Hiring is Slow to Alphabet In 2023 : Possible Recession
As we saw in an email that CEO Sundar Pichai sent to employees on Tuesday, the big tech company Alphabet will reduce its hiring and investment in 2023. In the memo to employees, the Alphabet chief wrote, “Like all companies, we are not immune to economic setbacks. We need to be more entrepreneurial by working with greater urgency, sharper focus, and hungrier than we have shown on the brightest of days.”
Recently, companies around the world, including big names like Coinbase, Netflix, Tesla, etc., have stopped hiring or reducing their workforce in the face of rapidly changing economic realities and uncertainties. CEO Sundar Pichai acknowledges that “the uncertain global economic outlook was the most important thing.
Alphabet To Slow Hiring In 2023
Alphabet shares also suffered some losses. So far this year, the company’s shares are down 21 percent. For the first time, the company missed analyst expectations after missing first-quarter estimates. The company also warned that the next quarter could be tough.
In the letter, Sundar Pichai said the company hired 10,000 employees in the second quarter, adding that “given the hiring progress made so far this year, we will slow the pace of hiring for the rest of the year while continuing to support our most important opportunities. During the remainder of 2022 and 2023, the company will focus on hiring important engineering, technical and other jobs.”
Prior to the current facts, Google had a history of investing heavily in research and development. But in the face of current uncertainties and realities, it looks like the company will be very particular about where it focuses its spending. “In some cases, this means consolidation where investments overlap and operations streamlined,” the company’s CEO explained, stressing that it could also mean “stopping development and reallocating resources to higher priority areas.”
“I am excited that we are rising to this moment again,” the CEO wrote, encouraging employees that better days await the company.
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