Saturday, January 24, 2009

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Yahoo suspends employee pay raises

Yahoo has frozen employee salaries.
The company told employees Wednesday that it would stop all annual pay raises in 2009. Yahoo is trying to turn its fortunes around while it faces internal struggles, as well as the external challenges presented by the current economy. Despite the freeze on annual raises at Yahoo, employees who are promoted to higher positions within the company could still obtain increases.

Yahoo isn't alone in turning to salary freezes as a means to tighten spending. Several other companies, including Microsoft, are halting pay raises to reduce payroll costs. Others have come up with alternative means for reducing their payroll. For instance, media company Gannett has mandated its employees take one week of unpaid vacation. Google announced a new stock option plan for its employees this week. The methods won't necessarily halt layoffs.

Yahoo laid off about 1,500 people in December, and several blogs reported rumors that there may be more to come. However, those rumors are based on an anonymous inside source.

1 comments:

  1. KYA FARAKH PAINDEE.. THESE GUYS ARE LUCKY THEY GOT THEIR JOBS INTACT Yahoo!

    ReplyDelete

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