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Up until the end of the 90s, Microsoft stock was booming enough that it was reasonable for them to compensate employees with less salary and more stock options. They survived the .com crash, but the stock basically flatlined for several years, making options not desirable as compensation. At some point, I think in the mid to late 2000s, they switched to higher salaries and actual stock grants instead of options. So there were a few years where it was paying less than other companies, but they corrected for it.