Apple tightens belt: Expands previous rulings
Apple wants to cut as much cost as possible after facing the descending graph of revenues. The company decided to expand its hiring freeze as well as delay bonuses for some of its employees.
In the last quarter of 2022, Apple decided to free most of the hiring processes to cut costs. Research and development teams were the only departments excluded from this action. These teams worked on future devices and long-term initiatives. Now, even they are affected by the money cut as Apple decided to expand the hiring freeze while adding a new precaution.
According to a report by Mark Gurman, the tech giant has expanded the process and will not fill the empty slots of ex-employees. Apple is taking these precautions to cut more costs and prevent challenging times. On the other side, current and potential future employees are, of course, not satisfied with these decisions.
Reduced bonuses and promotions
On top of the decreasing workforce, Apple is also reducing bonuses and promotions MacRumors says that the company usually gives once or twice per year, depending on the division. After the latest call, it is shifting to a strict once-per-year schedule. This year's bonuses will be given in October for all teams; every employee will receive the full amount. In other words, Apple employees will get fewer bonuses, and the workforce of the company won't grow uncommonly, at least in the upcoming years.
The firm is taking a different action compared to other tech giants. Recently, we have seen incredibly big layoffs by some of the biggest companies in the industry, like Meta, Google, and Twitter. Instead of following that path and victimizing thousands of employees, Apple chose another roadmap and try to be careful about possible overcrowding.
Tim Cook was paid $99 million last year but will get almost half of it. However, he is the CEO and has different perks like stocks, so that the pay cut won't bother him as much as others.
The company will announce its new products and roadmap in June at the WWDC event. A couple of months left before the event, and there is a strong possibility that the new mixed-reality headset will be introduced by Tim Cook. The latest reports showed that he has been pushing his team to launch it this year. Some say he wants to add the game-changer product to his legacy.Advertisement