Twitter is offering payouts between $50,000 and $200,000 to keep its job-shopping employees from jumping ship according to the Wall Street Journal.
The bonuses are being offered in the form of restricted stock to retain workers for six months to a year, according to the report.
The troubled microblogging site’s stock has lost more than half its value in the past year; on Thursday morning it lost another 3.5% as soon as the New York stock exchange opened.
There has also been an exodus of staff, with the company ditching senior management, including the chief executive, Dick Costolo, and other staff. Former employees describe the environment as stressful. “It’s just not a very happy place to work,” one told the Guardian shortly after Costolo’s departure last year.
Little appears to have changed in the intervening months. Among reviews both negative and positive of the company on Glassdoor, a review site for workplaces, one described the environment as “very bro-y” with a “very political climate” as recently as January. That reviewer suggested the company “hire less bros”. Another said, “Management changes are a constant distraction. Compensation and performance reviews are constantly changing.”
But complaints about pay and benefits may not have fallen on deaf ears. “Developing, retaining, and recruiting top talent is critical to Twitter’s business success and building shareholder value,” a Twitter representative said in a statement to the Guardian.
Twitter’s advertising fundamentals are strong but its monthly active users are declining despite months of new tricks to attract users, including the change of the star-shaped “favorite” button to a heart-shaped “like” button, the introduction of Twitter Moments, a feature designed to catch users up on the latest news, and a widespread crackdown on bullying and hate speech.
The microblogging service has hovered around 300 million monthly active users while competitors including Facebook-owned Instagram and WhatsApp are surpassing it in terms of numbers and growth. The names at the top of the company have changed, too: Jack Dorsey, one of Twitter’s co-founders with Ev Williams and Biz Stone, was made full CEO in October last year after a months-long search in the aftermath of Costolo’s exit. Dorsey served as interim CEO during the search.
This article was written by Sam Thielman in New York, for theguardian.com on Thursday 10th March 2016 16.16 Europe/Londonguardian.co.uk © Guardian News and Media Limited 2010