Manasi VarmaThere’s some good news awaiting the employees at Microsoft Corp., as the tech giant has announced that it will be handing out $1,500 (nearly ₹1.12 lakh) to each and every one of its employees, in the form of a pandemic bonus. The news was first reported by the The Verge, based on an internal memo from the firm.
To Celebrate a “Unique and Challenging” Year
Image Credits: CNET
The bonus is being given out as a way of celebrating the completion of a “unique and challenging” fiscal year at Microsoft Corp, and was announced yesterday by Chief People Officer Kathleen Hogan. All employees in the United States and in other parts of the world are eligible for the benefits, if they belong to corporate levels below that of vice presidents, and joined on or before March 31st, 2021.
Part-time and hourly rate employees have also been included in the scheme. This means that Microsoft is all set to spend around $200 million on the bonuses, which will be given out to more than 175 thousand employees spread across the globe. Those employees who are working at subsidiary labels GitHub, LinkedIn, and ZeniMax are, however, not eligible for receiving the benefits.
In a statement issued by a spokesperson from Microsoft Corp., the company is looking to appreciate “coming together as One Microsoft” during the pandemic, by means of a “one time monetary gift.”
Tactic to Keep Employees Happy?
Following up on the report by The Verge, CNBC says that these bonuses are part of a bugger tactic that big tech companies are making use of, to ensure that their staff remain happy during the pandemic, and continue working with them despite the remote working scenario. This makes sense, since employees at contemporaries Amazon, Google, and Facebook are increasingly taking to quitting their jobs, which has led to these companies upping their game and offering financial and other incentives to help keep their staff around.
The past fiscal year which came to a close on March 31st, 2021, saw Microsoft standing at $125 billion in cash, cash equivalents, as well as short-term investments. Moreover, the profit noted by the tech giant for the fourth quarter, that ended in March, was some $15.5 billion, while the growth rate stood at 44 per cent. CEO Satya Nadella has said that instead of slowing down during the pandemic, the digital adoption curves are actually seeing an acceleration. Calling it “just the beginning”, he holds that digital technology will become the foundation of resilience and growth.”