 "No salary hike for Microsoft employees, tech giant slashes budgets for salaries and bonuses to staff")
Microsoft Corporation has decided not to increase salaries for full-time employees in the current year, according to a report by Insider. Additionally, the company is reducing the budget allocated for bonuses and stock awards.
The information was cited from an internal email sent by CEO Satya Nadella. As of now,
The report quoted Nadella explaining that the decision was influenced by the different economic conditions compared to the previous year when the company made significant investments in compensation due to market conditions and company performance, nearly doubling their global merit budget.
“Last year, we made a significant investment in compensation driven by market conditions and company performance, nearly doubling our global merit budget… This year, the economic conditions are very different across many dimensions,” Nadella said.
In January, Microsoft announced plans to lay off 10,000 employees, contributing to the broader trend of job cuts within the technology sector due to a sluggish economy. However, Microsoft has shifted its focus to generative artificial intelligence (AI), which is considered a promising area within the industry.
As part of this shift, Microsoft has been working closely with OpenAI, the creator of ChatGPT, which has received significant funding from Microsoft. They have been incorporating AI technology into their Office products and their search engine, Bing. By leveraging the advancements in AI, Microsoft aims to enhance the functionality and capabilities of their offerings.
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