Amazon corporate employees could lose 50% of pay in 2023.
People close to management told the Wall Street Journal on Monday that Amazon’s corporate employees will be making less money in 2023.
Shares of the world’s largest online retailer dropped roughly 36% over the last year causing far more than shaking up in Amazon’s stock-heavy compensation plan; while pulling employee pay much lower than target compensation levels.
According to a report on Fox, “Amazon pays its corporate employees a large chunk of their annual salaries in restricted stock units, but 2022’s stock performance will mean salaries will slip between 15% and 50% lower this year.”
Typically, Amazon offers less base-pay compensation to employees than its contemporaries like Google, Apple and Microsoft, but Amazon has made up the difference with stock awards that vest over several years.
Despite the near 40% dip in share price the last 12 months, Amazon is rallying in 2023, moving approximately 13% higher year-to-date, and around 3.25% into green territory the last quarter.