NVIDIA claims to be highly paid, but is extremely busy, working seven days a week and sometimes coming home at 2 a.m.
Former employees of NVIDIA say that even though the company's stock price has increased 20-fold in five years and its performance has been booming, and employees have seen their salaries skyrocket, they are sometimes too busy to enjoy the benefits, even if they have become wealthy.
What's It Like Working at Nvidia? You May Get Rich, But Work Remains Stressful - Bloomberg
Nvidia employees are so rich that they shrug off high pressure | Fortune
https://fortune.com/2024/08/27/nvidia-employees-stress-pressure-work-place-stock-grants-wealth/
As demand for semiconductors surged due to the AI boom and other factors, NVIDIA made great strides in semiconductor manufacturing, and in June 2024, its market capitalization reached $3.335 trillion (about 482 trillion yen), making it the world's largest public company by market capitalization.
NVIDIA becomes world's largest company with market capitalization of $3.34 trillion, surpassing Microsoft - GIGAZINE
Employees have spoken out about how busy they are as they work to meet this demand.
While many of the workers have certainly become wealthier, they are often too busy to enjoy it, according to 10 current and former employees interviewed by Bloomberg.
A former employee who worked in technical support and left the company in May 2024 said, 'I worked seven days a week, often finishing work at 1 or 2 a.m. Also, due to the pressure, shouting matches would break out during meetings.' An employee who was in charge of the marketing department recalled, 'There were seven to 10 meetings a day with more than 30 people in attendance, and I often heard yelling.'
Some have pointed out that one of the reasons for the tough work culture is long-time CEO Jensen Huang. In an interview with Fortune in April 2024, Huang admitted that he is a 'perfectionist' and said, 'If you want to do something extraordinary, it's not going to be easy. People say I'm demanding, I'm difficult to work for, and there's no doubt about that.'
However, despite this environment, the company says its turnover rate is much lower than the industry average. According to NVIDIA's sustainability report for fiscal year 2024, the semiconductor industry's turnover rate was 17.7%, while the company's turnover rate in fiscal year 2023 was 2.7%.
Fortune said, 'One reason employees aren't quitting is because they have the opportunity to work on cutting-edge technology at NVIDIA, the leader in the AI chip industry, and another reason is that if they quit before their stock rights vest, they may miss out on the opportunity to make a lot of money. NVIDIA's employee stock purchase plan allows employees to contribute up to 15% of their salary and buy the company's stock at a 15% discount. According to financial information newspaper Barron's, a mid-level employee who continued to buy stock for 18 years retired with $62 million (about 8.96 billion yen) worth of stock.'
Due to NVIDIA's huge stock price increase, Huang, who owns about 3.5% of the company, is estimated to have a net worth of $111 billion (about 16 trillion yen), making him the 12th richest person in the world. Employees have also become quite wealthy, with colleagues talking about new villas and investing in real estate.
Related Posts:
in Posted by log1p_kr