According to a new report by Bloomberg, Apple has introduced a new round of cost-cutting initiatives, freezing hiring for many positions and delaying bonuses for some employees.
Apple has been slowing down its hiring efforts since July of last year, suspending hiring for most jobs except research and development. Apple is again expanding its hiring freeze by not hiring new members for teams developing future devices and advancing long-term Apple growth initiatives.
In addition to the expanded hiring freeze, Apple also plans to reduce bonuses for some employees. Apple offers bonuses and promotions 1-2 times a year depending on the department, and these bonuses are typically paid in April and October each year. it has learned from a Bloomberg report that Apple has plans to reduce bonuses to once a year. Employees will still receive full bonuses, but they will be delayed until October of each year.
Apple CEO Tim Cook’s pay has also been reduced this year, and he will receive $49 million in salary, bonuses and stock awards, down about 50 percent from $99 million in 2022.
Bloomberg reports that Apple has also tightened its budget review system and is requiring mid- and senior-level checks on office attendance and limiting personnel travel.
