How corporate IT giants like Apple and Amazon are choosing layoffs and hiring freezes

How corporate IT giants like Apple and Amazon are choosing layoffs and hiring freezes

As part of cost-cutting efforts following its acquisition of Elon Musk, Twitter has laid off roughly half of its staff. It is interesting to note that the corporation eventually had to request the reinstatement of some of the laid-off workers after realizing that they had either been inadvertently terminated or were too crucial to key activities. However, the Twitter layoffs are part of a larger pattern in the IT industry.

Facebook’s parent company, Meta, is about to initiate massive layoffs that would affect thousands of its employees, according to The Wall Street Journal. More tech companies are expected to follow suit as the global economy slides into recession as a result of runaway inflation and interest rate hikes by central banks around the world. Here are some of the biggest layoffs and hiring freezes in the IT industry.the pain of hiring slowdown at big tech is visible in india

Twitter

After the transaction was completed, Musk promptly fired Twitter CEO Parag Agrawal, CFO Ned Segal, and head of law and policy Vijaya Gadde, kicking off the Musk takeover. Later on November 4, Twitter laid off nearly half of its 7,500-person workforce. An email sent the day before initially notified employees of the layoffs. In addition to sparking a class action lawsuit from former company workers, the firings raised concerns about the company’s ability to handle false information ahead of the US midterm elections.

The email was received in India around 4am and according to Indian Express, virtually all of Twitter India’s technical, marketing and communications departments were affected by the layoffs. The entire procedure, according to one employee, “looks like a game of Russian roulette,” the Indian Express said. Around 250 to 300 people worked for Twitter in India.

Goal

Thousands of employees will be affected by Facebook parent Meta’s decision to start laying off staff en masse, the WSJ said, citing people familiar with the situation. The company anticipated a dismal holiday quarter this year and much higher spending next year in October. This reduced the value of Meta’s stock market by about $67 billion, adding to the more than $500 billion in value it has already lost this year.

Reuters reports that the corporation is grappling with a slowdown in global economic development, fierce competition from TikTok, privacy reforms from Apple, increased regulatory pressure, and concerns about a lot of money being spent in the metaverse on top of this grim forecast.

Nap

In August of this year, Snap, the company that creates and runs Snapchat, laid off nearly 20% of its 6,400-strong workforce. The layoffs were made public after Snap’s stock price fell more than 80% the previous year. Employees of social mapping company Zenly and creators of small apps and games are among those affected by the cuts more than other areas (which Snap acquired in 2017).

Snap CEO and co-founder Evan Spiegel stated in an email to staff, “We must ensure Snap’s long-term success in any scenario. While we will continue to look to accelerate revenue growth again. I am very sorry, but these adjustments are essential for the long-term development of our company.How did the markets treat Big Tech in 2021?  |  by henry dans |  henry dans |  medium

Microsoft

According to an Axios story citing an unnamed source, Microsoft has laid off close to 1,000 people. Many teams, levels and regions of the world saw job cuts by the corporation. “Like other businesses, we regularly review our business priorities and change our structural priorities as necessary. In the coming year, Microsoft stated in a statement to Axios: “We will continue to invest in our company and employ in critical growth areas.

Intel

According to people familiar with the matter, Intel intends to lay off thousands of employees to cut costs. Apparently, up to 20% of the workers will be laid off, which will seriously affect the sales and marketing division of the company. According to the source, Intel was forced to make this decision due to the decline in the PC industry, which had a small resurgence during the Covid period.

Amazon

Amazon has halted corporate hiring in its retail sector for the rest of the year, even though it has yet to announce any layoffs. The New York Times reported this based on a corporate statement. The statement that the company would stop hiring for all corporate positions in its retail sector came in an email to recruiters. Amazon’s store division includes its logistics operations as well as its offline and online retail businesses. According to NYT, that division had more than 10,000 positions before the freeze.

Apple

According to a Bloomberg story, Apple is suspending hiring for a number of positions outside of research and development. According to Apple, growth will slow down during the holiday season. In addition, it anticipates that the confinement policy adopted by China in response to recent Covid-19 infections would influence the availability of the iPhone 14 Pro and Pro Max. The outage won’t affect teams working on long-term projects and future devices, but it will impact some corporate tasks and ordinary hardware and software engineering positions.US layoffs, hiring freezes signal labor market slowdown: Bloomberg

Stripe

An Irish-American financial services company called Stripe offers APIs and payment processing software to e-commerce businesses. Companies like Amazon, Uber, Zoom, Slack and others are on his list of clients. According to the company’s announcement, 14% of its workers would be laid off. At Stripe, almost 14% of the workforce will leave. We, the founders, decided this. In an email to staff members, Stripe CEO Patrick Collins stated, “We over-hire for the world we’re in, and it pains us that we can’t deliver the experience we expect affected people to have at Stripe.

He cited a number of factors as causes for the layoffs, including persistent inflation, energy crises, rising interest rates, shrinking investment budgets and scarcer start-up funding.

by byju

Byju’s was valued at $22 billion in an October equity round, where the business raised $250 million from current investors. As a result, the Bangalore-based company is now among the largest education technology companies in the world. However, Byju’s announced the dismissal of almost 2,500 employees due to “job layoffs and duplication of tasks”, despite the valuation and the additional injection of funds.musk's town square would be in chaos: an argument against the absolutism of freedom of expression on twitter |  media@lse

The corporation, according to the sources, recently announced its intentions to hire an additional 10,000 employees worldwide, half of them based in India. In addition, the company received criticism for bringing in soccer player Lionel Messi shortly after announcing the layoffs.

Edited by Prakriti Arora

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