Rumors of layoffs began when Google recorded its lowest revenue growth since 2013.
More than 35,000 tech employees across 72 companies were fired in just around a minute’s time according to recent data that was published by the Wall Street Journal. Some big-name companies included Meta, Amazon, Twitter and Microsoft as well as Google which seems to be sailing just fine and is expected to give up to the storm.
When Google announced plans to record its lowest growth in revenue since 2013, rumors began pouring in that they were going to make mass layoffs.
As a result of declining revenue, Alphabet, the parent company of Google, has been pushing the company towards more efficiency. All products are now reducing their costs in order to have more funding allocated towards growth and development of new products. Additionally, they’ve been ordered to focus on growth and work towards building some incredible experiences with 20% less effort than before.
Amidst all the pressure from the parent company of decreasing revenue growths, bosses have started newer internal evaluations. The company is also starting to cut costs by decreasing travel expenses and other avoidable expenses.
Bringing in these assessments has caused employees to be under pressure, many of which are now worried that they may meet the same fate as employees at Meta or Amazon.
With negative economic trends upon us, we can expect Google to implement a program called the “Simplicity Sprint”–a program created by CEO Sundar Pichai that focuses on employees working with greater hunger on worse days thus improving efficiency.
Hewlett Packard is another company that laid off thousands of employees in 2018. They’ll be permanently cutting around 4000 to 6000 employees from their payroll by 2020.
Although the market has been good to Google, it is still under a lot of pressure from a number of factors that are slowing down the company’s profits.
You are familiar with the fact that one year ago, adhering to YouTube and other tech companies failed to live up to their expectations. This fall out has changed the outlook of advertisers on how they spend money online. In addition, improved crypto market performance and the failure of FTX also add to the loss of trust in the tech industry at the moment.