Why it matters: The Covid-19 pandemic is having a crushing effect on many industries and has seen unemployment in the US reach unprecedented levels. But one company where employees can feel secure in their jobs in Nvidia, which is not only keeping all its workers but is also giving them raises.
In a letter to employees (via HotHardware), Nvidia boss Jensen Huang addressed Nvidia staff’s fears that, like so many firms, the company could be making layoffs. “In response to the falling economy, we announced that we are pulling in our annual review process. Immediately I received questions about whether we are also planning a layoff,” he wrote. “NO — precisely the opposite. We are accelerating your raise to put some extra money in your hands. we can put tens of millions more dollars in the hands of our families in the coming months.”
“There is no layoff. The work we do in graphics, science, AI, and robotics is more vital to the future than ever.”
Huang said that like so many people, Nvidia employees have been affected by the virus. Three workers contracted Covid-19 and recovered, but the mother of one employee passed away after she became infected.
Huang added that Nvidia’s technology and expertise is its most potent weapon against Covid-19. The company’s hardware features in many machines used to analyze the virus, and it recently joined the Covid-19 High Performance Computing Consortium, a collective of organizations accelerating methods to detect, contain and treat the latest coronavirus. Additionally, the company has promised to match the donations made by every one of its teams up to $2,500, for a total of $10,000.
Nvidia is in a better position than most firms to weather the crisis. Laptops and desktops, many containing its graphics cards, have seen a boost in sales as people work and study from home during the lockdown. Huang said it also has "excellent positions in thriving markets" and "plenty of reserves for a rainy day."
One of the many companies that’s not in such a good position is Kickstarter. The crowdfunding service has seen its number of new projects fall 35 percent in recent weeks and is planning cost-cutting measures that include layoffs.