Apple announces huge bonus for engineers to stop them from joining Meta
- Last week engineers were apprised about the off-cycle bonuses
- Apple and Meta are in hiring tussles over the last few months
- The value of some of the bonuses was similar to the annual stock grant given to some engineering managers
Apple has announced significant stock bonuses to some of its engineers to retain them in the company and prevent them from being poached by teach giants likes Meta, the parent company of Facebook, a Bloomberg report stated.
Last week, some engineers in silicon design, hardware and some software company were apprised about the off-cycle bonuses that were issued as restricted stock units. The shares vest for over four years, offering a lucrative incentive to employees to stay put.
The bonuses ranged from $50,000 (around Rs 37.5 lakhs) to $180,000 (over Rs 1.3 crores). Many engineers were also offered roughly $80,000 (around Rs 59 lakhs), Rs 100,000 (around Rs 74 lakhs) or $120,000 (around Rs 90 lakhs) in shares, revealed company insiders on condition of anonymity. The bonus programme wasn’t made public and the perk was presented by managers in the form of a reward for high performers.
Apple and Meta’s talent war is not new. Meta has hired over 100 Apple engineers in the last few months, and even Apple has managed to lure away prominent Meta employees.
This new tussle came at a time when both the companies are working on newer, more advanced ways of experiencing AR and VR, with their own headsets that are expected to come out soon.
However, according to reports, this bonus programme has not gone down well among some Apple employees who find the selection process rather arbitrary. In fact, the value of some of the bonuses was similar to the annual stock grant given to some engineering managers, which is only expected to rise in value if Apple’s stock prices soar.
Apple’s shares have been up by 36 per cent this year, pushing the company towards crossing the $3 trillion market cap, the first company to ever do so!