Alphabet, the parent company of Google, has announced that it will be laying off 12,000 employees as part of a reduction in staff. This is just the latest in a series of job cuts that have affected the tech sector.
Sundar Pichai, the CEO of Google and Alphabet, declared in an internal email that he was fully accountable for the reductions.
Alphabet’s personnel globally, which includes recruitment and engineering, will be reduced by 6%.
It is not long after Microsoft revealed that 10,000 positions would be eliminated and Amazon declared 18,000 layoffs that this news has come.
Pichai expressed his appreciation for the staff for the hard work they put in, noting that their efforts were “invaluable”.
He expressed that, even though the transition would be difficult, they would offer assistance to employees as they search for new positions.
Please look after yourselves in this difficult time. If you have just begun your workday, you are permitted to work from home today.
A Companies House filing recently revealed that Google employs more than 5,500 people in the UK; however, it remains uncertain how many of these workers will be impacted by the reductions.
‘Incapable of Being Sustained’
Mr Pichai declared that US staff will receive a severance package, which will include at least 16 weeks of their salary, their 2022 bonus, paid holidays and health care coverage for a period of six months.
He declared his optimism in their capacity to accomplish their mission, “even on the most difficult days”.
The stock market was pleased with the cuts as Alphabet stocks experienced a 3.5% jump in price when electronic trading began before the markets opened.
Experts have commented that the major players in the tech industry had been imprudently expending funds prior to the predicted downturn.
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Daniel Ives from Wedbush Securities pointed out that the job cuts demonstrate the mismanagement of funds in a sector which is currently in an accelerated growth state.
He stated that tech giants had recruited personnel in a manner which was not feasible and now that the overall economic conditions have worsened, these companies must let go of staff through layoffs.
Layoffs.fyi reports that since the start of the year, the US tech sector has seen almost 194,000 individuals let go of their positions, not including the ones revealed by Alphabet on Friday.
This month, Hewlett Packard and Salesforce, a major player in cloud computing, revealed large reductions in their workforce due to inflation and increasing interest rates that have hindered expansion.
In Europe, tech companies from the United States have come under examination as the EU has implemented new laws to prevent them from sidestepping taxation, impeding competition, taking advantage of news material without providing remuneration, and being used as vehicles for fake news and animosity.
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