Apologies for all the numbers coming up, but it's the only way to get this bullshit across.
I've worked at a major tech company for over a decade. Total compensation is made up of salary, bonus, and quarterly vesting RSUs (grants that fully vest in 4 years). Since 2021 my total compensation has been rapidly decreasing, mainly because my RSU grants expire and aren't getting renewed. Compared to 2021, my RSUs decreased by 15% in 2022, a further 50% this year, and by the end of next year will reduce another 67%. In total I'll be receiving 85% fewer RSUs than in 2021, and they'll only account for 15% of my total compensation, down from over 50% in 2021.
My total compensation dropped 10% in 2022, another 20% this year, and will drop by an additional 20% next year. By the end of next year, I'll have earned 45% less than I did in 2021.
My reviews have always been good, and I receive a lot of praise from my colleagues. I complained about the compensation drop last year during my annual review but they wouldn't do anything. I was hoping things would change this year, but we just got the dreaded “no compensation increases” email. Of course, execs will still be earning their 7–8 figure bonuses and stock options.
If someone had sat me down in 2021 and said, “Look, we're going to reduce your compensation every year until you're making almost half of what you do now, that cool?”, I'd have been out of there in a fucking heartbeat.
The job market is tough right now, and I know some talented people who have been out of work for over a year. I have a mortgage and other significant financial commitments, and I'm not sure how I'll cope if nothing changes. But I don't see what other option I have but to quit in protest if nothing is done about my earnings.
Any advice on what I should do here, or how I should handle this? My annual review is coming up in 2 weeks, so I need to get a plan together if it goes sideways.