Twitter Cuts Bonuses By Nearly Half
Twitter is rewarding its its employees for a job well done by cutting their overall bonuses by nearly half, according to The Information.
While the company said in a memo to employees that workers will still receive 100% of their bonus that’s tied to personal performance – no matter how good their performance was, the company will pay just 7% of their ‘corporate bonus’ target, bringing the overall bonus target to 57%.
In previous years, employees received 100% of the corporate bonus target or more.
According to an anonymous Twitter employee, the memo has infuriated lower-paid workers, who are more dependent on cash bonuses and won’t receive the same level of stock-based compensation as upper management.
Twitter’s Vice President of people and diversity, Dalana Brand, told The Information that performance bonuses are one component of an employee’s overall compensation and is ‘designed to be flexible.’
Meanwhile, Twitter CFO Ned Segal announced that the company is exploring whether to pay employees in bitcoin if they request it – which could mean that those with kneecapped bonuses who also want to be paid in crypto could take a significant hit in the event of a crypto crash.
“We’ve done a lot of the upfront thinking to consider how we might pay employees should they ask to be paid in #bitcoin, how we might pay a vendor if they asked to be paid in #btc and whether we need to have #btc on our balance sheet,” says @NedSegal $TWTR. pic.twitter.com/KjIgnqDmYC
— Squawk Box (@SquawkCNBC) February 10, 2021
At least they got their preferred candidate into office, even if the company’s woke decision to kick former President Trump off the platform affects their ‘corporate bonus’ target.
Wed, 02/17/2021 – 14:40