Google has spent a lot of money on its self-driving car project, now spun off into a new entity called Waymo. Much of that money has gone to engineers and other staff, according to a new report from Bloomberg. In order to keep self-driving staffers happy — and, presumably, from leaving the company for other firms doing similar work — Google backed the proverbial Brinks truck up to the self-driving department and unloaded.
Bloomberg says that early staffers “had an unusual compensation system” that multiplied staffers’ salaries and bonuses based on the performance of the self-driving project. The payments accumulated as milestones were reached, even though Waymo remains years away from generating revenue. One staffer eventually “had a multiplier of 16 applied to bonuses and equity amassed over four years.” The huge amounts of compensation worked — for a while. But eventually, it gave many staffers such financial security that they were willing to leave the cuddly confines of Google.