Google, Along with Cost Cutting Plans to Cut Compensation of Senior Level Executives Posted on January 31, 2023 News By Akta Yadav 320 Views Cost Cutting Plans:- Introduction Google recently terminated thousands of workers and the technology giant now intends to reduce annual incentives as well. Sundar Pichai, CEO of Alphabet has revealed that the salary for executives and other senior staff at the highest level would be reduced. News Major software corporations like Google, Microsoft, Amazon, and IBM hired thousands of workers under the Covid-19 era, but these businesses now want to lay off workers as the industry contracts. Along with these decisions, it is also rumoured that Sundar Pichai, CEO of Alphabet, Google's parent company, will take a compensation cut. Cost Cutting Plans As per discussions, senior executives will face salary cuts this year as part of the company's cost-cutting initiatives. The annual bonus for all positions beyond senior vice president will be significantly reduced and the pay will now be contingent on the basis of the performance of the company. Although the scale of salary cuts of Sundar Pichai's and senior executives could not be determined right away, however, the software giant has determined to only pay out 80% of incentives this month, with the remaining 20% apparently being distributed in March or April. Cost Cutting Plans Conclusion Google has been preparing to terminate 12,000 employees worldwide, which roughly accounts to 6% of the total number of people working for the company. However, businesses in the technology sector are not only experiencing layoffs. A number of organizations from different sectors, including Goldman Sachs and the food delivery startups Zomato and Swiggy, have recently announced staff reductions.
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Cost Cutting Plans
As per discussions, senior executives will face salary cuts this year as part of the company's cost-cutting initiatives. The annual bonus for all positions beyond senior vice president will be significantly reduced and the pay will now be contingent on the basis of the performance of the company.
Although the scale of salary cuts of Sundar Pichai's and senior executives could not be determined right away, however, the software giant has determined to only pay out 80% of incentives this month, with the remaining 20% apparently being distributed in March or April.
Cost Cutting Plans
Conclusion
Google has been preparing to terminate 12,000 employees worldwide, which roughly accounts to 6% of the total number of people working for the company. However, businesses in the technology sector are not only experiencing layoffs. A number of organizations from different sectors, including Goldman Sachs and the food delivery startups Zomato and Swiggy, have recently announced staff reductions.
