Silicon Valley is known for attracting best talents, but currently it is also necessary to be able to retain them. Thus, Applegranted stock bonuses for an amount of $ 180,000 to its best engineers to prevent them from deciding to leave the firm and migrate to the competition as Meta according to Mark Gurman en Yahoo Finance.
Last week, the company informed some silicon design engineers, hardware, and select groups of software bonuses through out-of-cycle bond operations, which are issued as restricted stock unitss, according to people with knowledge of the subject. The shares are consolidated for four years, providing an incentive to stay with the iPhone maker.
The bonuses, which surprised those who received them, have ranged from about $ 50,000 and up to $ 180,000 in some cases. Many of the engineers received amounts of roughly $ 80,000, 100,000 or $ 120,000 in stock, said the people, who asked not to be identified because the program is not public. The benefit was presented by managers as a reward for high performers.
Competition for talent
Apple is waging a talent war with companies in Silicon Valley and beyond, with Meta emerging as a particular threat. Zuckerberg’s firm has hired about 100 Apple engineers in recent months, But it hasn’t been a one-way street: Apple has also attracted key Meta employees.
The two companies are likely to become fierce rivals in virtual and augmented reality headsets and smartwatches, with both planning major hardware launches over the next two years.
Payments are not part of Apple’s normal compensation packages, which include a base salary, stock units and a cash bonus. Apple sometimes grants additional cash bonuses to employees, but the size of the latest stock grants was atypical and surprisingly timely, the people said. They were given around the 10% to 20% of engineers in the corresponding divisions.
The bonus program has upset some engineers who did not receive the shares and believe that the selection process is arbitrary. The value of some of the bonuses equaled the annual stock award given to some engineering managers. And its value will increase if Apple’s share price continues to rise. Shares have risen by 36% this year, bringing the company’s market capitalization to almost 3 trillion dollars.
Meanwhile, Meta has stepped up its efforts to recruit engineering talent from Apple’s augmented reality, artificial intelligence, software and hardware engineering divisions. The social media giant, which operates Facebook, Instagram and WhatsApp, has generated significant salary increases, as it seeks to refocus on the hardware and the so-called metaverse.
The brain drain has affected other areas as well, including the autonomous car team. The company needs to maintain its engineering prowess as it works on various next-generation devices, including the car, VR and AR headsets, and future versions of the iPhone.
At the same time, the drumbeat stops go back to the office It has shaken up some employees, leading to engineer defections. Although the company has pushed back the deadline for staff to return, it is taking a tougher line at working in person than some of its tech peers.
The firm has said it expects corporate employees work from the office at least three days a week, while the hardware engineers must register four or five days a week. Meta and other companies intend to be more lax with their policies.
But Apple acknowledged this month that workers are likely to stay home for the foreseeable future. After removing its return-to-office deadline, Apple said it would issue $ 1,000 bond to all corporate, retail, and support employees so they can purchase household equipment.
Apple closed Tuesday at $ 179.29, while Ei’s indicators are mixed.