Amazon is one of the richest companies in the tech industry. And its employees benefit from its position, with fat pay packages in the offing. And a new leaked memo suggests the company is going to boost the pay for its corporate and tech employees. Currently these people are getting a maximum base pay of $160,000 but the memo suggests Amazon is going to increase it to $350,000 very soon.
The hike will allow Amazon to hire the best talent in the industry and also retain its top core. Monetary benefits seem like a smart idea from Amazon, but the memo doesn’t tell us when the changes will come into effect.
The memo also suggests the increase in compensation will be applicable for most jobs globally. “This past year has seen a particularly competitive labour market and in doing a thorough analysis of various options, weighing the economics of our business and the need to remain competitive for attracting and retaining top talent, we decided to make meaningfully bigger increases to our compensation levels than we do in a typical year,” the internal memo explains.
Amazon seems to be hinting at the challenge of working through the pandemic over the past few years. Retaining the best employees is becoming harder, with rivals eyeing the talent for their own growth.
In addition to the changes in compensation given, Amazon is also working out different avenues to award during promotions of employees. The memo says managers will be reviewing the existing compensation during the appraisal period of an employee, and give stocks as mid-year bonus based on their performance during the period.
Hiring for tech has become a challenge, and Amazon is the latest to echo its concerns regarding the talent drain in the industry right now. The deserving candidates deserve to be remunerated handsomely, and we hope more companies follow suit in the near future.