Epress.am News from Armenia
Moving to plug the defection of staff to competitors, Google Inc. is giving a 10% raise to all of its 23,000 employees, according to people familiar with the matter, reports The Wall Street Journal.
The raise, which will be given to executives and staff across the globe, is effective in January.
The pay hike comes as Google ramps up its battle with competitors, especially neighboring Facebook Inc., in a fight to secure talented staff. Roughly 10% of Facebook’s employees are Google veterans and other Silicon Valley companies have aggressively poached employees from the Internet giant
The raise isn’t the first time Google has taken steps to retain employees. In 2009, it repriced millions of employee stock options whose value had been wiped out as Google’s share price fell between 2007 and 2009. The stock has since recovered and closed Tuesday at $624.82.