- BlackRock, Amazon, and Meta, have already revealed such initiatives.
- This represents a significant percentage of the company’s worldwide workforce (6%).
Companies in the conventional IT business have started laying off workers alongside those in the cryptocurrency sector. Microsoft made the decision to lay off 10,000 workers recently. Other well-known companies, such as BlackRock, Amazon, and Meta, have already revealed such initiatives.
A further industry leader in technology has just been added. Alphabet Inc., Google’s parent firm, said on Friday that it would be eliminating 12,000 positions. This represents a significant percentage of the company’s worldwide workforce (6%), since it represents all positions that were eliminated. CEO Sundar Pichai informed staff in an email that the layoffs will affect workers across the world and throughout the organization.
Economic Downturn Effect
The firm itself is seeing a slowdown in digital advertising. Its cloud computing business has also lagged behind industry leaders Amazon and Microsoft in terms of revenue growth. To counter this, Pichai emphasized the “substantial opportunity” that lies ahead for Google.
“These are important moments to sharpen our focus, re-engineer our cost base, and direct our talent and capital to our highest priorities.”
The email states that impacted workers in the United States would get six months of health insurance and severance compensation totaling 16 weeks. Compensation plans for international staff will be shaped by local norms and policies.
CNBC reported earlier in the day that bosses had withheld some of their workers’ year-end bonuses. CNBC said, based on papers it had seen, that Google will pay out bonuses to full-time workers who qualified for them in two instalments: the first this month and the second in either March or April. Previously, all of the funding had to be approved by the end of January.
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