In October, Alphabet, the parent company of Google, announced its fifth consecutive quarter of record profits ($18.9 billion) and second consecutive quarter of record revenue ($65.1 billion), but a company executive told employees that their salaries would not be automatically adjusted to account for inflation. When asked about the US inflation rate, Google’s VP of compensation Frank Wagner informed staff at a business all-hands meeting on December 7th that Google “has no intentions to conduct any type of across-the-board type change.”
According to CNBC, Wagner did imply that the company’s pay budgets “reflected” the higher cost of labour that comes with higher prices. However, he stated that the corporation would prefer to pay any compensation increases depending on performance rather than a blanket rise.
When asked about the US inflation rate, Google’s Vice President of Compensation, Frank Wagner, informed employees in a meeting that the business “had no intentions to implement any type of across-the-board type change.”
Sundar Pichai, CEO of Alphabet and Google, posed the following question during the meeting: “With inflation rates in the United States as high as 7%, some employers are making blanket salary changes to cover only the inflation. Is there any chance that Google may follow suit?”
“Inflation does seem to be on the minds of a lot of people,” Wagner responded, “and I believe one of the reasons is that people are quite ready to obtain their pay awards.”
While it makes logical sense to award top performers more, it may wind up reinforcing people’s rankings – not having to worry about money allows you to focus more on your work and even afford better quality time off to recuperate. When Google employees return, they are expected to spend at least some time in its offices (which are frequently located in places with higher-than-average living expenditures, such as Austin, New York, or San Francisco).
Google declined to comment on the record, but told CNBC that base income is only one component of an employee’s compensation package, which also includes bonuses and stock options. According to CNBC, the corporation also echoed Wagner’s remarks about pay raises being linked to performance. As a bid to minimise bezels or notches, more phone manufacturers are resorting to under-display cameras. However, these cameras, which are still in their infancy, have their own problems.
Alphabet, the parent company of Google, has over 150,000 full-time employees worldwide and has seen its sales and shares increase in the previous year.
In October, Alphabet announced its fifth consecutive quarter of record earnings ($18.9 billion) and second consecutive quarter of record revenue ($65.1 billion).
