Job cuts have been rampant in the IT industry. All leading technological businesses have announced layoffs, with the exception of Apple. Further job losses announced by Amazon and Facebook parent company Meta have been added to the initial totals. Apple is the only major technology business that has so far avoided mass layoffs. According to a Bloomberg story, the corporation has taken the following actions to reduce expenses and keep jobs.
Reduce yearly bonuses
For corporate teams that historically got payments twice a year, in April and October, it has been alleged that Apple is deferring bonuses. So, the entire incentive for these clubs will be paid out in October. Apple is allowed to keep that cash on hand for a little while longer even though it has already taken the money into account in its finances, according to Mark Gurman of Bloomberg.
Putting off some projects
Apple is reportedly developing new home appliances like the HomePod with a screen. Nonetheless, the corporation has delayed some projects until the next year as part of attempts to balance the books. Apple will be able to devote more of its research and development funding to important initiatives as a result of the change.
The company has reduced funds for several teams, and more items now need senior vice president clearance.
Hiring limitations
Apple is rumoured to have stopped hiring for the majority of teams and severely restricted hiring for others. Although there have been multiple high-level departures from the corporation in recent months, it is rumoured that some of those positions are being left vacant rather than being filled. The article claims that due to the costs associated with the transfer process, Apple is restricting the ability of both corporate and retail staff to transfer to other departments or locations.
Reduced contractors
According to media sources, Apple quietly terminated contracts with many of its contract recruiters (non-full-time employees) stationed within engineering teams and other departments in recent weeks. Additionally, when these employees depart, Apple won’t hire replacements.
Reducing travel spending
According to reports, travel funds have been drastically curtailed, and senior executives must now approve all travel requests for staff. Travel has been fully stopped for the time being for personnel in a few departments. They may, however, travel if it is necessary for their jobs.
Tougher rules for office attendance
Employees are expected to come into the office on Tuesdays, Wednesdays, and Thursdays due to rigorous office attendance policies implemented by Apple managers. According to reports, the corporation monitors employee attendance and working hours in its retail division.
Employees sometimes worry that if they don’t work a specific number of hours, they’ll be fired. Some employees think Apple is becoming more stern in an effort to induce them to leave and save the business money, according to the report.
Also, Apple is eliminating “special sick time” for time lost due to Covid and demanding employees to utilize regular sick time in its place or forfeit payment.
