Apple is delaying employee bonuses in a cost-cutting drive
Layoffs aren’t on the table just yet
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Applehas largely avoided the large-scale layoffs seen in many of its rival companies, includingGoogleandAmazon, however recent news suggests that the multi-trillion-dollar company is struggling.
PerBloomberg(paywall), Apple is delaying bonuses for some teams and spreading its hiring ban to more areas of the business.
Despite a shakeup to the way it handles its money, Apple CEOTim Cookstressed in an interview withTheWall Street Journalin February 2023 that major layoffs are a “last resort kind of thing”.
Apple layoffs
Currently, it seems that thebusiness computermaker has no plans to make staff redundant as it faces the tough economic headwinds of 2023, however the company is clearly tying up loose ends across its operations to streamline its finances.
Bloomberg is reporting changes to engineers’ and mid-level managers’ bonuses, which will go from biannually (April and October) to annually, leaving workers who were hoping for a bonus next month waiting until the autumn to receive what would have been two sums delivered in one.
The report suggests that director-level and senior employees will continue to receive quarterly bonuses.
The best secure smartphones>Amazon is telling its employees to come back to the office>Google CEO doubles down on controversial desk-sharing office plan
Allowable expenses are also reported to have come under scrutiny, with more workers facing tougher travel expense allowances and more budget items making it onto the list of ones requiring senior vice president approval.
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Furthermore, while the company has had a three-day-per-week office mandate for some time, this will be more closely monitored. It’s unclear whether there will be any repercussions for staff who fail to comply sufficiently.
How the state of the global economy pans out remains to be seen, however with Apple posting its first quarterly decline in almost four years last quarter, the company may need to employ a more offensive cost-cutting strategy.
With several years’ experience freelancing in tech and automotive circles, Craig’s specific interests lie in technology that is designed to better our lives, including AI and ML, productivity aids, and smart fitness. He is also passionate about cars and the decarbonisation of personal transportation. As an avid bargain-hunter, you can be sure that any deal Craig finds is top value!
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