Good News: Microsoft set to ‘nearly double’ salaries to retain top talent
The fresher to medium range employees are likely to derive maximum benefit from the proposed pay hike. According to official estimates, the company employed about 1,81,000 people as of June 30, 2021.
New Delhi: It’s the season of pay hikes and the employees of transnational company Microsoft Corporation have a lot to cheer about. The global behemoth has planned to ‘nearly double’ the salary of its employees and the same was confirmed by none other than CEO Satya Nadella.
The soaring price rise and inflation across the globe, primarily driven by Russia-Ukraine war, has come hard on people’s pockets. In a bid to help people cope with inflationary pressure and retain top talent, the IT giant has zeroed in on a big salary hike.
Microsoft has decided to nearly double its budget for staff salary hike & also to hike range of stock compensation to workers by at least 25%, the Bloomberg reported.
“Time and time again, we see that our talent is in high demand because of the amazing work that you do,” leading business daily quoted CEO Satya Nadella as saying.
Microsoft workforce & who will benefit
The revised pay package when approved will benefit about 2 lakh employees of the global firm. The fresher to medium range employees are likely to derive maximum benefit from the proposed pay hike. According to official estimates, the company employed about 1,81,000 people as of June 30, 2021. And, the salary package of employees comprises of base salary, bonus and stock.
According to a portal, the average earning capacity of a software engineers at Microsoft stands at about $163,000.
Microsoft is not the only company to have announced huge salary hike. Across the industry, the top industry leaders are loosening their purse strings to comfort the stressed employees.
In February, Amazon almost doubled the base pay of its tech and corporate employees. A higher salary structure was earmarked to retain existing employees and also to recruit new top talent. In January, the search engine Google hiked salaries of 4 of its top executives.