Google won’t raise every employee’s salary to keep up with inflation
A top Google executive has said that the tech giant would not automatically adjust all employees’ salaries to account for inflation.
According to a CNBC report, Google’s Vice President of compensation, Frank Wagner, told employees in a meeting that the company does not “have any plans to do any type of across-the-board type adjustment” when asked about the inflation rate in the US.
Alphabet and Google CEO Sundar Pichai asked at the meeting: “With the US inflation rates being as high as seven per cent, some companies are doing blanket salary adjustments to cover just the inflation. Is there any plans for Google to do the same thing?”
Wagner replied: “Inflation does seem to be top of mind for a lot of folks, and I think one of the reasons is that people are pretty eager to get their compensation awards”.
However, Google “won’t introduce company-wide adjustments for inflation”.
“We don’t have any plans to do any type of across-the-board type adjustment,” he was quoted as saying in the report on Friday.
In a statement, a company spokesperson said: “Employees receive bonus and equity as part of their total compensation, which also includes generous benefits and flexibility”.
Google parent Alphabet has more than 150,000 full-time employees globally, and has seen its revenue and stock soar over the last year.
Alphabet announced its fifth quarter in a row of record profits ($18.9 billion) and second straight quarter of record revenue ($65.1 billion) in October.
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(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
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