Insider reported on Wednesday that CEO Satya Nadella sent an internal email saying that full-time workers won’t get a raise this year and that the company is cutting the budget for bonuses and stock awards.
When Reuters asked the tech giant for a reaction, it didn’t answer right away.
“Last year, we made a big investment in compensation based on market conditions and company performance. We nearly doubled our global merit budget,” Nadella was quoted as saying in the report. “This year, the economy is very different in many ways,” the report added.
The tweet below verifies the news:
Microsoft, $MSFT, will not give employees salary raise this year, per BI.
— unusual_whales (@unusual_whales) May 10, 2023
Microsoft said in January that it would lay off 10,000 people. This was on top of the tens of thousands of layoffs that had already been announced in the technology sector, which is dealing with slower growth and a rough economy.
Click on the following links for more news from the California Examiner:
- Pete Davidson Lost His Beloved 2-year-old Puppy Recently
- My Apologies, K. After Murdering a Friend During a Dispute, a 13-year-old Said: Affidavit
Microsoft is now putting all of its attention on creative AI, which is seen as a bright spot in the business world.
Microsoft has been putting AI technology into its Office products and the search engine Bing in partnership with the company that makes ChatGPT. Microsoft has also given billions of dollars to OpenAI, which makes ChatGPT.
Get ahead of the curve by accessing breaking news and insightful articles on californiaexaminer.net – start exploring today!