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Jeremy Fennema – Tech Innovation Alchemist
Even the world’s most powerful companies aren’t immune to layoffs.
Just last week during its quarterly earnings call, Amazon announced that hiring is at its slowest rate since 2019, with its workforce falling by 100,000 compared to the first quarter of 2022.
The company cited issues of overstaffing after decreased cases of Covid led employees back into the office and less demand for its delivery services.
They’re not alone, either. Alphabet, the parent company of tech giant Google, also announced that it would be slowing down its hiring efforts as the pressures of a potential recession weigh on revenue.
“Like all companies, we’re not immune to economic headwinds,” said Sundar Pichai, CEO of Alphabet.
The ongoing layoff trend isn’t industry exclusive, though. Car retailer Carvana laid off 2,500 people last May, while cryptocurrency firm Coinbase informed employees that they would skim 18% of its staff and took back job offers.
Concerns continue to mount among many employees as the threat of layoffs becomes increasingly realistic. With the weight of inflation driving the price of nearly everything up, now is the time for companies to communicate to their staff how they are performing and whether cuts are expected.
