Microsoft To Cancel Salary Hikes, Cut Budget For Bonuses This Year: Report
In January, Microsoft said it would let go of 10,000 workers, adding to the tens of thousands layoffs announced before that across the technology sector
Microsoft Corp will not raise salaries for full-time employees this year and is reducing budget for bonuses and stock awards, Insider reported on Wednesday, citing an internal email by CEO Satya Nadella.
The tech giant did not immediately respond to a Reuters request for comment.
"Last year, we made a significant investment in compensation driven by market conditions and company performance, nearly doubling our global merit budget...this year the economic conditions are very different across many dimensions" the report quoted Nadella saying.
In January, Microsoft said it would let go of 10,000 workers, adding to the tens of thousands layoffs announced before that across the technology sector as it deals with slowing growth in a turbulent economy.
Microsoft has now squarely placed its focus on generative AI, an area the industry sees as a bright spot.
In collaboration with ChatGPT maker OpenAI, which also has received billions of dollars in funding from Microsoft, the tech giant has been infusing the AI tech into its Office products as well as search engine Bing.
The tech giant did not immediately respond to a Reuters request for comment.
"Last year, we made a significant investment in compensation driven by market conditions and company performance, nearly doubling our global merit budget...this year the economic conditions are very different across many dimensions" the report quoted Nadella saying.
In January, Microsoft said it would let go of 10,000 workers, adding to the tens of thousands layoffs announced before that across the technology sector as it deals with slowing growth in a turbulent economy.
Microsoft has now squarely placed its focus on generative AI, an area the industry sees as a bright spot.
In collaboration with ChatGPT maker OpenAI, which also has received billions of dollars in funding from Microsoft, the tech giant has been infusing the AI tech into its Office products as well as search engine Bing.
AI Disclaimer: An advanced artificial intelligence (AI) system generated the content of this page on its own. This innovative technology conducts extensive research from a variety of reliable sources, performs rigorous fact-checking and verification, cleans up and balances biased or manipulated content, and presents a minimal factual summary that is just enough yet essential for you to function as an informed and educated citizen. Please keep in mind, however, that this system is an evolving technology, and as a result, the article may contain accidental inaccuracies or errors. We urge you to help us improve our site by reporting any inaccuracies you find using the "Contact Us" link at the bottom of this page. Your helpful feedback helps us improve our system and deliver more precise content. When you find an article of interest here, please look for the full and extensive coverage of this topic in traditional news sources, as they are written by professional journalists that we try to support, not replace. We appreciate your understanding and assistance.
