Adriana Jaycie
Active member
The next time you hear about Google layoffs, think of other companies that may be impacted by the recent decline in the tech industry. These companies include Facebook, Twitter, Intel, and Apple. And you may be wondering, "Why are all these companies suffering?" Well, let's look at all of these companies in detail and see what could lead to their downfall. After all, these are the companies that you have been using for years.
Apple
Amid a global recession, many tech companies are preparing for future layoffs. Google and Apple have reportedly both slowed hiring and spending in order to deal with a slowdown in the economy. But the news doesn't necessarily mean that layoffs are coming. Apple is expected to release its AR-MR headset in January 2022, so some layoffs are still possible.
In the past few months, companies have announced hiring freezes to help with the slowdown. The most recent one was Apple, which is also limiting new hires. But that isn't the only company cutting jobs. Even Spotify recently announced a 25% hiring freeze. The CFO said the company was aware of the global economy and would evaluate its head count in the near future. And Alphabet's Google is following suit. The company has suspended hiring for two weeks, but executives have stated that the freeze doesn't apply to any existing job offers. They have also cut marketing budgets to help cope with the slowdown.
In the past few months, companies have announced hiring freezes to help with the slowdown. The most recent one was Apple, which is also limiting new hires. But that isn't the only company cutting jobs. Even Spotify recently announced a 25% hiring freeze. The CFO said the company was aware of the global economy and would evaluate its head count in the near future. And Alphabet's Google is following suit. The company has suspended hiring for two weeks, but executives have stated that the freeze doesn't apply to any existing job offers. They have also cut marketing budgets to help cope with the slowdown.
Facebook
The tech industry is grappling with nosediving valuations, stingier venture capital, and an economic slowdown. Tech giants like Netflix, Microsoft, Twitter, Lyft, and Facebook have already cut workers. And Facebook's recent memo hints at a major layoff. In the memo, Facebook's head of engineering tells his team to weed out underperforming employees.
Meta Platforms, the parent company of Facebook, recently announced a 30% cut in its hiring plans for engineers. At the end of March, Facebook employed 78,000 people. This was part of a plan to reinvent itself as a "metaverse" company - Mark Zuckerberg's vision of the future of the internet. Microsoft, too, announced slowing hiring. The company will have 181,000 employees by 2022, but has already cut 1% of its workforce. As a result, a lot of open jobs will be eliminated.
Meta Platforms, the parent company of Facebook, recently announced a 30% cut in its hiring plans for engineers. At the end of March, Facebook employed 78,000 people. This was part of a plan to reinvent itself as a "metaverse" company - Mark Zuckerberg's vision of the future of the internet. Microsoft, too, announced slowing hiring. The company will have 181,000 employees by 2022, but has already cut 1% of its workforce. As a result, a lot of open jobs will be eliminated.
Intel
While the chip crunch of 2021 may have frustrated consumers, it proved to be a boon for chipmakers. They reported record revenues and soared to the top of the Fortune 500, but the chip industry is now bracing for a reset, and Intel is leading the way. The company is freezing hiring for two weeks and will honor any current job offers. The reason for the freeze is simple: Intel is trying to cut costs. The company is reorganizing its workforce. While it may have cut thousands of jobs in Oregon, it will need to hire a lot more to keep up with its growth.
While the layoffs will affect approximately 1,000 people worldwide, some jobs will remain and others will be reclassified as redeployments. As a result, employees affected by the layoffs will be given 60 days to find a new internal position. The company will pay them a package if they are unsuccessful. In addition, Intel is planning to invest in the data center and Internet of Things markets, memory technology, connectivity technology, and hot client computing segments. The company will notify most employees of the layoffs 60 days ahead of time.
While the layoffs will affect approximately 1,000 people worldwide, some jobs will remain and others will be reclassified as redeployments. As a result, employees affected by the layoffs will be given 60 days to find a new internal position. The company will pay them a package if they are unsuccessful. In addition, Intel is planning to invest in the data center and Internet of Things markets, memory technology, connectivity technology, and hot client computing segments. The company will notify most employees of the layoffs 60 days ahead of time.
Netflix
After two disappointing quarters, Google and Netflix announced a round of layoffs, with both companies laying off some of their best employees. The company said it has been cutting costs for years but its recent layoffs are particularly hard to swallow. The company plans to launch an ad-supported version of Netflix later this year, and it will crack down on password sharing. In addition, it has cut its subscriber base by more than 20 lakh in the first quarter of this year.
While Netflix has not yet commented on individual layoffs, the company did say that it plans to cut 300 employees in June. The job cuts will hit several departments and will be concentrated in the U.S. Earlier in May, the company laid off 150 employees. This represented about 2% of its U.S. workforce. Netflix has indicated that similar plans will be announced in later years. It also said it will be restructuring the way it hires and fires employees.
While Netflix has not yet commented on individual layoffs, the company did say that it plans to cut 300 employees in June. The job cuts will hit several departments and will be concentrated in the U.S. Earlier in May, the company laid off 150 employees. This represented about 2% of its U.S. workforce. Netflix has indicated that similar plans will be announced in later years. It also said it will be restructuring the way it hires and fires employees.
TikTok
After announcing massive layoffs, social media company TikTok has begun restructuring its workforce globally, affecting thousands of employees worldwide. The company, which is owned by Chinese tech giant ByteDance, has grown rapidly, crossing the one billion user mark in September. The restructuring has affected all aspects of the company's business, including the US, UK, and EU divisions.
The news is especially affecting the creator economy. Not only has the social media giant laid off hundreds of workers this year, but other companies in the creator economy have also slowed down hiring. Facebook parent company ByteDance, which owns Instagram and TikTok, put a hiring freeze in place earlier this year. Another company, Snap Inc., issued a profit warning in May, dragging the advertising sector.
The news is especially affecting the creator economy. Not only has the social media giant laid off hundreds of workers this year, but other companies in the creator economy have also slowed down hiring. Facebook parent company ByteDance, which owns Instagram and TikTok, put a hiring freeze in place earlier this year. Another company, Snap Inc., issued a profit warning in May, dragging the advertising sector.
