In addition to the raise, the Journal reports that a $1000 holiday bonus is also being offered. With an unemployed rate of 9 percent, nationally, and with California at about 12.2 percent, this has to be seen as positive news.
TechCrunch has an internal memo from oft-quoted CEO Eric Schmidt: "So that is why we’ve decided…to give all of you a 10% raise, effective January 1st. This salary increase is global and across the board–everyone gets a raise, no matter their level, to recognize the contribution that each and every one of you makes to Google."
That's 23,000 employees, all told, that get the fiduciary boost.
While talented workers tend to migrate around and through Silicon Valley with relative ease, keeping the good people can be a burden for some companies. Google, known for its lush campus and office-park perks like day care for children and super-fast WiFi, has still seen people leaving.
The question: Does a rising tide lift all Silicon Valley boats? One could predict a general pay-raise-wave to wash through the Bay Area, at least at the tech companies.
If only that labor wealth could do some cross-industry lifting, too.