New Delhi: According to a top Google executive, the tech giant will not automatically adjust all employees’ salaries to account for inflation.
According to CNBC, when asked about the US inflation rate, Google’s Vice President of Compensation, Frank Wagner, told employees in a meeting that the company does not “have any plans to do any type of across-the-board type adjustment.”
Sundar Pichai, CEO of Alphabet and Google, asked during the meeting: “With US inflation rates as high as 7%, some companies are making blanket salary adjustments to cover only the inflation. Is Google planning on doing the same thing?”
“Inflation does seem to be top of mind for a lot of folks,” Wagner responded, “and I think one of the reasons is that people are pretty eager to get their compensation awards.”
Google, on the other hand, “will not implement company-wide inflation adjustments.”
“We have no plans to do any type of across-the-board type adjustment,” he was quoted as saying in the Friday report.
“Employees receive bonus and equity as part of their total compensation, which also includes generous benefits and flexibility,” a company spokesperson said in a statement.
Alphabet, the parent company of Google, has over 150,000 full-time employees worldwide and has seen its revenue and stock soar in the last year.
In October, Alphabet reported its fifth consecutive quarter of record profits ($18.9 billion) and second consecutive quarter of record revenue ($65.1 billion).