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29 Dec, 2021 15:40

Apple may splash cash to contain brain drain

Big Tech companies known to lure skilled workers from rivals
Apple may splash cash to contain brain drain

Apple is reportedly awarding some of the company’s engineers with huge perks in an effort to keep its highly skilled professionals from fleeing to Facebook (recently rebranded as Meta), Google, and other tech rivals.

The stock bonuses – which came as a surprise to those who got them and were valued at between $50,000 and $180,000 – have been handed out to high-performing engineersaccording to sources quoted by Bloomberg. The shares reportedly vest over four years, providing an incentive to stay with the company.

The bonus payments are reportedly separate from the usual monetary benefits awarded to Apple employees.

Apple has long been engaged in a tug of war with its rivals for the brightest minds in Silicon Valley, with Meta emerging as a particular threat.

Formerly known as Facebook, Meta has reportedly hired nearly 100 engineers from the iPhone maker in the past few months. Meanwhile, Apple has lured away some of Meta’s key professionals.

The established perks famously provided by the US tech giants – including complimentary food, and in-house masseuses and gyms – have been rendered largely redundant during the pandemic and the subsequent shutdowns of offices.

Apple’s latest move is a notable example of how far Big Tech corporations will go to keep hold of highly qualified personnel, even when they’re working from home.

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