Google's parent company Alphabet, which so far seemed immune to layoffs in the tech industry, is preparing to lay off as many as 10,000 employees. To do so, it has brought in a new system of ranking employee performance, forbes reported.
Tech companies that rode the growth wave during the pandemic years have now begun to cut down their workforce amidst fears of a looming recession. Earlier this month, Meta announced that it was trimming its workforce, and Amazon too, has followed suit.
A new performance system could avoid bonus and stock grant payments.
Amidst the news that Twitter was laying off about 50% of it workforce, the news about layoffs at Lyft, Stripe, Chime, Salesforce, and Opendoor have gone largely unnoticed. Nevertheless, layoffs are happening and as many as 135,000 employees have lost their jobs this year.
Search engine major Google is likely to be the latest entry into this group of corporates that are looking at downsizing the workforce as a way to cut costs and improve profitability.
Demand for online services during the pandemic years meant that tech companies hired aggressively, leading to an increased number of headcount.
As infection rates have dipped, users have gone back to their pre-pandemic behavior, and the growth rates at tech companies are now seeing a downward trend.
Even Amazon, which was once seen as an unstoppable growth engine, is expecting weak results for the last quarter of 2022, usually a busy period for businesses.
Google also reported a 27 percent year-on-year drop in its profits in the third quarter this year and is now bringing in a new performance system that could see the company avoid paying bonuses and stock grants to its employees.
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