New Delhi: As fears of recession gripped companies across the globe, some firms are reportedly mulling to freeze hiring and start layoffs. Companies including Microsoft, Google, Apple, Amazon and others have decided to limit their expenses. While Google is discontinuing hiring for the next two weeks, iPhone maker Apple has decided to curb vacancies at certain divisions. In business term, a recession is a significant decline in economic activity that lasts for months or even years. For 2022, recession fears are on the rise casting a long shadow over prospects for global economies and markets in the second half of the year.Also Read – Microsoft Teams Down, Memes On Corporate Workers Celebrating Goes Viral
Take a look at the list of companies that are trimming jobs and freezing hiring.
Microsoft: Satya Nadella’s Microsoft became the first tech giant to lay off employees as part of a ‘realignment’. The layoffs at Microsoft reportedly affect nearly 1 per cent of its 1,80,000-strong workforce across its offices and product divisions. Microsoft has also slowed hiring in the Windows, Teams and Office groups.
Apple Inc: Owing to tough global macroeconomic conditions, Apple is planning to slow down hiring for 2023. The hiring changes at Apple will not affect all the teams but some verticals will see decreased hiring activities next year, according to Bloomberg. The company is likely not to backfill some positions too, the report noted late on Monday. Apple is likely to release its much-anticipated augmented reality (AR)-mixed reality (MR) headset in January next year, as the buzz around metaverse gains steam.
Facebook: Meta (formerly Facebook) has warned employees of “serious times” and has issued a hiring freeze for certain roles. A report in Busines standard claimed that CEO Mark Zuckerberg told employees that he’s anticipating one of the worst downturns in recent history. For the unversed, the company had more than 77,800 employees at the end of March.
Netflix: Popular video streaming platform Netflix has terminated several employees recently. Recently, it has shown the exit door to an additional 300 employees in the second round of layoffs. Several top-notch creative professionals from its original series vertical, such as Sebastian Gibbs and Negin Salmasi, were asked to leave.
Twitter: Twitter has cut 30% of its recruiting team while Elon Musk-run Tesla has been laying off hundreds of employees. Other tech companies that have slowed hiring include Nvidia, Snap, Uber, Spotify, Intel and Salesforce, among others. Cloud major Oracle recently considered laying off thousands of workers to save up to $1 billion in cost-cutting measures, the media reported.