Happy Wednesday, folks! Today we are looking at leaked documents that show Amazon employees are quitting at twice the rate of recent years, and revealing why EVs cost less to run than gas cars.
Let's dive in.
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1. Leaked documents show Amazon employees are quitting at twice the rate of recent years. Low pay, a stagnant stock price, and a grueling work culture are largely cited as fueling the exodus, but increased competition also makes it easier for the most prized corporate workers to find better opportunities.
- Amazon's "regretted attrition" — the portion of employees the company doesn't want to leave — has reached an average of 12.1% since June 2021, double the average in recent years.
- The ecommerce giant is on track to spend a record amount on employee stock grants, in a bid to address pay concerns and retain key staff.
- According to internal documents, Amazon's Delivery Service Partner team, which manages the company's third-party delivery contractors, saw a 55% total attrition rate last year.
In other news:
2. Have you been with your current employer for more than a year? Then you're probably underpaid. The "Great Resignation" has forced many tech companies to dole out huge paychecks to lure new candidates to roles — meaning long-time workers are paying a big price for their loyalty. You can see how much new hires are being paid in different roles here.
3. Leaked Netflix survey reveals how the streamer is thinking about including ads. Netflix has started outlining advertising plans to senior ad industry executives, as part of a push to deliver a less interruptive experience for viewers than rivals. The leaked survey could shape the future of ads on the platform, here's what's in it.
4. Why electric cars cost less to own than gas cars. The price tag of an EV can certainly scare a lot of people away from going electric. However, new research shows once you factor in just a few benefits — like fuel costs — EV's are more economical than their gas counterparts. Here's why EVs cost less to own each month than gas cars.
5. We've ranked the 16 best-paid executives in adtech. A slew of adtech companies went public last year — rewarding their top executives with stock, performance-based equity awards, and bonuses on the way. If you thought a pay package of $10 million would land you near the top, think again. These are the 16 best-paid executives in adtech.
6. Lyft joins Uber in slowing hiring. As per the Wall Street Journal, Lyft will scale back on hiring and reduce spending budgets, but is stopping short of layoffs. In an internal memo, Lyft's president cited a "slower than expected recovery" and a "need to accelerate leverage in the business." Here's what we know about the slowdown.
7. Investors and VCs predict which ultrafast-delivery startups will survive — and which won't. Rapid-delivery startups thrived in the US a year ago, but now just four main players remain. Amid a tumultuous market, here's which ones investors think have what it takes to succeed.
8. Snap's sudden warning shows a major consumer pullback is hitting digital advertising budgets. Just over a month ago, Snap's business was expanding at 30% or more. But yesterday, Snap's CEO wrote a memo to staff saying: "The macro environment has deteriorated further and faster than we anticipated." Here's why growth suddenly collapsed at Snap, and why rivals won't be spared from the carnage.
9. Best early Memorial day tech device sales. The Holiday offers some of the year's best savings on tech, including TVs, photography equipment, streaming services, tablets and earbuds. Take a look at the best deals on offer this Memorial Day.
10. Google Maps' Street View is getting some big upgrades to celebrate its 15th anniversary. One new feature coming to its mobile app is the ability to display historical Street view imagery on your phone. Check out what else is coming.
What we're watching today:
- NVIDIA, Amerco, and others are reporting earnings. Keep up with earnings here.
- Twitter's annual shareholder meet is set to happen today.
- SpaceX is targeting this afternoon for a Falcon 9 rocket launch, carrying a Transporter-5 rideshare mission.
Keep updated with the latest tech news throughout your day by checking out The Refresh from Insider, a dynamic audio news brief from the Insider newsroom. Listen here.
Curated by Hallam Bullock in London (Feedback or tips? Email [email protected] or tweet @hallam_bullock.)