According to Verge, the tech behemoth Microsoft will give its employees a whopping $1,500 bonus. This is being done to assist employees in coping with the work-from-home lifestyle and the difficulties of dealing with the pandemic. This bonus is part of Microsoft’s effort to keep its employees happy during the pandemic and lockdown. Especially in these difficult times, the company wants to ensure that they feel valued and stay with the company for a longer time.
According to a spokesperson in a CNBC report, these bonuses, which will cost the company around $200 million, demonstrate Microsoft’s faith and goodwill toward the employees who worked so hard. According to the report, by the end of the first quarter, Microsoft had more than $125 billion in cash, equivalents, and other investments.
On Thursday, Kathleen Hogan, Microsoft’s Chief People Officer (CPO), announced the bonuses. The bonuses will be distributed to the company’s employees worldwide beginning in July or August. According to the report, the only exceptions to this bonus splurge are Microsoft vice presidents and employees of Microsoft’s GitHub, LinkedIn, and Zenimax subsidiaries.
The company will give the bonus to workers who are not corporate vice presidents. That also applies to those who began on or before March 31, 2021. Workers who work full-time, part-time, or on an hourly basis are all eligible. Microsoft has approximately 175,508 employees worldwide to reach. According to Verge, while the $200 million bonus is significant, it represents less than a day’s worth of profits for the company.
Since the beginning of the covid 19, Microsoft has generated approximately $160 billion in revenue due to the shift in trends toward more aggressive digital engagement due to the lockdown and other verticals. According to the report, cloud services, higher laptop sales, and the expansion of its Xbox business have boosted its profits during the pandemic.
However, Microsoft is not the only company offering incentives. When the pandemic began in March 2020, Facebook distributed $1000 to each employee to assist them in dealing with the pandemic. Amazon was another industry behemoth to step up in May 2021. It implemented the COVID-19 Relief Scheme (CRS), which provided financial assistance to frontline teams of associates hired through staffing agencies. It also paid out money in a $ 300-holiday bonus for frontline employees in November 2020. On a national scale, food delivery company Uber Eats aided in the payment of its employees’ meals.