The Blubber

Per CNBC

While Google usually pays employee year-end bonuses on time, the company has decided to push back 20% of the bonus. Qualified employees will only receive 80% of their bonuses in January and the remaining from March to April.

A permanent change will follow this decision in Google's employee bonus payout schedule. The company released a demo that in 2023, the new payout schedule for full bonuses will be in March.

This comes at a time when other companies are laying off massive numbers from their workforce. Amazon, one of the largest employers in the world, is letting go of over 17,000 staff. An article by WSJ suggests that the job cuts could affect over 18,000 employees (potentially 1,000 more) as the company stock fell 49% in the past 12 months since the report.

Aside from Amazon, Meta is also axing a massive number of employees. After the company's drastic commitment to the metaverse, even changing its name from Facebook to Meta, it will be axing 11,000 employees, as announced in a November report per CNBC.

Even Microsoft announced that it would cut 10,000 employees. The job cuts even included developers working on the Halo video game.

Now, Google's parent company, Alphabet, will join other Big Tech companies with its own layoffs. According to Reuters, the company is expected to cut 6% of its workforce, resulting in about 12,000 people losing their jobs.

A Google spokesperson gave a statement to CNBC regarding the change in bonuses and noted that the employees were already told about the changes.

“This one-time 80% bonus advance was extensively communicated to employees in May 2022 and in subsequent communications since, as part of the transition to our new performance management timeline.”

Moving toward the end of 2022, Alphabet has been looking for other ways to cut its expenses. This included canceling its next-gen Pixelbook laptop.

See flow at unusualwhales.com/flow.

Other News:

• Amazon to lay off more than 17,000 workers
• Microsoft's 10,000 Employee Layoff Sees Massive Cuts in Gaming Division Handling the Development of Halo

Resources:

The Wall Street Journal

CNBC

Reuters