The tech giant Microsoft will be gifting its employees a massive $1,500 dollar bonus according to a report by Verge. This is being done to help employees cope with the work from home lifestyle, as well as the hardships of having to deal with the pandemic. This bonus is an effort by Microsoft to keep its employees content during the pandemic and lockdown. The company wants to ensure that they feel valued and stick around longer, especially in these difficult times.
These bonuses will cost the company around $200 million are proves the show of faith and goodwill from Microsoft, to the employees who worked so hard, stated a spokesperson in a report to CNBC. As per the report, Microsoft has over $125 billion in cash, equivalents and other investments by the end of the first quarter.
Kathleen Hogan, Microsoft’s Chief People Officer (CPO), had made the announcement about the bonuses on Thursday. The bonuses will be starting being handed out somewhere between July and August to the company’s employees worldwide. The only exceptions to this bonus splurge are the vice presidents at Microsoft as well as the employees of Microsoft’s GitHub, LinkedIn and Zenimax subsidiaries said the spokesperson in the report.
The bonuses will be given to staff who are below the corporate vice president level, and that too for those who started on or before March 31, 2021. The eligibility criteria stretches to workers who are full-time, part-time as well as those on hourly rates. Microsoft has roughly 175,508 workers around the globe to reach. According to the report by Verge, although this bonus of $200 million is massive, it is apparently less than a day’s worth of profits for the company.
Since the start of the pandemic, Microsoft has generated around $160 billion in revenue as a result of the change in trends of more aggressive digital engagement on account of the lockdown as well as other verticals. Venues such as cloud services, higher laptop sales and the growth of its Xbox business have all boosted the company’s profits over the pandemic, claims the report.
Microsoft is not the only company that is giving out incentives, however. At the start of the pandemic in March 2020, Facebook gave out $1000 to every employee to help them with the pandemic. Amazon was another industry titan to step up in May of 2021 where it introduced the COVID-19 Relief Scheme (CRS) under which it provided financial assistance to frontline teams of associates hired through staffing agencies. It also shelled out cash in the form of a $ 300-holiday bonus for frontline workers in November of 2020. On the national level, food delivery company Uber Eats helped pay for its employees’ meals.
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