This week two international companies announced that they would improve conditions for workers; Microsoft by increasing salaries, and Goldman Sachs by offering unlimited vacation for senior management. Meanwhile, other workers are looking to upskill, and turning to social media platform TikTok for help.
What else matters this week?
Air travel is recovering, but passengers are less likely to fly business class
Losses, layoffs and hiring freezes continue in the tech sector. Has the bubble burst?
As the return to the office continues, start-ups are flocking to co-working spaces.
Elon Musk’s bid to buy Twitter is on increasingly shaky ground.
Could the US’ House of Congress be the next group of workers to unionise?
We’ve got a full breakdown of all the top headlines you can’t miss this week.
#1. Microsoft to increase salaries for early- and mid-career workers.
Microsoft announced plans to almost double its budget for employee salaries and boost stock compensation for some employees by 25%. The move is an effort to help staff cope with the rising cost of living, and to encourage workers to stick with the company. In a competitive tech labour market, “our talent is in high demand,” said Microsoft’s Chief Executive Officer, Satya Nadella, in a staff memo. The changes at Microsoft, which has nearly 200,000 employees around the globe, will mainly benefit early and mid-career professionals, the company said.
This comes as Amazon announced increased salary ceilings in February. Should more companies raise pay to counter inflation? Read more at Bloomberg.