Staff at the biggest corporations in America are getting substantial pay rises to ensure top performers stay in their roles.
It’s appraisal season, and staff at companies like Amazon, Google, or Microsoft, are being given big increases in their compensation.
It has been reported Amazon, Google, Microsoft, Infosys, and other companies have reportedly increased their staff compensation.
A number of companies had postponed any pay increases over the last two years due to the Covid-19 pandemic and the subsequent economic crisis.
Business picked up in the second year of the pandemic when people grew accustomed to the working at home and the “new normal.”
Commerce picked up in the second year of the epidemic.
Companies are now compensating employees in order to retain top personnel and recruit talented candidates.
Top multinational corporations like Accenture, Infosys, TCS and Wipro have also raised employee salaries and even promoted them earlier in 2021.
Amazon, Google, and Microsoft are among the corporations that have followed suit this year.
In February 2022, Amazon announced that it will double the maximum base salary of $160,000 to $350,000.
A memo to employees obtained by Geekwire said: “Amazon will boost its maximum base pay to $350,000 for corporate and tech employees, from $160,000 previously, as part of an overall increase in total compensation intended to help recruit top talent and retain existing employees.”
Amazon said that it increased overall compensation ranges for most jobs globally.
In January, it was revealed that Google has increased the pay of its top executives but not of its employees.
According to sources, Google increased the base compensation of at least four of its senior employees from $650,000 to $1 million.
As of the most recent company filing with the US Securities and Exchange Commission, the top executives whose salaries were increased include Chief Financial Officer Ruth Porat, senior vice president Prabhakar Raghavan (in charge of Google search), senior vice president and chief business officer Philipp Schindler, and Kent Walker, president of global affairs and chief legal officer.
Microsoft CEO Satya Nadella informed his employees in an email that Microsoft “nearly doubled the global merit budget” and it is allocating more money to people who are in the middle of their careers.
“Time and time again, we see that our talent is in high demand, because of the amazing work you do to empower our customers and partners. Among the leadership team, your impact is both recognized and deeply appreciated — and for that, I want to say a big thank you. That’s why we’re making long-term investments in each of you. ”
Nadella also told his employees that the company is making “a significant additional investment in our compensation programs”, which is way beyond its normal budget.