Apple will increase employees’ salaries by 10%
This move took place in the context of labor market is the tightest in American history and as employees face rising inflation and the cost of living.
According to market observers, Apple’s move comes after Google, Amazon and Microsoft made changes to their compensation structures in recent weeks to pay workers better. to retain and attract talent.
“Supporting and retaining the best team members in the world allows us to deliver the best, most innovative products and services to our customers,” said an Apple representative.
Apple will also increase the starting salary of its retail employees in the US to $22 an hour, up from $20. Apple said that stores in some regions may have a higher starting price.
The increase in retail wages comes as Apple faces retail unions across the country demanding higher wages. Currently, American businesses are dealing with a talent crisis as many people choose to work flexibly or quit during the pandemic.
In the US, inflation hit 8.3% in April, the fastest pace in more than 40 years, while the unemployment rate remained as low as 3.6%. The combination of these factors has prompted many workers, especially in demanding sectors like technology, to seek better wages or more flexible conditions at other companies.
Recently, labor market for technologists there are some signs that this market may be slowing down in response to market conditions. Facebook, Snap and Nvidia recently said they would reduce hiring to control costs according to market conditions.
Apple remains a cash-rich behemoth, with revenue growing 34% in 2021 to more than $297 billion with a 43% gross margin.
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