Google Offers Substantial 300% Salary Increase to Retain Employee Joining AI Startup

-

Google Offers 300% Salary Increase to Retain Employee Moving to AI Startup, CEO Reveals

Aravind Srinivas, CEO of Perplexity AI, highlighted a remarkable instance on the Big Technology Podcast, shedding light on the lengths big tech firms go to retain their employees. Srinivas, an alumnus of IIT-Madras, shared that the employee who received a substantial salary hike was originally part of Google's 'search team' and had no direct involvement with its AI division.

Moreover, Srinivas discussed the ongoing trend of layoffs within the tech industry. He emphasized that firms often target employees with high salaries who do not proportionately contribute to productivity.


Tech Layoffs in 2024:

The tech industry witnessed a significant wave of layoffs in the first month of 2024, leaving tens of thousands without jobs. Among these, the tech sector alone cut 32,000 roles. Last month, Google's CEO, Sundar Pichai, cautioned employees to prepare for further job cuts, citing the necessity to make "tough choices" to facilitate investments. In an internal memo addressed to all Google employees, Pichai outlined the company's ambitious goals and the need to create capacity for investment.

Since January 10, Google has implemented layoffs affecting over a thousand employees across various departments. In 2023, Pichai announced plans to cut approximately 12,000 jobs, constituting around 6% of its global workforce. Pichai communicated this decision through an open letter, expressing the necessity of reducing the workforce to enable investments in strategic priorities. The layoffs at Alphabet encompassed numerous divisions, including X Lab, responsible for developing new technology, as well as the advertising sales team and the hardware team overseeing Pixel, Nest, and Fitbit. The augmented reality team also experienced significant reductions.

Disclaimer: The information presented in this blog post is sourced from publicly available news articles and is intended for general informational purposes only. It should not be construed as professional advice. Readers are encouraged to conduct their own research and consult with relevant professionals before making any decisions based on the content provided.





Comments

Post a Comment

Best Blogs

IB Interview Questions: M&A : Level 1 M&A Questions

-
Image
1. Why do companies merge? While are many reasons that companies merge the underlying driver of most M&A deals to expedite growth and/or generate cost savings to create value for the owners of the business. When people say that M&A is an ‘art’ and a ‘science’, what does that mean? The science refers to the mechanical valuation methods (Comps, DCF, etc.), but the art is in making a judgment call on valuation based on the outputs of the various valuation methodologies. 2. Who can pay more when buying a company: a Financial buyer or Strategic buyer? Why? Strategic (i.e. corporate) buyers can typically pay more than Financial (i.e. Private Equity) buyers because strategic buyers typically have overlapping operations that can be removed post-merger to generate cost savings (i.e. Synergies). 3. When are sponsors and corporate buyers on equal footing? When a Financial buyer already owns a competing asset, they can generate synergies (which justifies a higher price) and thus are on mor...
Read more

Getting into Investment Banking: A Comprehensive Guide

-
Image
Introduction Breaking into investment banking (IB) is no small feat, whether you're pre-MBA or post-MBA, from a target or non-target school. While high GPAs and test scores are standard, they are often not enough to stand out. Here’s a strategic approach to help you embark on a successful investment banking career. 1. Network Extensively When your application lands at an investment bank, it’s usually reviewed by a small team of bankers responsible for recruiting from specific schools. Given the competitive nature of this field, networking is crucial. Why Networking Matters: Decision-making bankers are more likely to advocate for you if they know you. Especially vital for non-target school students. Engage with alumni and other connections at your target firms. How to Network: Start reaching out to analysts and associates a few months before core recruiting starts. Look for non-target alumni if you're from a non-target school; they often help each other out. Demonstrate Interest...
Read more