Yahoo is Desperate to Retain Employees by Huge Salaries
It looks like the Google competitor that is shrinking by the day is getting desperate to hold down its employees from quitting. Reports have come up suggesting that Yahoo is actually paying more than industry averages to their employees just so that they don’t leave.
For example, it was recently revealed that Jeff Bonforte the Senior Vice President of Communication Products at Yahoo is raking in more than $5 million each year!
If you think that is huge, wait until you know how much the ex-chief operating officer at Yahoo earned. Henrique De Castro the former COO was given around $100 million for a period of one year and two months! Of course this would include all the benefits but it is such a huge chunk that it makes you wonder.
That is exactly what happened when the current chief executive officer Marissa Mayer was question about the unbelievably steep earnings of Castro at the company’s board of directors’ meeting. According to her, the money was paid because Castro was an integral personality when it came to generating revenue and also he fact that he has extensive knowledge in the field of Ad Sales.
According to recent surveys, the newly hired employees as well as the current payroll enlisted employees are earning around $1 in a contractual period of three years.
Apparently, the employees are still not happy with their workplace because Yahoo still needed to put in place their acqui-hire service which works to make the employees change their mind who are planning to quit. I am sure the change of mind would come as a result of some added incentives.
This comes as an unsettling news because on one hand they are paying so much for the personnel that they think should be kept at any cost but on the other hand, the effects of such high costs are resulting in layoffs. The company recently shredded 100 to 200 employees as the result of an organizational restructuring policy.
That coupled with the fact that they have not seen a major uplift in their revenues is really troubling.
Could the future change the tides for Yahoo? What do you think based on the new ideas and projects that they are using to push up the revenues
Being the Managing Editor of TechFrag, Sarmad splits his time between keeping up with latest news, technology, gaming and other awesome things like unearthing the merits of staying up at night and Californication!