Economy

Google Hands Employees $1,000 Bonus And 10 Percent Raise

Life is tough at Google HQ. Not really: Business Insider reports that the search giant is handing a 1,000 buck bonus to all its employees. That and it will also pay the taxes on the money and give everyone at least a 10 percent raise.

Google, Business Insider says, has about 20,000 employees, so a move like this will cost it significant cash. Some more detail as to the why from the report:

This surprise news, Google CEO Eric Schmidt explained in an internal email (see below), comes in response to feedback that Googlers value the salary part of their compensation far more highly than bonuses or stock compensation.

And what does it suggest about the company?

Well, first it suggests that Google is still an awesome place to work. Given that employee retention has been a problem, it also suggests that Google is now going the extra mile to keep its employees happy.  Lastly, it suggests that the company's financial performance continues to be very strong.

Last month, Gawker reported that Google was providing its employees with "'runners' to clean apartments, take out trash, cook dinner, run errands —whatever is needed." It went on to talk about how hot the competition for engineers is, right now, in Silicon Valley.

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