A technological goliath Google intends to implement a performance improvement program that will result in the layoff of 10,000 employees. Google has asked its managers to identify 6% of its employees, or 10,000 people, who they believe are underperforming. Supervisors were directed to reduce the inflated scores in an earlier notice.
Google has seen a significant increase in hiring over the last quarter. Google has been warned by experts about its inflated workforce and salaries. Billionaire activist investor Christopher Hohn claims that Google employees are paid significantly more than the rest of the industry. He claimed that hiring had outpaced the company’s actual needs.
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Apart from trimming the workforce, managers at tech giants could use performance ratings to reduce employee perks such as bonuses and stock options.
Google Alphabet the latest Tech firm to begin mass layoffs.
We on the Right correctly despise Google and related companies — but these fellow citizens are losing work, and right in front of holidays.
Terrible news, the consequence of Biden’s Recession & Inflation explosion. pic.twitter.com/Bix1Gf2ta1
— Steve Cortes (@CortesSteve) November 22, 2022
Google had previously stated that it would slow down its hiring process in the fourth quarter of the year. However, the economy appears to have pushed the otherwise ’employee-friendly’ company into a wave of layoffs nearly three times the size of what is normally expected from Google.
Alphabet currently employs approximately 1,87,000 people, making it one of the largest employers in the technology industry. According to a US SEC filing, the median annual salary of a Google employee is around $2,95,884.
Google, on the other hand, has seen a drop in profits. In the third quarter, the company reported a net profit of $13.9 billion, which was 27% lower than the same period last year. This decrease occurred despite a 6% increase in revenue to $69.1 billion. This could be the impetus behind Alphabet’s decision to reduce its workforce.
Meta, Twitter, Amazon, and many other prominent US-based tech companies are on a downsizing mission. Most of the companies have experienced their largest layoffs in the last month. Meta laid off over 11,000 employees, Twitter lost more than a third of its workforce, and Amazon is expected to continue layoffs well into 2023.