Amazon's corporate employees will be paid up to 50% less in 2023 because of its falling stock price, report says
Some Amazon corporate employees will be be paid as much as 50% less than previously expected in 2023 because of the company's falling stock price, theSalaries this year are likely 15% to 50% lower than the estimations given to Amazon staff, people familiar with the matter told the Journal.
Amazon's stock price has fallen from around $150 per share in February 2022, to around $97 per share as of Tuesday, a drop of $53, or 35%,Stock units are issued to staff on the basis that the company's share price will increase around 15% every year, sources told the Journal. The sources added that expectations were that the company's share price would be around $170 this year, rather than the $97 where it currently trades.
In a statement sent to Insider, an Amazon spokesperson said: "Our compensation model is intended to encourage employees to think like owners, which is why it connects total compensation to the company's long-term performance. "That model comes with some year-to-year upside and risk because the stock price can fluctuate, but historically at Amazon, it's had a history of working out very well for people who've taken a long-term view."
In an internal meeting last week, CEO Andy Jassy said Amazon is contending with"a very uncertain economic environment,"
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