Apple joins cost-cutting campaign, bonuses, ease of recruitment

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  • apple inc (NASDAQ:AAPL) is suspending payoffs for some corporate divisions and expanding a cost-cutting effort with its peers in streamlining operations amid the business slowdown and economic uncertainties.

  • Shift will reduce frequency of bonuses for a portion of Apple’s corporate workforce, Bloomberg reports,

  • Apple is also taking a pause on hiring and leaving additional positions open after the employee leaves.

  • on Tuesday, Meta Platforms Inc (NASDAQ: META) shared second downsizing driveA reduction in team strength of approximately 10,000 people and the closure of approximately 5,000 additional open roles.

  • Apple usually holds bonuses and promotions once or twice per year, depending on the division, in April and October. Now Apple has proposed to forgo the bonus or promotion for April, with payments due only in October.

  • Most of Apple’s divisions had migrated to a once-a-year schedule for bonuses and promotions, including software engineering and services, except for employees in operations, corporate retail, and other groups.

  • The move applies to engineers, non-managers and middle-level managers, but not senior employees director level and above.

  • Apple began austerity measures last July, slashing the budget, slashing the workforce and freezing hiring in several divisions.

  • During Apple’s shareholder meeting last week, Tim Cook particularly highlighted being careful with money.

  • Apple curtailed the travel budget and now more budget items require the approval of a senior vice president. It has also laid off some contract employees of the company, Cook’s pay cut,

  • Apple’s current policy requires employees to work from an Apple building three times a week, sparking fears of downsizing among employees lest they miss the benchmark. The concerns have spread to Apple’s retail employees.

  • Price Action: AAPL shares were trading down 1.44% at $150.39 in the premarket the last check on Wednesday.

  • Photo via Wikimedia Commons

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