It's not a bad time to be working for Google. The company is giving every one of its employees 10 percent salary increases, as well as holiday bonuses, according to Business Insider.

"Let me say, on behalf of everyone on the management team, that we believe we have the best employees in the world," Google chief executive Eric Schmidt wrote in a memo obtained by the publication. "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."

"While we dont typically comment on internal matters, we do believe that competitive compensation plans are important to the future of the company," a Google spokesperson said via e-mail.

The raises are effective January 1, Schmidt said. Employees will also receive a "holiday cash bonus" of $1,000 each. Google is also paying the taxes on the $1,000 bonuses so the employees can keep the entire amount, Business Insider said.

In its last earnings call, Google said it has 23,331 employees, so as Business Insider points out, the bonuses will likely cost Google about $20 million, while the raises could total $1 billion per year. Salary costs, however, could be offset by reduced bonuses and stock option grants, the report said.

"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," Schmidt said.