The slump in tech stocks is weighing on employees' net worth and morale, adding pressure on companies to use new perks to retain talent.
are among those offering more equity grants or cash compensation amid drops in their stock prices. Silicon Valley recruiters point to frustration among candidates, who may have been granted options near an all-time high and are deeply underwater after the sell-off. All four companies have share prices that are more than 46% off their peaks.
It's common for tech employees to forego a higher base salary for a bigger slice of company shares. For decades, the move has allowed for a substantial payday in a successful public offering or acquisition. For start-ups, it can be a less expensive way in the near-term to attract employees.High-growth tech names have been crushed by the threat of higher interest rates and the Federal Reserve's policy pivot.
Fintech companies were some of the biggest winners during the pandemic, and are now seeing the deepest pain as investors pivot to safe haven trades. ARK Invest's Fintech Innovation ETF is down more than 31%, whileRobinhood shares are down roughly 70% over the past six months and are off 84% from the all-time high in its debut week in August. The brokerage start-up offered to issue employees new stock in December, at roughly $19 per share. The stock was trading near $13 as of Thursday.
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