Multinational companies curb hiring and lay-off staff to deal with a potential economic recession !

New Delhi – The world has not been able to recover economically from the Covid-19 pandemic that has been persistent for the last two and a half years. It is being said that we may face the biggest global recession in the last several decades. According to some, the economic recession has already begun. In the last 5-6 months, the stock prices of major multinational companies have fallen significantly. These include global tech giants like Google, Amazon, Apple, Facebook, Microsoft, Tesla and they have started laying off their staff to face the coming recession.

#Microsoft and #Google are the latest among the tech giants to pause hiring amid fear of recession. #Recession #Hiring #Jobs #Employment #BigTech #Tech #GlobalEconomy

— Business Standard (@bsindia) July 21, 2022

1. Alphabet/Google : Google’s guardian firm Alphabet has slowed down the recruitment. The corporate’s CEO Sundar Pichai has clearly stated that like different firms, Google may also be affected by the recession. There are at present 1,64,000 employees working in Google.

2. Amazon : Amazon is one of the largest employers in the world. As of March 2022, Amazon had 16 lakh employees. In April, the company said it had more staff than required, which is affecting work.

3. Apple : Apple has yet to officially comment on the slowdown, but according to a Bloomberg report, new hiring has been frozen to combat the recession. Cost reduction in some departments is under consideration. As of September 2021, the company had 1.54 lakh employees.

4. Microsoft : Microsoft announced that it was lowering hiring in key departments. Lately the corporate had additionally made some deductions, which is lower than 01% of its workforce. The corporate had 1.81 lakh employees by the end of 2021.

5. Tesla : Tesla, owned by the world’s richest man Elon Musk, has laid off 200 employees in June. Elon Musk himself has expressed the concern of recession. 10% of employees may lose their jobs in the next 3 months. By the end of 2021, Tesla had 1 lakh employees.

Brace yourself to face the worst financial crisis in history : Mark Zuckerberg

Facebook’s guardian firm Meta has minimised its plans to recruit engineers by at the very least 30%. The corporate’s CEO Mark Zuckerberg has informed staff he’s anticipating one of many worst financial occasions in current historical past. As of March 2022, the company had 78,000 employees.

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