We’ve always heard that Google was a great place to work, and CEO Eric Schmidt is putting his money where his mouth is, quite literally. Business Insider reports that to honor the performance and quality of all Google employees, Schmidt announced a minimum 10% raise across the board for 2011; minimum, because employees are also eligible for individual merit increases. And as if that wasn’t enough to put Googlers in the holiday spirit, all employees will also be receiving a $1000 (taxes-paid) cash “holiday bonus.”
That’s a lot of money. Given the company’s 20,000 employees, the cash bonus alone will cost $20 million, and that’s not including the taxes already paid on it. The raise is estimated to cost $1 billion per year.
It’s not like Google doesn’t have the cash, though. The company has been on a revenue roll since its inception in 1998, and it doesn’t seem to be letting up. Their initial gamble in the mobile OS industry has paid off in spades (not in actual OS sales – it’s a free OS – but by having 98% of the mobile search market), and their search engine and browser don’t seem to be letting up in growth numbers. They will be releasing a desktop OS, Chrome OS, in November, and they will be testing the broadband ISP waters next year.
In an internal memo, Schmidt highlights the quality and motivation of the Googlers as the prime driver for the surprise raise.
...[W]e believe we have the best employees in the world. Period. The brightest, most capable group of this size ever assembled. It’s why I’m excited to come to work every day--and I’m sure you feel the same way. We want to make sure that you feel rewarded for your hard work, and we want to continue to attract the best people to Google.
Googler families can expect some pretty awesome gifts this year.