Apple offering large bonuses to retain talent from rivals like Meta

Apple is offering large bonuses to employees in an attempt to retain talent from rivals such as Meta, the parent company of Facebook, Bloomberg News reported.

The reported bonuses range from approximately $50,000 to as much as $180,000, according to Bloomberg. Many company engineers have received sums in the amount of roughly $80,000, $100,000 or $120,000 in shares, sources told the outlet.

Apple informed some engineers in the silicon design, hardware and select software and operations groups last week that they will receive the bonuses, which are being issued as restricted stock units. 

The latest payouts aren’t normal in the company’s compensation packages, which include a base salary, stock units and cash bonus, according to Bloomberg News. 

The software giant has awarded additional cash bonuses to employees, but the size of the latest stock grants was atypical and surprisingly timed, with about 10 to 20 percent given out to engineers in the applicable divisions, sources said.

The new bonuses program has left some engineers upset that they didn’t receive the shares and believe the selection process is arbitrary. 

Sources added the awards were presented by managers as a reward for high performers, Bloomberg News reported. 

This comes as Apple is waging war with other Silicon Valley companies such as Meta, which has reportedly hired 100 former Apple employees in recent months. 

Meta, which owns social media platforms Facebook, Instagram and WhatsApp, has dangled significant salary increases to poach engineering talent from Apple for its “metaverse” initiative. 

Apple has lured away some key Meta employees as well, Bloomberg News reported. 

The Hill has reached out to Apple for comment.