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Tuesday, February 20, 2024

Google is cutting jobs. Great wave of layoffs

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We have decided to reduce employment by about 12,000 positions, said Google CEO Sundar Pichai. He explained that the company had grown rapidly over the past two years and hired new staff to drive growth, but that was a “different economic reality” from the one the company is facing now.

“We have previously sent separate emails to affected US employees. In other countries, the process will take longer due to local laws and practices,” Pichai explained in an email that was sent to all Google employees. and later published on the corporate website.

According to Reuters, the 12,000 job cuts mean a six percent reduction in employment at Alphabet (Google’s parent company). Reuters added that the market reacted positively to the news and Alphabet shares were up about three percent in pre-market trading.

Google lays off 12,000 employees

The head of Google wrote that in USA employees will be paid for the entire period of notice (minimum 60 days), they will receive a severance package starting at 16 weeks salary plus two weeks for each additional year at Google, as well as bonuses for 2022 and remaining leave, and 6 months of health care and services job placement.

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“Outside of the US, we will support employees in accordance with local practices,” the email reads.

Pichai stated that as a result of the staff cuts, the company will be saying goodbye to “some incredibly talented people who were not easy to hire and who we loved working with.” He stressed that he was very sorry about this and that “the changes will affect the lives of Google employees.” He added that he takes “full responsibility for the decisions that have brought us here.”

“Over the past two years, we have witnessed periods of dramatic growth. In order to meet and drive this growth, we hired employees in a different economic reality than the one we are dealing with today” – pointed out the CEO of Google.

He added that he is “convinced of the huge opportunity that lies ahead, thanks to the strength of our mission, the value of our products and services, and our early investments in artificial intelligence.”

“To fully capture this, we will have to make some tough choices. So we conducted a rigorous review of product areas and functions to ensure our people and roles align with our highest priorities as a company. The positions we are reducing reflect the outcome of this review. They happen across Alphabet – across all product areas, features, tiers and regions,” Pichai said.

The tech sector is cutting jobs

On Tuesday, the British station Sky News, citing sources, reported that Microsoft Corporation plans to cut about five percent of jobs. About 11,000 people are to be made redundant.

In turn, the Reuters agency pointed out that layoffs at Microsoft would be another such event in the US technology sector. Earlier, Amazon and Meta announced cutbacks in response to slowing demand.

CNN reported that because of the global economic outlook Amazon plans to cut over 18,000 jobs employees.

Main photo source: mentatdgt / Shutterstock.com



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