Microsoft has decided to freeze the pay of all its full-time workers this year to help it to navigate macroeconomic ructions, becoming the latest US technology leader to tighten its belt during a time of mounting uncertainty.
Chief executive Satya Nadella said in an internal memo that the move was necessary to generate “enough yield” to invest in the major platform shift towards artificial intelligence.
Microsoft had already raised compensation in 2022, he said.
However, the company will consider raising rates for hourly workers while maintaining a bonus and stock award programme without “overfunding” it, Mr Nadella said, without elaborating.
“As a company we recognise that navigating both a dynamic economic environment and a major platform shift requires us to make critical decisions in how we invest in our people,” a company representative said.
Technology companies have downsized and slashed expenses globally to account for tepid consumer demand and shore up finances ahead of a potential recession.
This year, Microsoft began cutting thousands of jobs, joining peers from Meta Platforms to Amazon.
The software leader last month reported quarterly profit and sales that topped projections, and is making massive investments in AI.
These include a reported $10 billion ploughed into OpenAI and a Bing internet search chatbot — a strategy to drive future sales of Azure cloud services, search advertisements and office productivity programmes.
“As a senior leadership team, we don’t take this decision lightly, having considered it over several months,” Mr Nadella said in his memo.
“This year, the economic conditions are very different across many dimensions, including customer demand, the labour market and the investments required for the next cycle of innovation.”
F1 The Movie
Starring: Brad Pitt, Damson Idris, Kerry Condon, Javier Bardem
Director: Joseph Kosinski
Rating: 4/5
City's slump
L - Juventus, 2-0
D - C Palace, 2-2
W - N Forest, 3-0
L - Liverpool, 2-0
D - Feyenoord, 3-3
L - Tottenham, 4-0
L - Brighton, 2-1
L - Sporting, 4-1
L - Bournemouth, 2-1
L - Tottenham, 2-1
Electric scooters: some rules to remember
- Riders must be 14-years-old or over
- Wear a protective helmet
- Park the electric scooter in designated parking lots (if any)
- Do not leave electric scooter in locations that obstruct traffic or pedestrians
- Solo riders only, no passengers allowed
- Do not drive outside designated lanes
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UAE currency: the story behind the money in your pockets
Mohammed bin Zayed Majlis
The specs: 2018 Nissan 370Z Nismo
The specs: 2018 Nissan 370Z Nismo
Price, base / as tested: Dh182,178
Engine: 3.7-litre V6
Power: 350hp @ 7,400rpm
Torque: 374Nm @ 5,200rpm
Transmission: Seven-speed automatic
Fuel consumption, combined: 10.5L / 100km
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Key facilities
- Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
- Premier League-standard football pitch
- 400m Olympic running track
- NBA-spec basketball court with auditorium
- 600-seat auditorium
- Spaces for historical and cultural exploration
- An elevated football field that doubles as a helipad
- Specialist robotics and science laboratories
- AR and VR-enabled learning centres
- Disruption Lab and Research Centre for developing entrepreneurial skills
