Owing to uncertain macroeconomic conditions, Apple employees might see a delay in their bonus this year. As per a report by Bloomberg, the company is implementing various cost-cutting methods, where some of its corporate employees might see a delay in their bonuses and some may even see cut in their bonus amounts.
Reportedly, Apple usually gives bonuses and promotions twice a year, which varies based on the company’s performance and division. These occasions generally take place in April and October. If the information is to be believed, then some departments may not even receive promotions next month.
In addition to implementing cost-saving strategies, Bloomberg also reported that Apple’s HR department is closely monitoring employee attendance. Some workers are concerned that this level of scrutiny may indicate that the company is considering terminating staff.
This has also brought stress among its hybrid and part-time workers. Apple has been following a hybrid work model that requires employees to work in the office three days per week. The report emphasises that some part-time retail workers feel pressured to resign because they are being requested to work more hours and days than what they initially agreed to when they were hired.
Additionally, the report also notes that Apple is implementing a hiring freeze, similar to what other prominent tech companies are also adopting. Apple has been cautious about excessive hiring since 2020, in contrast to Google, Meta, and Amazon, which are currently letting go of thousands of employees.
However, the company is confronted with a significant challenge of maintaining a consistent revenue stream. In the last quarter (October to December 2022), the company recorded a quarterly revenue of $117.2 billion, which is a decline of 5% compared to the previous year. This can be attributed to lower iPhone sales, resulting from supply chain challenges caused by the strict COVID-19 lockdown in China. Additionally, sales of Macs were also lower.
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