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HomeCURRENT AFFAIRSBUSINESSAlibaba will ‘recruit 15,000’ people and isn’t laying off employees

Alibaba will ‘recruit 15,000’ people and isn’t laying off employees

Alibaba: One of the biggest China-based companies, Alibaba, isn’t laying off its employees. Rather, it plans to hire 15,000 fresh employees, according to reports in the media.
A press release from Alibaba Group Holding Ltd. has said there are no plans of asking its employees to go. The same release goes on to say the Company plans to recast its six business divisions and Alibaba will need at least 15,000 new employees, including 3,000 university graduates. This release was published on Weibo, a Chinese microblogging site.
The Weibo press release also said that employee departures are part and parcel of any company, including Alibaba.
Speculations about the layoffs began after Bloomberg News reported that Alibaba’s cloud division is planning to lay off 7% of its employees.

Facing challenges

One of China’s most valuable companies, Alibaba is facing slow growth because of Covid-induced lockdown. Besides, the Company is also under scrutiny by the Chinese government and the technology industry. To overcome these challenges, Alibaba is hiving off its cloud division. Alibaba says the new cloud company will issue shares to its investors in the next 12 months.
Alibaba Cloud hopes to be a significant player in the cloud market, which is dominated by Microsoft, Amazon and Google. According to a Statista report, Alibaba had a 4% market share in this segment during Q1 2023.

Why does China want to regulate Alibaba?

As reported in The Diplomat, in August 2022, the Chinese government announced an anti-corruption investigation on Zhou Jiangyong. He was a party secretary in Huangzhou, the headquarters of the Ant Group. Ant owns Alibaba.
Furthermore, according to the news report, Jiangyong and his family members also had substantial ownership of Alibaba. The crackdown on this Chinese official also has led to close scrutiny of Ant Group’s assets.

Also read: Cannes Film Festival 2023: Sunny Leone stuns in a showstopping thigh-high slit shimmery black gown, see pics

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