|
Pay hike for Micro-serfs
|
 |
May 10, 1999: 7:12 p.m. ET
Software giant boosts salaries, stock options for most of its 30,000 crew
|
NEW YORK (CNNfn) - Software giant Microsoft Corp. is digging deeper into its pockets to boost the salaries of most of its 30,000 workers, the company said Monday.
Responding to increased competition for skilled workers, Microsoft (MSFT) will increase the base pay and stock options for most of its employees.
Microsoft spokesman Dan Leach said the company's current compensation structure has been in place for 20 years.
"It's served us very well," he said, "but we're continuing to grow and the fact is that it's a very competitive labor market. Our core philosophy hasn't changed at all. You pay for performance."
The move will increase pay at Microsoft to the 65th percentile in the software industry, where salaries will be above about two-thirds of its competitors for similar jobs. Prior to the increase, salaries were at the 50th percentile.
Leach said the company has not had a problem with retention and recruitment, noting Microsoft's attrition rate is about 7 percent, or less than half the industry average.
He also said Microsoft is doubling the number of job levels within the company to increase promotion and career opportunities. The plan is scheduled to roll out through the summer.
Microsoft closed up 5/8 at 79-11/16.
|
|
|
|
|
|
Microsoft
|
Note: Pages will open in a new browser window
External sites are not endorsed by CNNmoney
|
|
|
|
 |
|
