Snap cuts more costs by replacing employee performance bonuses, long a cornerstone of tech pay
Snap is moving to replace its cash performance bonuses with a more limited potential pay increase.Snap's plan, which would cut pay for workers, may save it hundreds of millions of dollars a year.
For many years, Snap employees could receive an annual cash bonus equal to 10% of their base salary after performance reviews. For high performers, this bonus could be doubled, tripled or even quadrupled. Instead, workers will have the chance at an annual increase to base pay of between 5% and 15%. The level of the increase will be based on their performance. In addition, performance reviews will now take place quarterly, instead of every six months as they have for several years, the people familiar said.
"For the median Snap team member these changes deliver an increase in overall compensation, and for consistent top performers represents a significant raise," the spokesman added."This new program begins in April, after annual 2022 bonuses are awarded."
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