Work for Google? Here's Your 10 Percent Raise and $1,000 Bonus

Posted 11/10/2010 at 8:38am | by Paul Lilly

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Christmas is coming a little early to Google employees this year, even the ones who may have landed on the naughty list. No matter what Santa's opinion, every single person who works for Google is receiving a $1,000 "holiday bonus" and a salary increase of at least 10 percent, Business Insider reports.

The raise goes into effect starting January 1, 2011 and includes a 10 percent boost in salary, plus an additional bump in pay equivalent to 1X the employee's target bonus for the year. And if all that weren't enough, Google workers are also eligible for "merit increases" based on their performance.

In a confidential note to employees, Google CEO Eric Schmidt had the following to say:

I’m pleased to share some very, very good news with Googlers worldwide. But first let me say, on behalf of everyone on the management team, that we 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.

So that is why we’ve decided...to give all of you a 10% raise, effective January 1st. This salary increase is global and across the board--everyone gets a raise, no matter their level, to recognize the contribution that each and every one of you makes to Google.

There’s more. We’ve heard from your feedback on Googlegeist and other surveys that salary is more important to you than any other component of pay (i.e., bonus and equity). To address that, we’re moving a portion of your bonus into your base salary, so now it’s income you can count on, every time you get your paycheck. That’s also effective January 1st. You’ll be receiving an email shortly with further details about these changes to your compensation. And one last thing...today we’re announcing that everyone will get a holiday cash bonus, too.

Googlers, you are what makes this company great, and our goal here is to recognize you for your contribution, in a way that’s meaningful to you. Thank you for all that you do, and for making Google a place where magic happens.

Eric

While $1,000 isn't enough to put a down payment on a Maserati, what Google's done here is commit a large amount of funds towards preventing employees from rushing off to the competition. As Business Insider points out, that $1,000 bonus works out to $20 million (about 20,000 employees), and when you factor in the 10+ percent raises, Google's investment in its workers will likely cost the search giant about $1 billion per year.