.

Have they tried cutting CEO pay? No? What's that? Mark Zuckerberg really really needs that money and will be homeless without it?

You're right. I guess you could say that was their "exposure" but not their expense.

First steps toward the final end. The lights will stay on after the bankruptcy for the auditors.

And depending on the vesting schedule, they might still be stuck in it when Meta declares bankruptcy.

What a shame...

To get a deal they probably had a minimum monthly spend and were not hitting it with usage.

you've got to wonder why all these extremely high paid tech workers need so many perks really.

Put and end to all shareholder theft

So should I dump my Lyft shares???

Conveniently you can get basically anywhere in the Continental US in under 7 hours regardless of where you are.

I can tell this whole thing went woosh.

Is he taking a salary? Most CEOs skip that for tax reasons

They didn't end it. They instead transfer it to metaverse so employees riding Lyft in the virtual world can still enjoy the perk.