Apple, in an effort to retain top talent, has issued “unusual and significant stock bonuses to some engineers,” according to Bloomberg. These bonuses are reported to range from $50,000 to a staggering amount of $180,000.
Select silicon design and hardware engineers as well as some software and operations groups were informed of the out-of-cycle stock bonuses last week. These shares, being issued as restricted stock units, are said to vest over four years. This could incentivize employees to stay at the company instead of giving in to the temptation of job-hopping.
The bonuses were reportedly presented by managers to reward well performing employees, which is said to amount to 10 percent to 20 percent of Apple engineers. Many engineers claimed that they got roughly $80,000, $100,000 or $120,000 worth of shares. This gargantuan stock bonus is in a stark contrast from what the iPhone maker usually grants its employees. Its compensation packages typically comprise of a base salary, a few stock units and a cash bonus.
The size of the latest stock grants indicates that the company is trying to reduce talent drain, especially to companies like Meta, which poached more than hundred Apple engineers in recent months. The social media giant previously hired key engineers across AR, VR and wearables divisions at Apple. Earlier this year, the Apple Car project lost top employees to other companies. The Cupertino-based company, in what seems like a poaching war between Apple and Meta, allegedly hired Andrea Schubert, the communications and public relations head for AR at Meta.
Despite the huge stock bonuses offered to some, life isn’t all sunshine and rainbows for other Apple employees. The company’s push to get its staff back to the campus in the midst of the pandemic rubbed some employees the wrong way. It soon changed its stance and delayed the deadline to work from office. It even issued $1,000 bonuses to all corporate, retail and technical support employees to purchase home workspace equipment, a few weeks back.[Via Bloomberg]