tech giants Microsoft According to a report in Verge, it will gift a massive $1,500 bonus to its employees. This is being done to help the employees cope with the difficulties of dealing with the work from home lifestyle. pandemic pandemic. This bonus is an effort by Microsoft to keep its employees satisfied during the pandemic and the lockdown. The company wants to make sure they feel valued and last longer, especially in these difficult times.
In a report to CNBC, a spokesperson said these bonuses would cost the company about $200 million, a show of trust and goodwill on Microsoft’s part for the employees working so hard. According to the report, Microsoft has more than $125 billion in cash, equivalents and other investments as of the end of the first quarter.
Microsoft’s Chief People Officer (CPO) Kathleen Hogan announced the bonus on Thursday. The bonuses will begin to be paid to company employees around the world from somewhere between July and August. In the report, the spokesperson said the only exceptions to this bonus slash are Microsoft vice presidents as well as employees of Microsoft’s GitHub, LinkedIn and ZeniMax subsidiaries.
The bonus will be given to employees who are below the level of Corporate Vice President, and that too for those who started on or before March 31, 2021. The eligibility criteria extends to employees who are full time, part time as well as on hourly rates. Microsoft has approximately 175,508 employees worldwide. As the Verge reports, although the $200 million bonus is huge, it’s clearly less than a day’s profit for the company.
Since the start of the pandemic, Microsoft has generated nearly $160 billion in revenue as a result of the shift to more aggressive digital engagement trends due to the lockdown as well as other verticals. The report claimed that cloud services, higher laptop sales and the growth of its Xbox business have boosted the company’s profits over the pandemic.
However, Microsoft isn’t the only company offering incentives. At the start of the pandemic in March 2020, Facebook gave each employee $1000 to help cope with the pandemic. Amazon was another industry titan to step in in May 2021, where it introduced the COVID-19 Relief Scheme (CRS), under which it provided financial support to frontline teams of associates hired through staffing agencies. It paid out cash in November of 2020 in the form of a $300-holiday bonus for frontline workers. Nationally, the food delivery company Uber Eats helped pay for its employees’ meals.
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