Apple Inc. is paying a small variety of engineers one other spherical of particular inventory bonuses as a part of an uncommon push to retain key expertise, in keeping with folks with data of the matter.
The iPhone maker doled out the bonuses in current days to a choose group of staff in its software program and {hardware} engineering departments, mentioned the folks, who requested to not be recognized as a result of the transfer isn’t public. The rewards ranged from round $100,000 to upwards of $200,000 ( ₹1.5 crore) in restricted inventory items, with some within the firm referring to them as particular retention grants.
The bonuses are designed to maintain the staff from leaving by vesting over a number of years, they usually may develop into extra useful over time if Apple’s inventory worth continues to rise. The shares are up greater than 40% over the previous 12 months, although they’re down barely in 2022 — a part of a broader pullback for tech shares.
Apple beforehand gave out particular stock-based bonuses in December, with the rewards topping $180,000. In that case, the payouts went to staff within the firm’s {hardware} applied sciences group, which designs its customized chips, and its crew engaged on future digital and augmented actuality headsets. However it’s been uncommon prior to now for Apple to depend on such rewards.
The corporate has suffered some attrition in its chip design group, and Fb guardian Meta Platforms Inc. has stepped up recruiting of engineers — aiming to place them to work on the so-called metaverse.
The variety of staff receiving the particular grants this cycle is smaller than in December, one of many folks with data of the matter mentioned. A spokesman for Cupertino, California-based Apple declined to remark.
Some engineers had been knowledgeable of their bonuses by senior executives of their respective divisions. Over the previous few weeks, the corporate has additionally been giving typical annual bonuses and compensation changes forward of its April 15 vesting date. Worker inventory vests twice yearly, in April and October.
Inflation additionally has put strain on employers to spice up compensation. And Apple is getting ready for a return to the workplace — a supply of stress for some staff. By Could, the corporate would require engineers and different company workers to work out of the workplace at the very least three days every week.
This story has been printed from a wire company feed with out modifications to the textual content. Solely the headline has been modified.
Supply: Live Mint