- Microsoft Corp (NASDAQ:MSFT) looks to “nearly double” its budget for employee salary increases and boost the range of stock compensation for some workers by at least 25%, to retain staff and help people manage inflation, Bloomberg reports.
- Microsoft had 181,000 employees as of June 30, 2021. The move will primarily cater to “early to mid-career employees.”
- The stock increase will apply to employees at Level 67 in the company’s internal scale or below. Level 67 is the last tier before an employee becomes a company partner.
- The salary budget increases will vary by country, and “the most meaningful increases will be focused where the market demands.”
- Apart from confronting cost-of-living increases and a tight Seattle housing market, Microsoft is locked in a fierce battle for talent with companies like Amazon.com Inc (NASDAQ: AMZN), Alphabet Inc (NASDAQ: GOOG) (NASDAQ: GOOGL) Google, Facebook owner Meta Platforms Inc (NASDAQ: FB), and startups.
- Fields like cybersecurity, artificial intelligence, the metaverse, and cloud computing have been incredibly competitive.
- Moreover, the pandemic has led many workers to relocate and reconsider employment options.
- Amazon in February disclosed more than doubling the maximum base salary it pays employees to $350,000 from $160,000 to cope with a competitive labor market.
- Price Action: MSFT shares traded higher by 1.58% at $265.64 premarket on the lat check Tuesday.
- Photo via Wikimedia Commons
