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  • 5/10/2024
Google employees expressed frustration to CEO Sundar Pichai and CFO Ruth Porat over cost cuts and lack of pay raises despite strong profits. Workers reported a significant drop in morale and increased distrust between leadership and staff. The top concern was an absence of meaningful pay bumps while the company hit record earnings. Porat said expenses had outpaced revenue recently, which isn't sustainable. Pichai acknowledged overhiring during COVID and the need to rein in spending now. Pichai outlined growing costs while moderating the pace of spending increases. The meeting followed recent layoffs, return-to-office orders, and protests over military contracts.
Transcript
00:00It's Benzinga and here's what's on the block.
00:02Google employees expressed frustration to the CEO and CFO over cost-cutting lack of pay raises,
00:08even though there have been strong profits. Workers reported a significant drop in morale
00:14and increased distrust between leadership and staff. The top concern was an absence
00:19of meaningful pay bumps while the company hit profit record earnings.
00:23Now you did have leadership say that expenses had outpaced revenue in recent years,
00:27which is not sustainable. CEO acknowledged overhiring during COVID and the need to now
00:33rein in spending. You did have an outgrowing cost while also moderating the pace of spending
00:38increases. The meeting did end up following the layoffs and return to office orders and
00:43protests over military contracts. For all things money visit Benzinga.com

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