Twitter’s year got off to a rocky start when it lost several top executives in January. The worrying set of departures means the company is now taking extra steps to prevent a similar, high-profile exodus occurring again.
Twitter has dramatically increased its employee compensation packages in order to retain talent, according to a new report by the Wall Street Journal. The financial perks include cash bonuses for selected employees that range from $50,000 to $200,000.
If that isn’t enough to tide over its skeptical workers, the company is also granting individuals various amounts of restricted stock, according to sources familiar with the matter who spoke to the newspaper.
Twitter shares have lost a whopping 60 percent of their value over the past 12 months. The stock giveaway is thus a form of compensation — which is calculated depending on when the employee commenced their tenure at the company — designed to make up for the value lost by stock owners since they joined Twitter.
It’s already been a troubling 2016 for the social network, which nonetheless remains a major player in the sector due to its 320-million-strong user base. The problem is those numbers aren’t growing, despite Twitter introducing a barrage of new initiatives aimed at attracting new users. Meanwhile, rumors regarding critical changes to the site’s design (including the expansion of its famous 140-character limit) and an implemented update to its timeline have risked alienating frequent users.
Aside from the four executives who departed at the start of the year, Twitter lost an additional high-profile employee in the past week. The company’s editorial director Karen Wickre left the fold after four years. Wickre oversaw the platform’s public-facing content, such as blogs and Twitter accounts.
- SoftBank investment is a long-awaited piece of good news for Uber
- As redesign rolls out, Snap lays off 22 staff members across 8 departments
- After tightening rules, Twitter faces a new fight against privacy claims
- Twitter’s new rules are here — and hate groups are finally getting the boot
- Is Spotify too big to fail? We’ll find out soon