Happy Wednesday friends! Today, we’re looking at leaked documents that show Amazon employees are quitting twice as fast as in recent years and reveal why electric vehicles cost less to run than gas-powered cars.
Let’s dive into it.
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1. Leaked documents show Amazon employees are quitting twice as fast as in recent years. Low wages, sluggish stock prices and a grueling work culture are widely cited as fueling the exodus, but increased competition is also making it easier for companies’ most valued workers to find better opportunities.
- Amazon’s “regretted attrition” – the proportion of employees the company doesn’t want to leave – has averaged 12.1% since June 2021, double the average in recent years.
- The e-commerce giant is on track to spend a record amount on employee stock grants, in a bid to address compensation issues and retain key staff.
- According to internal documents, Amazon’s Delivery Service Partners team, which manages the company’s third-party delivery contractors, saw an overall attrition rate of 55% last year.
Read the full report here.
In other news:
2. Have you been with your current employer for more than a year? Then you are probably underpaid. The “Great Resignation” forced many
3. Netflix leak investigation reveals how the streamer plans to include ads. Netflix began pitching advertising plans to senior ad industry executives, as part of a drive to provide a less interrupted experience for viewers than rivals. The leaked survey could shape the future of ads on the platform, here’s what it contains.
4. Why electric cars cost less to own than gas-powered cars. The price of an electric vehicle can certainly scare a lot of people off from going electric. However, new research shows that once you factor in a few benefits – like fuel costs – electric vehicles are more economical than their gas-powered counterparts. Here’s why electric vehicles cost less to own each month than gas-powered cars.
5. We’ve ranked the 16 highest paid executives in adtech. A slew of adtech companies went public last year, rewarding their top executives with stock, performance-based stock rewards, and bonuses along the way. If you thought a $10 million salary package would get you near the top, think again. These are the 16 highest paid executives in adtech.
6. Lyft joins Uber to slow down hiring. According to the Wall Street Journal, Lyft will cut hiring and spending budgets, but is stopping ahead of layoffs. In an internal memo, Lyft’s chairman cited a “slower-than-expected recovery” and a “need to accelerate leverage across the business.” Here’s what we know about the slowdown.
7. Investors and VCs predict which superfast delivery startups will survive — and which won’t. Fast delivery startups flourished in the US a year ago, but only four major players remain. Amid a tumultuous market, here are the ones investors believe have what it takes to succeed.
8. Snap’s sudden warning shows a major consumer pushback is hitting digital ad budgets. Just over a month ago, Snap’s business was up 30% or more. But yesterday Snap’s CEO wrote a note to staff saying, “The macro environment has deteriorated further and faster than expected.” Here’s why growth has suddenly plummeted at Snap and why rivals won’t be spared the carnage.
9. Best Memorial Day tech sellers. The Holiday offers some of the best savings of the year on tech, including TVs, photography gear, streaming services, tablets and headphones. Take a look at the best deals on offer this Memorial Day.
10. Street View from Google Maps is getting big updates to celebrate its 15th anniversary. A new feature in its mobile app is the ability to display historic Street View images on your phone. Find out what else is happening.
What we’re looking at today:
- NVIDIA, Amerco and others report revenue. Track earnings here.
- Twitter’s annual shareholder meeting is scheduled to take place today.
- SpaceX is targeting a Falcon 9 rocket launch this afternoon, carrying a Transporter-5 rideshare mission.
Keep up to date with the latest tech news throughout the day by checking out The Refresh from Insider, a dynamic brief audio from Insider’s newsroom. Listen now.
Hosted by Hallam Bullock in London (Comments or advice? Email [email protected] or tweet @hallam_bullock.)