NewsBytes
    Hindi Tamil Telugu
    More
    In the news
    Narendra Modi
    Amit Shah
    Box Office Collection
    Bharatiya Janata Party (BJP)
    OTT releases
    Hindi Tamil Telugu
    NewsBytes
    User Placeholder

    Hi,

    Logout


    India Business World Politics Sports Technology Entertainment Auto Lifestyle Inspirational Career Bengaluru Delhi Mumbai Visual Stories Find Cricket Statistics Phones Reviews Fitness Bands Reviews Speakers Reviews

    Download Android App

    Follow us on
    • Facebook
    • Twitter
    • Linkedin
     
    Home / News / Business News / A $3 million pay package is waiting for you
    A $3 million pay package is waiting for you
    Business

    A $3 million pay package is waiting for you

    Written by Anish Chakraborty
    September 27, 2017 | 12:25 am 3 min read
    A $3 million pay package is waiting for you

    Most of us have come across versions of this unique statement spewed by HRs after job interviews. "We love you, we want to hire you but we don't want to spend more than XYZ amount for this post." More often than not, the wriggle room for negotiation is very less. However, in China, one employer says, "Unlimited salary for unlimited talent." Here's more.

    What is it all about?

    Beijing ByteDance Technology Co. is a news start-up founded by Zhang Yiming. Zhang has gained popularity among employees and notoriety among other employers due to a very simple reason. He wants to pay you more than anyone out there if you are worth it. Something, that's making the top talents, from other market giants, knock the doors of his firm.

    Well, this is for Jinri Toutiao

    Zhang's firm is known for its mobile app called Jinri Toutiao, or Today's Headlines. It's a content aggregator, which pools news and videos from multiple media outlets to the palms of the user. Within 5 years, it has become one of the most popular apps, boasting 120 million daily users. Reports peg Yiming's firm's valuation to be equal to that of Elon Musk's SpaceX.

    Nothing but the best

    In the corporate circles, 34-year-old Zhang is famous or notorious for the way he recruits his employees. He has bagged the crème de la crème employees from the Chinese industry giants such as Baidu Inc. and Tencent Holdings Ltd. Zhang is not afraid to raise salaries by 50% or give stock options, provided he gets the best match for his company.

    No amount is too high

    Speaking to Bloomberg, Zhang said, "Our philosophy is to pay the top of the market to get the best" because "the company that wants to achieve the most, you need the best talent." Then he said the golden words, "Unlimited salary for unlimited talent." However, unlimited is not exactly a ballpark figure. How much are we really talking about?

    So, what are we talking about?

    ByteDance's top employees can take home more than $1 million in salary and bonus a year. To sweeten the deal, there are also stock options. So, in total, one is looking at a compensation that exceeds $3 million. Zhang said his employees prefer stock options over cash. The firm currently has a dozen apps slated for release and is on a hiring spree.

    AI, AI, AI and more AI

    Interestingly, despite being a news aggregator, Toutiao doesn't employ a single editor. The app banks on AI engine and machine learning to curate, format and customize news feeds. How many AI engineers does it plan to hire? One competitor believes it to be around 200, which is a very high number. Zhang, to this statement, glibly responded, "It may be more than 200."

    Share this timeline
    Facebook
    Whatsapp
    Twitter
    Linkedin
    Related News
    Tencent
    SpaceX
    Elon Musk
    Employment

    Tencent

    Flipkart may see the return of Bansals at the helm Flipkart
    China faces an unlikely enemy, the rise of obsessive gaming China
    Tencent responds to parental concerns, limits "Honour of Kings" playtime China
    China's Internet gets more shackles added to its existing burden Alibaba Group

    SpaceX

    SpaceX sends icecream to astronauts, humanity is doing it right Astronauts
    SpaceX Competition? Tucson-based start-up to make cheaper rockets Elon Musk
    SpaceX's Falcon 9 carries 10 communication satellites into space Elon Musk
    Human colonies on Mars possible: SpaceX CEO Elon Musk Elon Musk

    Elon Musk

    Bengaluru tech start-up wins $1mn in Elon Musk-backed competition Startups
    Tesla "remotely" increases range of vehicles to help Irma victims Florida
    Artificial Intelligence, let's talk about the elephant in the room Facebook
    Musk's hyperloop pod breaks own speed record Technology

    Employment

    Google sued over sexual discrimination by 3 female ex-employees Google
    The first time in years, median salary at IIT-B drops IIT Bombay
    Infosys to recruit 6,000 techies annually for next 2 years Infosys
    UIDAI is inviting applications from young engineers for several vacancies India
    Next News Article

    Love Business News?

    Subscribe to stay updated.

    Business Thumbnail
    Indian Premier League (IPL) Celebrity Hollywood Bollywood UEFA Champions League Tennis Football Smartphones Cryptocurrency Upcoming Movies Premier League Cricket News Latest automobiles Latest Cars Upcoming Cars Latest Bikes Upcoming Tablets
    About Us Privacy Policy Terms & Conditions Contact Us Ethical Conduct Grievance Redressal News News Archive Topics Archive Download DevBytes Find Cricket Statistics
    Follow us on
    Facebook Twitter Linkedin
    All rights reserved © NewsBytes 2023