Rumors about the layoffs began when Google recently recorded its lowest revenue growth since 2013
More than 35,000 tech employees across 72 companies are fired in just around a month’s time. Some big names in this list of companies include Meta, Amazon, Twitter and Microsoft. Google which seemed to be sailing just fine is also expected to give up to the storm as employees start worrying about their jobs.
Rumors about Google starting its Mass layoffs began when the company recorded its lowest revenue growth since 2013.
With revenue growth reaching a 9 year low, the company has started taking some sharp measures. Alphabet, Google’s parent company, has ordered Google to sharpen focus, bring down the costs of projects and work towards making the company around 20% more efficient.
Amidst all the pressure from the parent company and decreasing revenue growths, bosses have started newer internal assessments. The company is also starting to cut costs by decreasing travel costs and other avoidable expenses.
These assessments have pushed employees under pressure, many of which have now started to worry that they will meet a similar fate as Meta or Amazon employees.
With economic uncertainties knocking at the door, we can expect Google to implement the “Simplicity Sprint”. A program created by CEO Sundar Pichai that focuses on employees working with more hunger on bad days thus improving efficiency.
Apart from Google, another unexpected name is also seen announcing plans to start layoffs and that is ‘Hewlett Packard’, a major technology company. HP just announced that it will also layoff around 4000 to 6000 employees in the next 3 years.
While the markets have been kind to Google and it hasn’t suffered as much as Meta and some other companies, the tech giant is still under a lot of pressure. Rising interest rates and an overall market recession has started showing its effects on the company’s profits.
Google reported that this year, YouTube ad revenue was lower than the last year thus showing how advertisers are limiting the amount of money they spend online. Other factors such as a fallen crypto market and the failure of FTX also add to the overall distrust in the tech industry.
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