As per sources, the tech giant Microsoft will not hike the salaries of the employees this year. The company will cut down the budget for bonuses and stock awards as well. Reportedly, the information was shared via an email by the Chief Executive Operations Satya Nadella.Reports say that in January, Microsoft laid off more than 10,000 workers, adding to the ten thousand layoffs that happened earlier across the technology sector citing the reason for slowing growth in a turbulent economy. The report quoted saying, “Last year, we made a significant investment in compensation driven by market conditions and company performance, nearly doubling our global merit budget, this year the economic conditions are very different across many dimensions.”Notably, Microsoft is currently devoting its whole attention to generative AI, an area that the business community considers to be a strength.Microsoft has been integrating artificial intelligence technology into its Office products as well as the Bing search engine in partnership with OpenAI, the company that created ChatGPT and has also gotten billions of dollars in funding from Microsoft.A third round of job layoffs by Microsoft in March 2023 affected those working in supply chain, artificial intelligence (AI), and Internet of things (IoT) positions. The third round of layoffs, according to reports, is a component of the 10,000 jobs reduction announced by Microsoft earlier this year.
