“This past year has seen a particularly competitive labor market and in doing a thorough analysis of various options, weighing the economics of our business and the need to remain competitive for attracting and retaining top talent, we decided to make meaningfully bigger increases to our compensation levels than we do in a typical year,” the company said in the Monday announcement, according to GeekWire.
The previous cap was paired with stock compensation, which vested over the course of several years at the company. It is unknown if the higher cash salary cap will affect the other portions of that compensation package, according to the Times.
The changes also come during the company’s first review cycle since Andy Jassy became CEO last year when Jeff Bezos left the company, the Times added.
Updated 2/7/2022 at 7:16 p.m.: This story was updated with additional context and related background information.
