With recession fears mounting-and inflation, the war in Ukraine and the lingering pandemic taking a toll-many tech companies are rethinking their staffing needs, with some of them instituting hiring freezes, rescinding offers and even starting layoffs.Google and Facebook slow hiring, start layoffs as economic pressure mounts
Amazon is subleasing some warehouse space and has paused development of facilities meant for office workers, saying it needs more time to figure out how much space employees will require for hybrid work. The company had 1.6 million workers as of March, making it the biggest employer in the tech world.Apple Inc is planning to slow hiring and spending at some divisions next year to cope with a potential economic slump, according to people familiar with the matter.
Gemini Trust Co, a cryptocurrency exchange founded by Bitcoin billionaires Cameron and Tyler Winklevoss, announced a 10% staff reduction in June. Microsoft Corp told workers in May that it was slowing down hiring in the Windows, Office and Teams groups as it braces for economic volatility. The company had 181,000 employees in 2021. More recently, the software maker cut some jobs – less than 1% of its total – as part of a reorganisation.
Redfin Corp, another real estate brokerage, cut 8% of its staff in June. “We don’t have enough work for our agents and support staff,” CEO Glenn Kelman wrote in a blog post, saying that May demand was 17% below projections and that he expected the company to grow more slowly during a housing downturn. The company had about 6,500 employees at the end of last year.