GOOGLE’S CHIEF EXECUTIVE ERIC SCHMIDT has given his company’s 23,000 employees worldwide – including 1,700 working at its European HQ in Dublin – something to smile about in advance of the festive season.

Schmidt, in a circular email written to his country’s entire employee base, has told the company’s entire workforce that they’ll be getting a 10% pay raise – “no matter their level – to recognize the contribution that each and every one of you makes to Google”.

The email – which was forwarded to Business Insider, and is reprinted in full below – also goes on to explain that each employee will also have some of their prospective bonuses moved into their basic salary. Both extra payments are effective January 1.

Furthermore, to mark the season of goodwill and all that goes with it, every employee is being given a $1,000 (or equivalent) cash bonus in the run-up to the holidays.

That holiday cash bonus is being even further topped up so that the $1,000 amount is the amount the employee receives after taxes, guaranteeing that the company’s employees will receive the entirely of the lump sum straight into their hands.

The bonuses , not including tax, will cost Google approximately $23 million (€16.7m), while Business Insider estimates that the company’s overall wage bill – about a third of its annual $20bn expenditure – will cost it about another billion (€726m).

Google did not respond to contact from Business Insider when they attempted to verify the legitimacy of the email.

The memo in full

CONFIDENTIAL: INTERNAL ONLY
GOOGLERS ONLY (FULL TIME AND PART TIME EMPLOYEES)

I’m pleased to share some very, very good news with Googlers worldwide. But first let me say, on behalf of everyone on the management team, that we believe we have the best employees in the world. Period. The brightest, most capable group of this size ever assembled. It’s why I’m excited to come to work every day–and I’m sure you feel the same way. We want to make sure that you feel rewarded for your hard work, and we want to continue to attract the best people to Google.

So that is why we’ve decided…to give all of you a 10% raise, effective January 1st. This salary increase is global and across the board–everyone gets a raise, no matter their level, to recognize the contribution that each and every one of you makes to Google.

There’s more. We’ve heard from your feedback on Googlegeist and other surveys that salary is more important to you than any other component of pay (i.e., bonus and equity). To address that, we’re moving a portion of your bonus into your base salary, so now it’s income you can count on, every time you get your paycheck. That’s also effective January 1st. You’ll be receiving an email shortly with further details about these changes to your compensation. And one last thing…today we’re announcing that everyone will get a holiday cash bonus, too.

Googlers, you are what makes this company great, and our goal here is to recognize you for your contribution, in a way that’s meaningful to you. Thank you for all that you do, and for making Google a place where magic happens.

Eric