Layoffs continue to remain a worrying trend in the IT sector with many leading players such as Meta, Credit Suisse, and Disney cutting jobs to decrease costs. In a second round of layoffs, Meta intends to reduce its workforce by 10000.
One software giant, though, is looking to adopt a different approach. As per Mark Gurman, a journalist working with Bloomberg, the company has tried to avoid laying off employees and instead decided to postpone bonuses to employees in some corporate teams. These employees will now receive their bonuses in October instead of receiving the money, bi-annually.
In addition to postponing bonuses for certain employees, Apple has also decided to delay the release of a few products such as a HomePad with a screen until 2024. The objective behind these measures to retain employees and save on costs.
The company had tightened its budget in several teams and has stopped hiring new employees in some teams and significantly limited the hiring in other teams. Additionally, Apple has also lowered its travel budgets and approval for any new trips would now be processed only after approval from senior executive officials. The company has also become more vigilant as far as attendance of employees is concerned.
For retail employees, the company has also decided to remove the option of "special sick time" for personnel who miss work due to COVID-19. Employees have been asked to either asked to utilise their regular sick time or risk losing their salary.
Also Read: Apple seeks India labour reform in push to diversify beyond China
