Apple is reportedly delaying bonuses for some corporate personnel and implementing cost-cutting measures due to uncertain macroeconomic conditions.
As part of the new measures, the frequency of incentives for some business employees will be lowered, although it appears that no bonuses will be eliminated.
Apple Bonuses, Incentives
According to the source, Apple normally awards incentives and promotions twice a year, based on division and company success. Apparently, this occurs between April and October. As a result, some divisions may not receive promotions next month, per Apple’s cost-cutting measures.
The study also notes that Apple, like many other big titans, has frozen its hiring efforts. Since 2020, Apple has been careful not to overhire, unlike Google, Meta, and Amazon, which are currently laying off thousands of staff.
In addition to cost-cutting initiatives, Apple’s HR department is closely monitoring staff attendance. Some employees feel that workplace attendance monitoring is a forerunner to termination. Apple has a hybrid model in which employees are required to report to work three times per week.
Read more: Apple starts selling refurbished iPhone 13 on its website
Company’s Mass Layoffs
Similarly, some part-time employees at Apple’s retail outlets fear losing their jobs as a result of the company’s enhanced monitoring of work hours and attendance.
The report emphasizes that some part-time retail workers believe they are being pressured to quit by being asked to work more hours and days than they agreed to when employed.
As previously stated, Apple has avoided mass layoffs over the past two years by hiring wisely. Research indicated that Apple added 164,000 employees between September 2021 and September 2022, a 6.5% rise. In 2020 and 2021, the corporation only hired 7,000 employees.
In the last quarter (October to December 2022), Apple posted quarterly revenue of $117.2 billion, down 5 percent year over year. Due to supply difficulties caused by China’s rigorous COVID-19 shutdown, the company’s iPhone sales were poor. Mac sales were also declining.
Meta recently revealed intentions to lay off 10,000 employees, and other IT titans are also struggling. This is in addition to the 11,000 employees the corporation laid off last year. Mark Zuckerberg, CEO of Meta, wrote in a letter that affected employees will begin getting termination notices by tonight’s evening.
Read more: GPT-4: OpenAI’s ChatGPT new version revealed; Here’s how it functions!