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Tech companies were at their peak not too long ago. Everywhere you look, it’s there a lot of work and the stocks of tech companies are good performance too.
That is until a major stock market crash and a killed by deletions took over the tech world. Like mighty giants like Meta, Amazonand Microsoft was not saved from it, and last week, neither Google.
Last week Google’s parent company, Alphabet, announced that it would be cutting back 12,000 jobs throughout the company. The news was unexpected for many employees, some of whom took to social media to describe the process as “random” and said they feel “100% functional.”
The announcement comes at a time of economic uncertainty and a time of turmoil for tech companies across the board. Close to 60,000 jobs Layoffs in 2023 so far from 174 tech companies, according to Layoffs.fyi, a website that tracks layoffs.
As questions piled up over the weekend, Google CEO Sundar Pichai addressed the entire company in a meeting on Monday to answer questions, and then announced that top executives would take a pay cut today. year as part of the company’s cost-cutting measures, Business Insider reported.
Pichai said all roles above the senior vice president level will see “a very significant reduction in their annual bonus,” adding that for senior roles pay is linked to company performance. It was not immediately clear how much of a cut Pichai’s own salary would be.
Google did not immediately respond luck‘s request for comment.
Pichai’s move to cut pay for senior executives comes just weeks after Apple’s Tim Cook announced his pay would be 40% lower amid shareholder pressure. The iPhone maker has a strength 2022 and remains one of the few tech behemoths yet to announce layoffs.
And last week, the board of JPMorgan Chasean investment bank, announced that it would eliminate “special award” component of CEO Jamie Dimon’s salary. The one-off fee for Dimon paid last year was nearly $50 million, and this year he will earn $34.5 million.
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