Stephen Lam/Reuters
Apple is reportedly scaling back the frequency of bonuses for some employees and expanding its hiring freeze amid a broader belt-tightening at the company and industrywide.
Apple is changing the bonus and promotion schedule for employees in some corporate divisions from twice a year to once a year, people with knowledge of the situation told Bloomberg, which notes that most divisions had already moved to the once-yearly schedule. In addition, Apple is freezing hiring for more positions and letting additional roles remain open when employees leave.
The company is also more closely monitoring its travel spending and office attendance, per Bloomberg. Last year, Apple started requiring that employees return to the office at least three days a week.
While tech rivals like Meta, Amazon, and Google lay off thousands, partly due to overhiring during the pandemic, Apple hasn't announced any layoffs thus far. CEO Tim Cook is taking a 40% pay cut this year and said in a shareholder meeting last week, "We're being very prudent and thoughtful on spending, and we continue to be very deliberate when it comes to hiring."
Apple did not immediately respond to a request for comment.
