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Microsoft doubling salary budget to retain staff as cost of living rises – Press Telegram

By Dina Bass | Bloomberg

Microsoft Corp. plans to “almost double” its budget for employee salaries and increase the range of stock compensation it provides to some workers by at least 25%, an effort to retain staff and help people cope with inflation.

The move will primarily affect “mid-career startup employees,” the software giant said in a statement Monday.

“As we approach our annual total rewards process, we are making a significant additional investment this year to compensate our employees globally,” said the Redmond, Washington-based company. “While we take into account the impact of inflation and the rising cost of living, these changes also recognize our appreciation for our world-class talent that supports our mission, culture and customers and partners.”

In addition to facing rising cost of living and the tight Seattle real estate market, Microsoft is embroiled in a fierce battle for talent with companies like Amazon.com, the owner of Google and Facebook, Meta Platforms, and startups. Fields such as cybersecurity, artificial intelligence, metaverse, and cloud computing have been especially competitive. In addition, the pandemic has led many workers to relocate and reconsider employment options.

“Over and over again, we see that our talent is in high demand for the incredible work you do,” CEO Satya Nadella said in a note obtained by Bloomberg.

Microsoft doubling salary budget to retain staff as cost of living rises – Press Telegram Source link Microsoft doubling salary budget to retain staff as cost of living rises – Press Telegram

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