You can be one of the most profitable companies in the world, but still need to put the brakes on hiring and spending from time to time.
According to a number of sources that have spoken with Bloomberg, Apple has initiated a hiring freeze in several departments, as well as made changes to how it doles out promotions and bonuses to employees.
While other major names in tech are performing mass layoffs, such as Meta’s massive offloading of staff, Apple has tried to minimize how many people it lets go. Though it has worked so far, the iPhone maker seems to be preparing to take more steps to reduce its outlay.
One method to streamline finances is for the company to cut down on the number of times a year it performs bonus payouts from twice a year to just once. While this will vary between divisions, the trend will be eliminating the April payment in favor of just an October one. Even with the reduced number of payment instances, employees are still expected to receive their full bonus entitlement for the year.
Apple is also apparently going to refine its current hiring freeze policies. The company has already slowed down its hiring practices since 2022, with the company deciding to leave positions unfilled when employees exit to reduce the headcount.
At the time of the November reports, an Apple spokesperson insisted the company was continuing to hire but was taking a “very deliberate approach in some parts of the business.”
Stay tuned for additional details as they become available.
Via AppleInsider and Bloomberg