According to an internal email from CEO Satya Nadella, Microsoft Corp. will not increase full-time employee salaries this year and is cutting budgets for bonuses and stock awards, according to a report by Insider on Wednesday.
“Last year, we made a significant investment in compensation driven by market conditions and company performance, nearly doubling our global merit budget…this year the economic conditions are very different across many dimensions” the report quoted Nadella saying.
In January, Microsoft stated it would let go of 10,000 staff, adding to the tens of thousands layoffs reported before that across the IT sector as it contends with sluggish growth in an uncertain market.
Microsoft has now squarely placed its focus on generative AI, an area the industry sees as a bright spot.
Microsoft has been integrating artificial intelligence technology into its Office products as well as its Bing search engine in partnership with OpenAI, the company that created ChatGPT and has also gotten billions of dollars in funding from Microsoft.
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