Since the beginning of 2022, the United States’ technology sector has made massive layoffs in order to weather the global economic turbulence that is slowing growth. The public markets were hard hit in 2022, and this spilled over into the private markets. Inflation concerns, rising interest rates, and geo-political issues have contributed to a roller coaster stock market. Over 90,000 workers have lost their jobs so far, of which Amazon has laid off 1% of its workforce, Meta 13%, and Twitter 50% in November alone. In addition, tech companies such as Netflix, Robinhood, Glossier, and Better have reduced their workforce this year. Where these companies have had overwhelming layoffs, Google remains a freewheeling hiring machine.
In contrast to tech behemoths like Meta, which has frozen hiring, resulting in layoffs, Google is hiring both new and experienced employees. In fact, according to the anonymous professional network: Blind, Google is on a hiring spree! From L3 new grads to generic L3, L4, and L5 positions, it’s hiring on all levels.
However, the Google employees aren’t out of the woods yet. In November 2022, a report suggested that Google’s parent company, Alphabet, plans to lay off 10,000 employees through a performance-based grading system. The corporation made a long-winded announcement that it would cut down on hiring during the last quarter of the year. Google CEO Sundar Pichai has recently dropped hints about workforce reduction, but its employees are saying otherwise. The layoff process is yet to begin, as the company is focused on hiring. This report shows a high probability of a hiring freeze very soon, potentially leading to layoffs.
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