Amazon more than doubles salary caps to $350,000 for US white-collar workers | Business

Amazon is dramatically increasing salary caps for its U.S.-based technology and enterprise workforce, in a nod to how the pandemic has exacerbated already fierce competition for talent nationwide.

The e-commerce and cloud computing giant announced in an internal blog post on Monday that the company’s maximum base salary in the United States had more than doubled from $160,000 to $350,000 per year.

The blog post, a copy of which CNN reviewed, added that Amazon “is also increasing the overall compensation ranges for most jobs around the world, and the increases are much larger than we have in the pass”. These changes apply to Amazon business and technology employees worldwide.

“This past year has been marked by a particularly competitive labor market, and by carrying out a thorough analysis of the various options, taking into account the economics of our business and the need to remain competitive in order to attract and retain the best talent. , we have decided to significantly increase our compensation levels than we do in a typical year,” the internal message said.

Amazon spokeswoman Kelly Nantel declined to comment on the blog post, but confirmed its authenticity.

It’s unclear how many Amazon employees may directly benefit from the change or will soon earn the top pay rate, but the blog post says Amazon’s base salary cap has been kept at $160,000. “for several years”.

The change comes as Amazon kicks off its annual performance review season this week. An additional change, according to the blog post, is that employees who are promoted to a new pay bracket will see the results of that promotion in the year it occurs through the award of additional equity compensation in mid-year.

Previously, according to the post, promotions only provided “a base salary increase prior to the next annual compensation cycle.”

The-CNN-Wire

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Elizabeth J. Harless