Google isn’t giving employees increases despite record profits
Despite setting record beating profits for the fifth quarter in a row in October, a Google executive has told employees that they won’t be getting inflation related increases in salary. Google’s VP of compensation Frank Wagner told employees at a company all-hands meeting on December 7th that Google doesn’t “have any plans to do any type of across-the-board type adjustment” when asked about the inflation rate in the US.
According to the report, the company’s compensation budgets “reflected” the higher cost of labour that comes with increased prices. Instead, only employees that the company deems to have excelled in performance will receive an increase. While it isn’t unusual to pay the best performing employees more, not receiving any increase can lead to those employees performing even worse due to their worsening economic circumstances.
This move surprised most at Google, since the company plans to have about 80 percent of their employees back in the office at least on a part-time basis. The increased travel will put more pressure on employees who haven’t had to cover travels costs in nearly two years.