Google employees get $1,000 bonus, 10% raise

Nov 10, 2010

Google employees get $1,000 bonus, 10% raise

08:52 AM

Google Chief Executive Officer Eric Schmidt gestures as he speaks at a Washington Ideas Forum in Washington in October,CAPTIONBy Manuel Balce Ceneta, APGoogle is stuffing a $1,000 bonus into the holiday stocking of each employee this year as well as a minimum 10% raise for 2011, Business Insider reports.

Oh, and Google is paying the taxes on the $1,000 so that workers will be able to keep the whole thing.

Business Insider, which broke the story, says the bonuses will cost the company about $20 million, and that the salary bumps will be somewhat offset by reduced bonuses and stock option grants. Still, the gesture underscores CEO Eric Schmidt's determined effort to hold on to his workers.

Here is an excerpt from what Business Insider says is a confidential memo Schmidt sent to all employees to announce the bonanza:

Googlers, you are what makes this company great, and our goal here is to recognize you for your contribution, in a way that's meaningful to you. Thank you for all that you do, and for making Google a place where magic happens.

Magic, indeed.

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