Tista Karmakar, Mumbai Uncensored, 13th July 2022:
Google parent Alphabet is allegedly planning to slow down the hiring process through 2023 with a memo sent to its employees detailing reasons. The tech corporation has revealed that the global economic crisis is the major reason why they had to take measures to cut down expenses.
Reportedly, Google CEO Sundar Pichai underscored in the memo, “Like all companies, we’re not immune to economic headwinds…We need to be more entrepreneurial working with greater urgency, sharper focus, and more hunger than we’re shown on sunnier days. In some cases, that means consolidating where investments overlap and streamlining processes.” He also added acknowledging the fact that “the uncertain global economic outlook has been top of mind.” Mr. Pichai also said that the company will be, “slowing the pace of hiring for the rest of the year, while still supporting our most important opportunities.” However, He added some rays of hope by saying that the company will be focused on hiring people in engineering, technical, and other critical roles for the rest of 2022 and 2023.
Reports say that Alphabet shares have gone down by 21% this year and the company’s growth rate slowed down to 23% in the first quarter from the previous year. Mr. Pichai added even though the company’s dwindling growth rate Google hired approximately 10,000 employees in the second quarter. The pandemic had an adverse effect on several industries but Google was less struck by the pandemic in the initial years. Google reportedly generated revenue of $189.52 billion in 2020 along with YouTube which also collected profits on ad revenue of over $6.9 billion which is approximately 49% of the increase in the fourth quarter of 2020, the pandemic year. The further impact on the economy came down following the Russian invasion of Ukraine. Now, Google is attempting to restructure its economy by absorbing the impact. Recently, Uber has also announced that the company will be “hardcore about costs” while Meta stated to its employees warning them of “serious times” ahead after freezing the hiring process.
