Google: A major IT company may soon begin to lay off thousands of workers. Google may soon fire up to 10,000 employees as a result of mounting pressure on the business to reduce its workforce.
According to a source, Google management was asked to evaluate and rank the “low-performing” workers. According to reports, the organization is willing to let go of 6% of its workforce. The employees who have the lowest rankings on Google’s ranking system are likely to lose their jobs.
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Google added to the list
Many well-known US-based tech companies, like Meta, Twitter, Amazon, and others, are on a downsizing drive. In only the previous month, the majority of the corporations reported their largest-ever layoffs. Less than one-third of Twitter’s workforce remains after musk took over. Meta, which let over 11,000 workers go, and it’s anticipated that layoffs at Amazon will last long until 2023.
The reason behind the layoff?
The past quarter has seen a significant increase in recruiting at Google. The company has received warnings from experts over their overpaid employees and the sheer number of employees. According to billionaire activist investor Christopher Hohn, Google employees are paid far more than their counterparts in the rest of the business. According to him, hiring has exceeded the company’s actual needs.
Google had previously stated that it would slow down hiring over the year’s last three months. The business, which had previously been “employee-friendly,” appears to have been forced by the economy to implement a round of layoffs that is about triple the scale of what is often anticipated from Google. With over 1,87,000 employees at the moment, Google is one of the largest employers in the tech sector. According to a US SEC report, the average yearly wage for a Google employee is about $2,95,884. (roughly Rs 2.41 crore).
Google, on the other hand, has seen a decline in its revenues. In the third quarter, the corporation posted a net profit of $13.9 billion, which was 27% less than during the same time last year. Despite a 6 per cent gain in revenue overall to $69.1 billion, this decline nevertheless occurred. This may have influenced Google’s choice to reduce its employees.
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