An American multinational technology company, Google CEO Sundar Pichai & Senior Executives to Take Pay Cut as part of the company’s cost-cutting measures.
Google CEO Sundar Pichai clarified that the supposed cut would be a very significant reduction in their annual bonus.
This has come as a clarification when CEO Sundar Pichai was questioned during a town hall meeting on how senior staff like him will take responsibility for the mass layoff.
Recently, Google also delayed the Year-end bonus checks for employees due to the transition to a new performance management system.
Google initially pays an 80% advance bonus to eligible employees. The advance bonus paid in January and the remaining 20% in March or April. However, the company pays full bonuses in the year’s first month.
“After 2023, the full bonuses will be paid in March, “the company said in the memo. The decision follows when recently, Google parent Alphabet announced the sack of 12,000 employees.
The company has already sent the email to the employees in US. The company is providing the following benefits to the affected employees:-
- The impacted employees will be given a severance package that includes 16 weeks of salary, two weeks for every additional year at Google.
- At least 16 weeks of GSU vesting. The company will also pay 2022 bonuses and remaining vacation time.
- Along with the above benefits the impacted employees will be provided other benefits including 6 months of healthcare, job placement services, and immigration support.
Sundar Pichai the CEO of Google also wrote an Email to Employees stating that the company is going to support employees as they look for their next opportunity.
Earlier, Google’s CEO admitted that the future is unpredictable. The development of either layoff or hiring slowdown comes after IT companies, crypto exchanges, and financial firms cut out jobs and slow down the hiring process due to slow global economic growth caused by higher interest rates, and rising inflation.
