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Google shelves year-end bonus payments to employees
Unlike other big tech companies like Meta, Microsoft and Amazon, Google's parent company Alphabet hasn't had to lay off many workers.
Google has delayed paying out year-end bonus checks to employees this year. This is quite unusual for Google employees, as the company typically offers a full bonus each year in January. This time, however, to the full-time employees, Google plans to give 80 per cent of their bonus checks in January and the remaining 20 per cent in March or April, the documents seen by CNBC reveal. Google communicated the same to employees in May 2022.
According to the CNBC report, Google gave its employees extra money in January, which they called an "advance." This additional payment was a one-time change because Google is changing how it evaluates its employees and when bonuses will be awarded in the future. Essentially, Google is making changes to its internal systems and processes, and this additional money is a way to help employees through this transition period. "After 2023, the full bonuses will be paid in March," the company said in the memo.
Reacting to the reports, a Google spokesperson shared with CNBC that employees were aware of Google's plans. "This one-time 80 per cent bonus advance was extensively communicated to employees in May 2022 and in subsequent communications since, as part of the transition to our new performance management timeline."
Google CEO Sundar Pichai is trying to cut expenses without laying off many employees. Unlike other big tech companies like Meta, Microsoft and Amazon, Google's parent company Alphabet hasn't had to lay off many workers. Instead, they've been cutting back on certain products and groups that aren't doing well. Recently one of Alphabet's companies, Verily, which works in health sciences, announced it would reduce its employees by 15 per cent, which means that about 240 people will lose their jobs. In addition, the company has also reduced the number of employees working in its robotics unit, Intrinsic.
Reportedly, Google has been planning to change how it evaluates employees' performance. The new system is designed so that more employees will receive a lower rating. However, some employees worry that this may be used as a way for the company to reduce its workforce without laying off workers. In addition, Google has also closed its gaming business, Stadia.
