An American multinational technology company, Google has delayed the Year-end bonus checks for employees due to the transition to a new performance management system.
According to the CNBC report, Google initially pays an 80% advance bonus to eligible employees. The advance bonus will be paid in January, and the remaining 20% in March or April. However, the company pays full bonuses in the year’s first month.
“After 2023, the full bonuses will be paid in March, “the company said in the memo. The decision follows when recently, Google parent Alphabet announced the sack of 12,000 employees.
The company has already sent the email to the employees in US. The company is providing the following benefits to the affected employees:-
- The impacted employees will be given a severance package that includes 16 weeks of salary, two weeks for every additional year at Google.
- At least 16 weeks of GSU vesting. The company will also pay 2022 bonuses and remaining vacation time.
- Along with the above benefits the impacted employees will be provided other benefits including 6 months of healthcare, job placement services, and immigration support.
Sundar Pichai the CEO of Google also wrote an Email to Employees stating that the company is going to support employees as they look for their next opportunity.
Earlier, Google’s CEO admitted that the future is unpredictable. The development of either layoff or hiring slowdown comes after IT companies, crypto exchanges, and financial firms cut out jobs and slow down the hiring process due to slow global economic growth caused by higher interest rates, and rising inflation.
Earlier, several employees wrote a letter to the company’s Vice President of Human Resources expressing concern about the mass layoffs. Five employees and an employee representative from the Switzerland headquarters reportedly addressed a letter to HR.
The letter obtained by The New York Times reads, “The number and spread of reports that reached us indicate that at least some managers were aggressively pressured to apply a quota”.
The letter indicates that Google employees are anxious that through these recent management decisions and warnings, the company can head towards broader layoffs.
