In an apparent move to stave off defections to competitors, Google announced it is giving all its employees a $1,000 cash bonus and a raise of 10 percent, according to a source familiar with the matter.
The raises, which take affect January 1, 2011, apply to all 25,000 employees at the Internet giant, according to an e-mail to employees penned by Google CEO Eric Schmidt and first revealed by Business Insider. "We want to make sure that you feel rewarded for your hard work," Schmidt wrote. "We want to continue to attract the best people to Google."
In addition to the raise and bonus, Google will move a portion of employees' bonuses into their base salaries. The move comes as Google grapples with a wave of high-profile defections to Facebook.
For more on this story, read Google gives employees 10 percent raise, cash on CNET News.