According to a recent report by Bloomberg, Apple is tightening its belt by implementing a series of changes across the company. The tech giant is delaying bonuses for certain teams and freezing hiring across more departments. The move is part of Apple’s efforts to cut costs amid economic uncertainty, with CEO Tim Cook calling layoffs a “last resort kind of thing.”
One of the changes being implemented is a shift to the schedule of employee bonuses. Previously, bonuses and promotions were typically doled out once or twice per year, depending on the division. Under the new plan, all divisions will move to an annual schedule, with the payments occurring only in October.
In addition to reducing travel budgets for many teams and requiring the senior vice president’s approval for more budget items. Apple is apparently taking additional action against remote work by carefully tracking how frequently workers visit the office vs working from home. The company’s current policy requires employees to work in an Apple building three times per week.
Despite these cost-cutting measures, Apple has still avoided any layoffs within the company. This is in contrast to other tech giants like Meta, which announced today that it is laying off another 10,000 workers, its second such round of massive job cuts.