New Delhi: Apple has made New Year of select engineers with massive bonuses to prevent them from leaving the company for tech competitors such as Meta (Facebook), according to a report by Bloomberg.
The bonuses offered to the employees are in the form of stocks that are reportedly valued between $50,000 and $180,000. However, most employees are receiving a bonus in the range of $80,000 and $120,000.
The bonuses offered to the top engineers at the firm vest over the course of four years, the report added. The bonus is in addition to all the bonuses the company offers its employees. As of now, Apple hasn’t officially announced the rewards for its engineers to the media outlets.
In Silicon Valley, top tech firms such as Meta, Apple, Google, and Microsoft, among others, are reportedly poaching for brightest engineers from other rival companies to double down on their upcoming products.
Meta has reportedly hired more than 100 Apple engineers in recent months, while the iPhone maker has also been successful in bringing a few from the social media company.
To retain the talent the companies are offering several benefits to employees such as snack bars and even in-house masseuses, according to a report by Business Insider. Most of these perks remained unavailable during the pandemic-driven office shutdowns. Also Read: As Jharkhand cuts petrol price by Rs 25, here’s looking at latest fuel rates in Indian cities
With most tech companies building their own metaverse, the hiring scenario is expected to intensify in the coming months. Both Meta and Apple are working on their virtual reality products to fuel their metaverse ambitions. Also Read: RBI flags Omicron threat to growth; says banks strong enough to face challenges