Bloomberg, a U.S. based financial data and information company, has generated annual revenue of $10 billion for the first time. As a result, some staffs of the company will be paid special bonuses depending on when they were employed. A media outlet on January 10 reported this and many more.
$10 Billion Milestone Made Possible Through Diversification
Based on reports, reaching a $10 billion annual revenue would not have been impossible if the media company was still focused on a certain area. As of 2018, the Wall Street company launched multiple products in areas such as advanced data analysis tools, which has enabled it to attain this milestone.
Also, Bloomberg had set this milestone called “TenB” in 2008, as an incentive to encourage its employees to work harder. The plan was that if $10 billion is raised, staffs who were employed before 2009 will get 25% of their average annual income. On the other hand, those who were employed after the incentive was created (around 2013), will only have calculated bonus added to their pay.
Almost Half of 20,000 Employees to Be Paid Bonuses
Reportedly, this bonus will be added to the salary of almost half of Bloomberg’s 20,000 employees. This is because they have met the criteria for those to be paid when the milestone is reached. The bonus in question is said to be worth tens of thousands of dollars.
As confirmation, a memo was sent last week to these employees to notify them of the new development, the report says. The message said that a statement of the amount they will receive would be attached to their February’s compensation statement. Also, these payments will be made to eligible participants by March 2019.
Higher Bonus Pay If Incentive Was Reached Sooner
While this is interesting, reports reveal something more intriguing, and that is the fact that there was going to be a better pay if this target had been reached sooner. The reason is, the annual percentage bonus kept declining on a yearly basis. That being the case, these workers would’ve gained a 70% bonus of their average annual income if this milestone had been reached in 2014.
Bloomberg has been a resource for the latest news which some crypto enthusiasts have come to rely on. BTCNN had also reported on May 9 of Bloomberg’s launch of a financial cryptocurrency index that shows the performance of digital assets. This index then allows a crypto trader to make informed decisions based on the data indicated on it.