The news: Apple told employees Wednesday that it is increasing its overall compensation budgets and its starting salaries, per The Wall Street Journal.
A timely move: Faced with surging inflation, an upswell in labor unionization efforts, and resistance to full-time return-to-office plans, Apple is increasing its corporate and retail salaries across the board.
“Supporting and retaining the best team members in the world enables us to deliver the best, most innovative products and services for our customers,” an Apple spokesman said in a statement.
Trendspotting: Employees who feel they are valued and supported during tougher economic times are more likely to remain and have better job satisfaction. Big Tech’s lead could serve as an example for other companies serious about retaining top talent.
Counterpoint: Tech startups are going the opposite way, with less investment and a more conservative business environment. Many are scaling back and cutting jobs, per the Observer. This could lead to job seekers avoiding the tech startup sector.
This situation could result in decreased innovation, where monolithic companies continue to thrive as competition from beleaguered startups wanes.